Alabama Real Estate License Exam 175 Questions Correct Answers (21pages)

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 renewed. >>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? >>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. $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: