How Do I Sign Alabama Banking PDF

How do i industry sign banking alabama pdf online

welcome to the alabama real estate practice exam this test has 60 questions that will help you prepare for your state exam real estate express is an accredited online school that has everything to jumpstart your real estate career packages are available starting with the required pre-licensing course to everything needed to help you succeed as a real estate professional a link to real estate express is below in the description time to get started and good luck question one how much time is given to pass the alabama salesperson exam a two hours b two and a half hours c three hours d three and a half hours the correct answer is d three and a half hours candidates will be given 210 minutes or three and a half hours total include state and national portion to complete the examination question two how many continuing education hours are required a 15 hours b 10 hours c 24 hours d 18 hours the correct answer is a 15 hours you must complete 15 hours of approved continuing education every two years to renew a real estate license question three in order to obtain an alabama real estate license you must have a high school diploma a true be false the correct answer is a true you must have a high school diploma or equivalent question four how often must you renew your sales agent license a every year b every two years c every three years d every four years the correct answer is b every two years as a real estate sales agent you must renew your license every two years a renewal notice will be sent out about 90 days before your expiration date question five how old do you have to be in alabama to obtain a real estate license a 25 years old b 21 years old c 19 years old d 18 years old the correct answer is c 19 years old you must be at least 19 years of age you must be either a u.s citizen or a lawfully admitted alien meet trec's qualifications for honesty trustworthiness and integrity question six which of these is a fixture a refrigerator b microwave c freestanding workbench d window blinds the correct answer is d window blinds fixtures are articles of personal property that are attached screwed in etc and become real property when window blinds are screwed into the house they become part of the improvement that is part of the real property question seven a blank is a promise of real property kept by the lender to secure the loan a deed b contract c note d agreement the correct answer is see note the legal definition of a note as it applies to real estate is a promise of real property to secure a loan while the complete term is promissory note today's professional simply use the term note and you should know that it refers to promissory note the word promise in the question was a clue to the correct answer a mortgage is also a representation of debt obligation that the borrower keeps the lender gets the note question eight all of these are good examples of severance except a ripping up carpet b tearing down a fence c dividing a single room into two rooms d removing a bathroom sink the correct answer is c dividing a single room into two rooms severance is converting real property to personal property when it is removed it turns back into personal property question 9 which lien is required by law to be paid first a personal loan b construction lien c home equity loan d delinquent property taxes the correct answer is d delinquent property taxes government entities make sure they are the first ones to get a crack at the money when repayment becomes possible question 10 which of these is not a type of leasehold estate a a state at will b a state for years c a state at sufferance d a state in perpetuity the correct answer is d a state in perpetuity there is no such estate as a state in perpetuity all other answer choices are types of leasehold estates question 11 a buyer and seller agree to wait until the seller's listing is expired to make the sale in order to avoid paying the broker his share how can the broker get his commission a if the lending is expired the commission is forfeited b file an injunction with the title company c sue the party or parties the broker was representing d prove in court he was procuring cause of sale the correct answer is d prove in court he was procuring cause of sale a court will likely grant commission to a real estate broker if he can prove he was the procuring cause of sale even if the listing has expired legally this is referred to as a broker protection clause question 12 a contract can become voidable if one of the parties was being victimized because a they were a minor b they were misled c all of these d they did not agree voluntarily the correct answer is see all of these all three provide legal cause for the contract to be voided question 13 which of the following is not a requirement for a deed to be valid a description of property b recording in a county courthouse c signature of grantor d name of grantee the correct answer is b recording in a county courthouse although recording lets others know of the deed's existence and is probably a great idea it is not required for a deed to be a valid document many lenders require that it be recorded but recording is not required to make the deed valid question 14 an express contract is a either written or oral b exclusively in writing c closed faster than a standard contract d exclusively oral the correct answer is a either written or oral an express contract is created in words either written or oral the other answer choices are not true question 15 a good example of an implied contract is a an agent is told by a potential seller that he'd like the agent to do a market analysis b a tenant staying despite not paying rent c after a written lease expires rent is paid and the check cashed d a tenant communicating that they expect the full deposit back because the landlord did not ever note damage to the property the correct answer is c after a written lease expires rent is paid and the check cashed the owner shows through his actions that the contract is still valid even though it is now simply implied question 16 which of the following is not true regarding a contract of sale a it must be signed by all parties b it must be notarized c pre-printed contracts are acceptable d it is acceptable to refer to a document that is in the public record if the property description is very complex the correct answer is b it must be notarized signatures on a contract of sale do not have to be notarized the other options are all true regarding contracts of sale pre-printed contracts are typically used in residential transactions and if something is not desired or not applicable both parties need to initial the alterations they make question deed restrictions and easements on a property are considered blank when written into the deed a a turnaround investment b a consideration c a bad investment d exceptions and reservations the correct answer is d exceptions and reservations exceptions and reservations are restrictions or limitations explicitly described in the deed question 18 in a real estate transaction the blank is the current owner of the property and is conveying his or her property to someone else a grantor b guarantor c agent d landlord the correct answer is a grantor the grantor grants a piece of property to the grantee to complete a transfer of real estate question 19 substituting a new obligation for an existing one with the intent to cancel the latter is called a novation b latches c assignment d execution the correct answer is a novation novation is when a new contract is used to replace the initial contract question 20 why are net listings generally frowned upon in the real estate industry a the broker typically takes a smaller than average commission b all of these c they drive down the prices of homes for sale d they can lead to brokers taking advantage of property owners the correct answer is d they can lead to brokers taking advantage of property owners in a net listing the seller names a price they want for their property and any amount above that sale price goes to the broker net listings are frowned upon in many states and illegal in others because they can lead to brokers not acting in the best interest of the seller for example if a seller wanted one hundred and fifty thousand dollars for their home and there was an offer for one hundred and fifty two thousand dollars in a net listing the broker may be tempted to not accept the offer because his commission on the sale would be relatively small question 21 a mortgage broker's primary role is to a sell mortgage loans b underwrite mortgage loans c bring borrowers and lenders together d originate mortgage loans the correct answer is c bring borrowers and lenders together the mortgage broker is an intermediary and does not create sell or underwrite loans which is the job of the lender question 22 mortgage lenders make their money by a all of these b charging loan application fees c charging loan origination fees d charging annual loan servicing fees the correct answer is a all of these all three of these are common processing and maintenance fees lenders charge question 23 subprime loans are usually an option for a people with great credit who want to remove any interest payment entirely b people with subpar credit and come with a lower interest rate c people with great credit who get a lower interest rate d people with subpar credit and come with a higher interest rate the correct answer is d people with subpar credit and come with a higher interest rate subprime loans carry a higher interest rate because the bank or lender feels they carry greater risk of full repayment question 24 most real estate loans deal with simple interest the formula for which is a rate times monthly payment equals annual interest b annual interest times monthly payment equals rate c rate times loan balance equals annual interest d none of these the correct answer is c rate times loan balance equals annual interest the annual interest in a simple interest setup is the balance of the loan multiplied by the interest rate note from our real estate expert when taking the real estate exam you may need to choose from a group of answers in which none of them is the answer you might have in mind when this happens find an answer that is correct and choose that one in this case you might have been thinking that i equals prt i equals principal times rate times time and that would be correct but it is not one of the choices be ready for confusing questions like this one when you take this test question 25 which of these is a tool the federal reserve can use to control or influence monetary policy and supply a setting the discount rate b buying and selling securities on the open market c all of them d raising and lowering reserve requirements for banks the correct answer is see all of them all three are used by the fed to establish the monetary supply question 26 what financial instrument is given by a borrower to the lender as promised to repay a debt a a trust deed b a lien c a mortgage d a note the correct answer is d a note a note or promissory note is evidence of a debt that can be resold question 27 a mortgage is a a a promise to repay a debt b written contract that allows a buyer to own the home outright immediately c written contract pledging real property owned to secure a debt d type of loan the correct answer is c written contract pledging real property owned to secure a debt the mortgage along with the note are given to the lender to obtain a loan question 28 gradual liquidation through periodic payments of principal and interest is called a a reverse annuity mortgage b an amortized loan c a heloc h-e-l-o-c d a take out loan the correct answer is b an amortized loan amortized loans are the norm in most residential real estate and gradually lower the owed amount through monthly payments to principal and interest question 29 how does an arm arm mortgage differ from a fixed rate mortgage a the fixed rate will always be the most fiscally smart choice b arm stands for adjustable rate mortgage whose rate may vary with changes in interest rates c there is no difference d upon default the borrower must give up his or her left or right arm the correct answer is b arm stands for adjustable rate mortgage whose rate may vary with changes in interest rates fixed rate mortgages are locked in at the same rate for the life of the loan while arm mortgages have a rate that can float or ride market rates question 30 a foreclosure sale is a an auction sale to the highest bidder b preceded by statutory right of redemption period c no different from strict foreclosure d a notice of default the correct answer is a an auction sale to the highest bidder a foreclosure sale occurs when the owner cannot sell the property via short sale if it doesn't sell in a foreclosure auction it becomes property of the lending institution question 31 when the agent and the principal agree that the agent will represent the principal it is called a express agency b implied agency c principal agency d representative agency the correct answer is a express agency with express agency both the agent and principal must come to a verbal or written agreement about representation question 32 when the agent and the principal have not officially agreed that the agent will represent the buyer but their actions imply this it is called a implied agency b alter agency c insinuated agency d express agency the correct answer is a implied agency legally if both parties have taken actions toward a sale then the agent and principal have entered into an implied agency question 33 when a principal doesn't stop an agent from going beyond his or her normal line of duties this is called a agency by alteration b agency by fair use c agency by association d agency by estoppel the correct answer is d agency by estoppel agency by estoppel is created when agents perform duties outside of what they would normally do though related to what their initial task was question 34 when an agreement is formed between an agent and a principal after a sale is confirmed this is called a agency by restitution b agency by ratification c agency by prior agreement d agency by foreclosure the correct answer is b agency by ratification if an agent sells a piece of property without any contract or permission from the principal the principal may create an agency by ratification by approving the sale anyway question 35 when an agent is invested in a project outside his or her agent status this is called a agency coupled with an interest b agency impetus c agency coupled with a principle d agency turnaround the correct answer is a agency coupled with an interest agency coupled with an interest is when an agent invests time or money in a property and also agrees that before doing so he or she will be the agent but one is not conditional on the other question 36 when a broker is given the right to collect the commission no matter who sells a property this is an a secondary right to cell listing b exclusive right to cell listing c primary right to sell listing d executive right to sell listing the correct answer is b exclusive right to sell listing [Music] an exclusive right to sell listing is very straightforward the broker is given the exclusive right to sell a property and will collect the commission if someone else sells it question 37 when a homeowner reserves the right to sell his or her own property but offers the exclusive right for only one agent this is an a exclusive agency listing b executive agency listing c homeward agency listing the homebound agency listing the correct answer is a exclusive agency listing [Music] an exclusive agency listing is almost identical to an exclusive right to sell listing except the homeowner can sell the property themselves and not have to pay a fee to the agent question 38 when a property owner wishes to use multiple agents to sell a property this is an a open listing b agent listing c owner operator listing d exclusive listing the correct answer is a open listing an open listing is also called a non-exclusive or general listing and is not exclusive question 39 when a broker is hired to sell a property for a minimum price then keep anything over that price this is an a open listing b closed listing c blowout list ng d net listing the correct answer is d net listing net listings are illegal in many states while some other states require that the amount of commission a broker can earn is percentage based and negotiated before the sale question 40 blank were put in place to make sure that property buyers rights are protected a broker agency agreements b buyer agency agreements c antitrust agency agreements d primary agreements the correct answer is b buyer agency agreements as real estate buyers became aware that most agents were protecting the seller's interest buyer agency agreements were created to protect buyers interests question 41 which deed is used to release rights to property in an effort to obtain clear title a warranty deed b reconveyance deed c quick claim deed d bargain and sale deed the correct answer is c quick claim deed there is no warranty afforded with a quick claim deed and the grantor gives up all rights to the property in a bargain in sale deed the grantor does maintain that he or she has an interest in the property a re-conveyance deed is used when a borrower homeowner is released from a mortgage records will show that the mortgage has been paid off question 42 what is the term for restrictions easements or liens that give others rights to a property a joint tenancy b as cheat c encumbrances d emblems the correct answer is c encumbrances encumbrances give land use rights to others besides the owner such as right of ways question 43 blank is the right to acquire ownership of private real estate for public use a severance b imminent domain c attachment d as cheat the correct answer is b imminent domain when a government agency or a private entity needs land for public use they access private land through imminent domain question 44 blank is the right of the government to acquire property when the owner dies into state and has no heirs eligible to inherit the property a as cheat b claimancy c severance d imminent domain the correct answer is a as cheat when a property owner dies without a will or survivors the state assumes title through as cheat question 45 upon sale the instrument that conveys ownership rights to personal property is a blank and that dealing with real property is a blank a land sales contract deed b deed land sales contract c deed bill of sale d bill of sale deed the correct answer is d