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John and Jim own a 100 unit apartment building together. They have a right of survivorship. Which of these do they likely have?
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A deed used to transfer title states that the conveyance will remain in effect "so long as the property is not used for the sale of firearms." What kind of estate would the owner receive?
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Sandra is a hairdresser who rents a salon from Bob. During the time of her lease she installs barber chairs and sinks that she brought from her prior location. When she leaves she will take these items with her. They are known as?
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Kate has to build her home 30 feet from the road. What is this called?
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James is buying shares of stock in a corporation that owns an apartment building he would like to live in. He will be given a proprietary lease as a result. What does this describe?
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The city of Detroit just purchased a fire station. How will the city take title?
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Jasmine has an interest in real property that will continue for as long as she lives. This is called a/an
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Government regulations that specify minimum construction and building standards to safeguard health, safety and welfare of the public are known as:
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Property accumulated by husband and wife by the efforts of either, which is equally divisible at time of divorce or dissolution, is termed:
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When a new shopping mall went up near a residential neighborhood, the shopping mall developer was required to leave greenspace in the area to transition from the residential to the commercial area. This open space is known as a/an
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DEEPC- the right to dispose of, exclusion, enjoyment, possession and control real property- is known as the
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The open, notorious, hostile, and uninterrupted possession of the property of another under claim or color of title is called:
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The city of Smallville has decided to repave the road in front of Betty's home. She will be taxed for this. What is this type of tax called?
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What does the term "appurtenance" mean?
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Harry finds out that there is a cloud on the title of the property he wishes to buy. What is the easiest way to remove the cloud on the title?
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The Car Care Company is moving to a city, constructing new office space, and creating 200 new jobs. The city council in the area has voted to reduce the tax assessment rate for the company to entice them to complete this move. What is this known as?
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The shoreline of Katy's property has been gradually increasing as a result of land washing away in erosion upstream from her home. What is this known as?
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A lien that is filed for the sole purpose of preventing a transfer of property pending the outcome of litigation is called a/an:
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What is the gradual wearing away of property known as?
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When a home is sold at public foreclosure sale, which is the first to get paid from the proceeds?
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Laws which regulate the types of activity that may be undertaken in different areas of a community are called:
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A real estate developer gave three acres of land in the back of a subdivision he recently developed to the city so that they could construct a dog park. What is it called when private land is given for public use?
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There is an easement running on the backside of the Painter family farm that allows the telephone company to place telephone poles in a line on the back of the property. What kind of an easement is this?
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The Santoro family has operated a corner store for the past 40 years. When they started the store the area was zoned commercial. About 10 years ago the area was rezoned residential, however the Santoros are still permitted to operate the store. What is this called?
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What does "ad valorem" mean?
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Sally has a small pond in her yard. She lets her neighbor, Jim, go fishing in it one Saturday. What is this called?
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Property is classified as either real or:
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Vinnie is not allowed to put a fence around his yard due to a deed ____________ put in the deed by the prior owner.
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The garage door opener in a property is a fixture that is part of the real estate. What is this known as?
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Kathy grants a life estate to Jack for as long as Pam lives. The measuring life in this case is Pam's, not Jack's. What is this known as?
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Kelly's property runs to the river. Her right to use the water is known as
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Properties can have both private and public controls. Which of these would be a private control?
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There are a subdivision wide restrictions in Becky's subdivision. She's not sure where to find them. Where would these be located?
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Which of these would not be appurtenant to real property?
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Gary lives in a home that is in the path of the new highway exit that needs to be built. His property is being taken in order to build the exit "for the public good." What is this right of the government called?
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You are buying a property built prior to 1978. What must the seller give you?
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Farmer Smith planted a crop of corn on rented land. The farmland he rented was sold, however he had the right to re-enter the property in order to harvest his crop but then must vacate the property. This is because of...
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Betty is the neighborhood lonely cat lady. She died intestate (without a will) and had no heirs. Eventually, the state will take her property through the process known as:
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Which of these would be an example of a private control on real estate?
