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Alabama Real Estate License Exam 2024 Questions and Answers (verified answers)
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Alabama Real Estate License Exam 2024 Questions and Answers (verified answers)
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Alabama Real Estate License Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Alabama%20Real%20EAlabama Real Estate License Exam
1. After passing state exam, you have days to apply for a Temporary
License, either on an Active or Inactive basis.
ANS 90
2. Temporary Licenses are only valid for year(s), and cannot be renewed.-
ANS 1
3. For an Original License, you must pass a hour post-license course.
ANS 30
4. IfTemporary License is ACTIVE, the post-license course must be completedwithin
months.
ANS 6.
5. If the post-license course is not completed within year(s), theTemporary
License lapses. This period begins on the FIRST DAY of the month AFTER passing the
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state exam.
ANS 1
6. For Broker's License, applicant must have ACTIVE Salesperson License for
out of years immediately preceding the application.
ANS 2/3
7. The fee to transfer your Salesperson License to a new Qualifying Broker is
$ .
ANS $25
8. An owner's mortgage includes a clause requiring a prepayment penalty. Three percent
of any outstanding loan principal would be charged by the lender if the owner paid off the
principal before the scheduled time. Paymentswere $296.88, due on the first of each
month, and included both principal andinterest in arrears at 8% per annum. After the
owner's July 1 payment, her loanbalance was $8,946.23. On August 1, after handing her
lender the check for herAugust 1 payment, the owner paid off the entire remaining loan
balance.Whatis the approximate prepayment penalty?
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ANS The monthly house payment, $296.88,includes both interest and principal.The prepayment
penalty is charged only on theprincipal, not on interest.Therefore, one must determine how much
the new principalloan balance will
be after the August 1st house payment is made. The calculations are as follows
The loan balance after the July 1 payment is $8,946.23 x 0.08 interest rate = $715.70a year ÷ 12
months = $59.64 interest for July.
$296.88 monthly house payment $59.64 interest = 237.24 principal payment onAugust 1
payment.
$8946.23 loan balance $237.24 principal paid in August leaves new principal bal-ance of
$8708.99 after August 1st payment.
This is the amount on which the prepayment penalty will be based
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$8708.99 x 0.03 penalty = $261.27
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