bill of sale deed a bill of sale transfers title to personal property and a deed transfers title to real property question 46 as is the case with most homes what is the term for pledging something as security for a loan without the necessity of giving it up a freehold estate b security agreement c leaseback agreement d hypothecation the correct answer is d hypothecation hypothecation allows a property owner to use the property as security for the loan while still being able to occupy it question 47 what is a right to use another's land called a implement b easement c estoppel d is cheat the correct answer is b easement easements such as party walls connecting adjoining dwellings allow others the right to use another's land question 48 blank are annual crops planted on real property but are considered personal property a implements b recreation c reversions d bargain and sale deed the correct answer is a implements usually for agricultural easements emblems are crops that are considered personal property while still being attached to the land question 49 what is the most desirable deed that provides the greatest amount of protection for the grantee a bargain and sale deed b warranty deed c quit claim deed d trustee deed the correct answer is b warranty deed when a warranty deed is given the grantee is protected from any person who claims it and any liens against the property by the grantor question 50 an estate that is of indefinite duration is called a blank estate a non-freehold b freehold c leasehold d reversion the correct answer is b freehold the only type of estate without constraints on duration is a freehold estate question 51 most appraisers work a for the property owner on a fee for service basis b for the real estate agency on a fee for service basis c independently on a fee for service basis d for the real estate agency on a retainer the correct answer is c independently on a fee-for-service basis to avoid conflicts of interest most appraisers work independently on a fee-for-service basis question 52 the property being appraised is called a the object property b the valuation property c the adjunct property d the subject property the correct answer is d the subject property the subject property refers to the property being appraised question 53 an appraisal will not help you with a imminent domain b estate valuation c fair market interest d mortgage approval the correct answer is c fair market interest an appraisal is usually performed on a piece of property to help with buying selling imminent domain estate valuation exchanges of ownership mortgage approval property and other taxes and various court proceedings question 54 location is a important in determining property value b unimportant in determining property value c the only factor in determining property value d irrelevant in determining property value the correct answer is a important in determining property value location is one of many factors in determining property value and may be the most important question 55 the location of a piece of property a can both increase and decrease its value b does not affect its value c can increase its value d can decrease its value the correct answer is a can both increase and decrease its value the location of a piece of property can both increase and decrease its perceived value as the many factors surrounding that location fluctuate including school districts crime rates traffic access to employment and many more question 56 heavy vehicle traffic will a affect the value of property based on whether it is residential or commercial b increase the value of property c decrease the value of property d not affect the value of property the correct answer is a affect the value of property based on whether it is residential or commercial vehicle traffic can affect the value of property as generally less traffic is desired around residential property while more of certain types of traffic is desired around commercial property generally businesses prefer high traffic if it is of the type to bring additional customers to them types of traffic that would not be appreciated by businesses would include traffic produced by neighboring manufacturing businesses junkyards and car dealers question 57 the change in value of a piece of property based in its location is not affected by a hazards and nuisances b proximity to transportation c amenities and services d past performance the correct answer is d past performance location affects the value of property through the following factors access to employment amenities and services hazards and nuisances nearness to transportation neighborhood compatibility safety schools and traffic question 58 fair market value cannot be established unless a transaction is considered a recorded b free of probate c unilateral d arm's length the correct answer is d arm's length an arm's length transaction is when where both parties are free of duress and potential conflicts of interest only in an arms-length transaction can the agreed-upon value be considered fair market question 59 value in use is a added property value based on a specific person using it for a specific purpose b the value of using a property that anyone can benefit from financially c added property value based on a government sanction allowing it to be used for general purposes d added property value based on a typical person using it for a typical purpose the correct answer is a added property value based on a specific person using it for a specific purpose value in use is an added property value and available to the typical buyer because it's for a specific person using it for a specific purpose question 60 investment value is a the value to a specific investor with a specific plan for the property b the potential value increase for any person c the value to a typical investor with no plan for the property d the potential value increase for any property the correct answer is a the value to a specific investor with a specific plan for the property investment value is the value to a specific investor with a specific plan for the property unlike value in use investment value does not presuppose a use already in 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