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Vicky grants a life estate to her father. Upon his death the property will return to her. What is Vicky's interest called?
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If two business partners purchase a property together and do not specify what form of co-ownership they have, what will the law presume it to be?
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Jenny is moving into a condominium unit that she just closed on. Jenny has purchased property insurance for her individual unit but isn't sure if she needs to buy another policy to insure the common areas. What would her insurance agent tell her?
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Jim tells his agent he would like to buy a property using the highest and best form of property ownership. What is Jim looking for?
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Condo communities have both common areas and limited common areas. Which of the following would be an example of a limited common area?
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Property ownership comes with a "bundle of rights." The right to sell my property to another owner best illustrates which of the following rights?
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A seller prefers to give a deed that leaves him exposed to the least amount of liability. Which would he prefer to give?
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Which is not an attachment?
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The owner of a undivided interest in land with no rights of survivorship owns it by:
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A parcel of land described as NW 1/4 of the SW 1/4 of the SE 1/4 of Section 10 sells for $10,000 an acre. What is the sales price of this property?
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Which of the following is considered real property?
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This type of legal description in a deed would reference natural monuments
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James is a co-owner of beachfront property in Florida. Every year is allowed to stay in the property for two weeks in May. This form of ownership is called a/an:
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The legal description of a property based upon points of beginnings, distances, directions and degrees is a/an:
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Sandra is explaining the difference between real and personal property to her client. Which of the following would be personal property?
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When I sell real property I give the buyer a deed. When I sell personal property I give them...
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What is an example of a voluntary, specific lien?
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Condos have both private units and common elements/areas. Which of the following would NOT be an example of a common area?
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Which of the following would enhance the value of real property?
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Jennifer's home appraised for $235,000 in February 2021. In June 2021 she sold the home for $215,000. Which of these does the $215,000 sales price represent?
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In the context of a real estate appraisal, what is depreciation?
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Joni is a real estate agent who is always eager to find new properties to show her buyer clients. One day her neighbor Fred mentioned that he was considering selling his condo in the future and asked her about her opinions on the local market. The next morning, without any agreement in place or any prior discussion with Fred, she knocked on his door and invited herself and a buyer client inside to "show" Fred's house to her buyer.
Based on Joni's actions, Joni's buyer client assumed that Fred was Joni's client and had agreed to allow her to sell his home, although this was not the case. This is called
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James just received a large earnest money deposit from a client. Instead of placing it into his trust account, he deposits the funds into his brokerage operating account and mixes it with his business's operating funds. This is called
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Sam lives in a state that requires him, as the seller of a 1 to 4 unit property, to fill out a form disclosing any defects he knows about with his property. What is this form called?
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In their purchase agreement, Jack and Sue have agreed that is Sue does not close the transaction as agreed in the contract, Jack will get to keep her earnest money. What is this sort of agreement called?
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This legal description starts from a reference point called a point of beginning and gives the direction and distances of the boundaries. What is it called?
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A general warranty deed contains basic warranties. Which of the following is NOT a basic warranty of a general warranty deed?
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James is buying a duplex from Sam. The closing will take place on June 10th. Sam collected the June rent from both of his tenants on the 1st of June. Which party will receive a debit for the amount of the rent from June 10th through June 30th?
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Rent is typically paid in
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Sampson has fallen on hard times and was recently laid off from his job for a two months. His lender has agreed to restructure his mortgage in order to allow him terms that will give him the opportunity to get back on track and start to pay his loan payments as required. This is called:
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Which of the following statements is false?
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Kathy is a salesperson who receives 40% of the total commission received by her broker from the sale of a house Kathy listed. What is the broker's net share of the commission if the house sold for $925,000, the commission rate was 5 %, and a cooperating broker received half of the commission?
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Sandra has recently purchased an apartment building and has asked her accountant for advice on what things are subject to a federal tax depreciation deduction. Of the list below, which would NOT be subject to a federal tax depreciation deduction?
