Alabama Real Estate License Exam Solved Papers - Questions with Complete Solutions After passing state exam, you have ___ days to apply for a Temporary License, either on an Active or Inactive basis. - Correct Answers ✅90 Temporary Licenses are only valid for ___ year(s), and cannot be renewed. - Correct Answers ✅1 For an Original License, you must pass a ___ hour post-license course. - Correct Answers ✅30 If Temporary License is ACTIVE, the post-license course must be completed within ___ months. - Correct Answers ✅6.If the post-license course is not completed within ___ year(s), the Temporary License lapses. This period begins on the FIRST DAY of the month AFTER passing the state exam. - Correct Answers ✅1 For Broker's License, applicant must have ACTIVE Salesperson License for ___ out of ___ years immediately preceding the application. - Correct Answers ✅2/3 The fee to transfer your Salesperson License to a new Qualifying Broker is $___. - Correct Answers ✅$25 1 / 4
Alabama Real Estate License Exam Solved Papers - Questions with Complete Solutions 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. Payments were $296.88, due on the first of each month, and included both principal and interest in arrears at 8% per annum. After the owner's July 1 payment, her loan balance was $8,946.23. On August 1, after handing her lender the check for her August 1 payment, the owner paid off the entire remaining loan balance. What is the approximate prepayment penalty? - Correct Answers ✅The monthly house payment, $296.88, includes both interest and principal. The prepayment penalty is charged only on the principal, not on interest. Therefore, one must determine how much the new principal loan 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 = $715.70 a year ÷ 12 months = $59.64 interest for July.$296.88 monthly house payment $59.64 interest = 237.24 principal payment on August 1 payment. 2 / 4
Alabama Real Estate License Exam Solved Papers - Questions with Complete Solutions $8946.23 loan balance $237.24 principal paid in August leaves new principal balance of $8708.99 after August 1st payment.This is the amount on which the prepayment penalty will be
based:
$8708.99 x 0.03 penalty = $261.27 A managing broker requires his licensees to mention a particular lender to buyers. The broker has a financial interest in this particular mortgage lender. Which of the following should the licensee recommend to buyers? - Correct Answers ✅Consider this lender, disclosing the broker's interest, and other lenders.Licensees should generally avoid recommending only one lender, and if a financial interest is involved, it should be disclosed. Since rates can change, a licensee most likely would not know which lender has the best rates. Licensees may provide a list of lenders without having to display the lenders in any particular order.When using the sales comparison approach, a licensee determines that a comparable property's tile floor in the entry hall is worth $2,000. The subject property does not 3 / 4
Alabama Real Estate License Exam Solved Papers - Questions with Complete Solutions have tile floors at all. Which of the following adjustments should be made? - Correct Answers ✅The comparable should be adjusted downward.In the sales comparison (market data) approach to appraisal, it is always the comparables that are adjusted, never the subject property. If the comparable is better than the subject property, the adjustment to it is downward. If the comparable is not as good as the subject property, the adjustment to it would be upward.On February 1, a licensee with ABC Realty takes a 3month exclusive right-to-sell listing on a house. On March 1, the licensee moves out of state and inactivates his license. What happens to this listing? - Correct Answers ✅It remains a valid exclusive right-to-sell listing contract with ABC Realty.The listing belongs to the brokerage firm; it does not belong to an individual licensee. The licensee takes the listing on behalf of the firm, and, if the licensee leaves or becomes unlicensed during the listing, the listing would remain in whatever form it was originally taken. The listing would still be in effect with the firm until it expires or is terminated.A person bought property from a seller and received a general warranty deed. Two years later, the seller's brother came forth and claimed he had an ownership interest in the
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