It needs to obtain the necessary land from private landowners. Our Alabama Salesperson real estate tests have detailed answer explanations not available on any other practice real estate test prep sites! An easement in gross is also known as a commercial easement in gross and is typically possessed by governments and utilities for providing services to the public such as electrical lines across anotherâs property. An express agency is formed through an oral or written agreement. That's why the Real Estate Exam Strategy (PDF) booklet is included with your review materials. External obsolescence refers to changes occurring to land-use in the surrounding area, such as increased traffic, pollution, and zoning changes that affect the permitted use of the property. Alabama has reciprocity agreements with the following states: All above information should be confirmed with licensing commission. Use this cheat sheet to prepare for the real estate license exam. explanation completely. Alabama Real Estate Exam. At least two parcels of property are pledged as collateral. Barbali manages a commercial office building. Peterson’s Master the Real Estate License Exams is divided into five parts to facilitate your study. CO is an abbreviation for certificate of occupancy, which is the municipal document verifying that the premises and parts thereof are approved and safe for occupancy. SALESPERSON. Real estate exam alabama. The City of Glass wants to expand a public park. Eminent domain is the government power permitting it to obtain private property for public use. $75,000 (annual cash flow) + $25,000 (tax loss) = $100,000 x .35 = $35,000. Good luck! © copyright 2003-2021 Study.com. Reasonable care, skill and diligence, along with full disclosure of pertinent information, obedience and loyalty are also all a part of a licenseeâs fiduciary duty to the principal. In general, you should expect around 100-150 multiple choice questions. What is that document called? A letter of approval may refer to a pre-approval letter issued by the lender to show potential sellers that the borrower may be approved for a loan for a particular amount. What does that reduction in value refer to? One of the tenants contacts her to complain about a broken door lock. Depth: Area / Width . Georgia Sample Exam (100 questions) We know the real estate licensing exam can be tough, and very nerve-wracking to prepare for. An agency does not necessarily need to be created through a written agreement. Long term capital gains are profits on assets that are owned for more than 12 months. Real estate exam alabama. Our real estate practice exams are up to date with the latest 2021 rules and regulations, and comes with a 100% Pass Money-Back Guarantee! What act has Sarah committed? PAYMENT: Make sure checks are filled out completely and signed. If Helga is in the 35% tax bracket, what is her after-tax cash flow related to the city property? Real Estate Math Formulas Cheat Sheet . Profit on long term capital gains is subject to a reduced tax rate and is not taxed as ordinary gross income, but profit on short term capital gains is taxed as ordinary gross income. Also, please make sure that you read every answer Because they are inflating the actual price of their products, which is an example of price fixing. It is used when the down payment is less than 20% to insure the top portion of the loan in case of default. A qualified home is a primary or main home for mortgage interest deduction purposes. Study more effectively: skip concepts you already know and focus on what you still need to learn. Good luck! Choose your answers to the questions and click 'Next' to see the next set of questions. Find out why AL-RELEP is increasingly becoming Alabama's most popular exam prep title! 2. That’s why we created the Georgia Real Estate License Exam Prep (GA-RELEP) the way we did. Width: Area / Depth . She locates one and her offer is accepted. Ownership of real property for an undetermined length of time is called: A freehold estate is ownership of real property for an undetermined length of time. You have to finish following quiz, to start this quiz: However, do not slow down on studying your material and retake this practice test and all of our other tests until you get every answer right.Â Take this practice test to check your existing knowledge of the course material. Contact us by phone at (877) 266-4919, or by mail at 100 View Street #202, Mountain View, CA 94041. She can be an agent and hold another position, such as a broker, that requires an agency relationship. If you do not pass the Alabama real estate salesperson license exam, you will get a full refund – no questions asked. 14. . Lori is: An agent is someone who transacts business or manages the tasks of another person (e.g., principal), pursuant to the principalâs authority. Which fiduciary duty requires the agent to act with care with respect to handling funds received on behalf of the principal? A managing agent has more power than a property manager, including the ability to use their judgment and discretion in matters affecting the property. To compute the loan to value ratio, which is the ratio of the loan balance to the property value, you divide the loan balance by the market value. What type of maintenance is necessary to repair the lock? It is not fully performed until all acts required are completed, such as a mortgage. A listing agreement is an example of an express agency. 60 pre-license credit hours of education. Free Real Estate Practice Exam Prep Questions - Select Your State & Course! Further information can be found here: https://arec.alabama.gov/arec/default.aspx. The printer can only use the ink cartridges that they manufacture. 30 hours of real estate agent training within first 12 months of getting licensed. Based on your results, we'll create a customized Test Prep Plan just for you! Building additions usually require a CO. A building inspector performs an inspection before the CO is issued and also checks properties for violations. Illinois Sample Exam (100 questions) We know the real estate licensing exam can be tough, and very nerve-wracking to prepare for. Contact the property owner and if they agree, modify the listed price on the listing contract. Learn about listing agreements, kinds of real estate ownership, and fiduciary duties. Real estate experts who write questions for PSI use this content outline as a guide. However, senior citizen housing is exempt from the Fair Housing Act if it complies with the exemption requirements. You must sign in or sign up to start the quiz. The APR is only useful for comparing loan products offered by the same lender. Sciences, Culinary Arts and Personal US citizen or lawful permanent resident and proof of residency in any state. Tell the seller that they are working on their behalf and the ad will run with a different price than stated in the listing contract. Depreciation is the loss of value due to a building or property due to any cause, such as deterioration, damage and normal wear and tear. Reduce the paperwork burden for real estate professionals, Decrease the total costs of borrowing money, Prevent borrowers from making fraudulent income statements to obtain a mortgage, Disclose to borrowers the true cost of borrowing money. Use our free Real Estate practice exams (updated for 2020) to pass the Real Estate License Exam - an assessment taken by candidates who wish to become a Real Estate Agent or Broker.Real Estate Agents work to advise home buyers and sellers on market conditions, real estate prices, mortgages, and how to best present their homes in order to sell at the best price. PMI is private mortgage insurance, which is not a type of mortgage. Questions focus on real estate activities that require a license and what you can legally do without a license. Debbie answers all the questions except her seller's motivation, because she has been instructed by her clients not to disclose that they are undergoing financial difficulties. Paula enters into a contract for the purchase of Jordanâs home. Lanie owns a home in the mountains. Then click 'Next Question' to answer the next question. Aside from explaining the correct answers, we also explain the wrong answers to enable you to master the material as part of our trademarked Exhaustive Learning Technique, so you will understand why you got the answer wrong and to help solidify your understanding of the issues addressed to make it second nature. The profit realized from the sale of real estate held for 3 years is long term capital gains. An estate is simply an interest in property that provides the right to possess the land. 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