CREATED BY FutureBright
ALABAMA REAL ESTATE
LICENSE EXAM|
COMPREHENSIVE Q&A FOR
GUARANTEED PASS
After passing state exam, you have days to apply for a Temporary License,
either on an Active or Inactive basis. - correct-answer-90
Temporary Licenses are only valid for year(s), and cannot be renewed. -
correct-answer-1
For an Original License, you must pass a hour post-license course. - correct-
answer-30
,CREATED BY FutureBright
If Temporary License is ACTIVE, the post-license course must be completed within
months. - correct-answer-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-answer-1
,CREATED BY FutureBright
For Broker's License, applicant must have ACTIVE Salesperson License for out
of ___ years immediately preceding the application. - correct-answer-2/3
The fee to transfer your Salesperson License to a new Qualifying Broker is $ .-
correct-answer-$25
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-answer-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:
, CREATED BY FutureBright
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.
ALABAMA REAL ESTATE
LICENSE EXAM|
COMPREHENSIVE Q&A FOR
GUARANTEED PASS
After passing state exam, you have days to apply for a Temporary License,
either on an Active or Inactive basis. - correct-answer-90
Temporary Licenses are only valid for year(s), and cannot be renewed. -
correct-answer-1
For an Original License, you must pass a hour post-license course. - correct-
answer-30
,CREATED BY FutureBright
If Temporary License is ACTIVE, the post-license course must be completed within
months. - correct-answer-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-answer-1
,CREATED BY FutureBright
For Broker's License, applicant must have ACTIVE Salesperson License for out
of ___ years immediately preceding the application. - correct-answer-2/3
The fee to transfer your Salesperson License to a new Qualifying Broker is $ .-
correct-answer-$25
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-answer-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:
, CREATED BY FutureBright
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.
