Alabama Real Estate License Exam | 175 Questions | 100% Correct Answers

Document Content and Description Below

After passing state exam, you have ___ days to apply for a Temporary License, either on an Active or Inactive basis. - ✔✔90 Temporary Licenses are only valid for ___ year(s), and cannot be renew... ed. - ✔✔1 For an Original License, you must pass a ___ hour post-license course. - ✔✔30 If Temporary License is ACTIVE, the post-license course must be completed within ___ months. - ✔✔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. - ✔✔1 For Broker's License, applicant must have ACTIVE Salesperson License for ___ out of ___ years immediately preceding the application. - ✔✔2/3 The fee to transfer your Salesperson License to a new Qualifying Broker is $___. - ✔✔$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? [Show More]

Last updated: 1 year ago

Preview 1 out of 21 pages