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Harry and Joe have a contract that states that if any term of the contract is held to be ineffective or invalid, the remaining contract terms should nevertheless be given full force and effect. This contract term is called a
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Sally's Shoe Emporium has a lease which calls for a base rent amount plus 1 % of the gross receipts of the store. What type of lease does Sally's Shoe Emporium have?
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Which of the f0llowing is true
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The value of a high-quality home will be lessened by proximity to smaller, lower-quality homes by the principle of
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Which of the following is an example of personal property?
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Bobbie Sue just accepted and signed an offer from Irene. She handed it to her broker and asked him to deliver it to Irene. When the broker arrives at Irene's home she learns from Irene's nurse that Irene suffers from advanced dementia and has no idea that she made the offer. Do they have a contract?
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Timmy is impatient to find a home to buy. He makes an offer to Fred to buy his home. He offers $13,000 in earnest money. Before Fred has time to respond, Timmy calls him and withdraws his offer. Do they have a valid contract?
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Bobbie Sue received an offer from Jack on her property. She accepts the offer and tells her broker to deliver the acceptance to Jack. When the broker arrives at Jack's door, Jack's daughter tells him Jack has just passed away from an ongoing illness. Is the contract binding?
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Sally's listing has just expired. The contract likely ended by:
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Fred makes an offer and states that "time is of the essence. Fred asks that the seller respond within five days. The seller is the kind of guy who really likes to think things over. On the sixth day the seller calls Fred to say he accepts his offer. Is Fred still obligated to move forward?
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All of these are required elements of a contract EXCEPT
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Tim is sick of selling timeshares and has decided to start robbing local banks instead. He visits George and asks him to join him in robbing the bank on the corner on Monday. They sign a contract indicating how they will work together. Of course, there is no way they can legally complete this agreement therefore the contract is
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Jan is a broker who has a listing that has received multiple offers. She would like to tell the people making the offers that they are in a multiple offer situation. What will she need in order to be able to share this information?
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Sam is not greedy and simply wants $200,000 for his home. He tells his real estate broker, Tim, to sell the home and get him his $200,000 and that Tim can keep anything above that amount for his commission. In many states this type of listing is illegal. This is called a
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Fred would like to buy Kelly's house. However, Fred is not handy and wants to make sure there are no flaws within the house that he can't fix easily. He asks his agent to put an inspection __________ into the contract so he will have a period of time to look things over.
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Jerry is selling his home on land contract to Fred. Jerry is the
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Fred is buying a house on land contract, which means he will pay the seller directly for the home and receive the deed at a later date when the terms of the contract have been met. Fred is called the
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A person who gives an option is called a
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A person to whom an option is given is called a
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Hank is a hothead. One day he comes into the kitchen and tells his wife to sign a sales contract on their home. Hank tells her that if she doesn't sign, he will take all of their pets to the animal shelter and she will never see them again. Hank's wife signs but later backs out of the deal because she was under duress at the time of signing. This is called a ___________ contract
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Polly is thinking of moving to California. Sam has a lovely home in California that would be great for Polly, if she can get things in order to make her move. Polly offers Sam $4,000 in the form of an option fee for the right to buy his house at the purchase price of $300,000 within the next three months. If Polly exercises her option and buys the home, Sam is obligated to sell it to her. However, if Polly's decides not to exercise her option, she has no obligation to purchase it. This is an example of a
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This law requires that certain types of contracts be in writing and signed in order to be enforceable. It includes real estate contracts. What is it called?
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Sam is the seller and Tim is the buyer in a real estate purchase contract. Tim loves Sam's A-Frame property in the woods. They made a contract for Tim to purchase it, but at the last minute Sam backed out. If Tim sues Sam to get him to perform under the terms of the contract, this is called
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A contract in which a seller promises to convey title to real property to a buyer in exchange for the purchase price is called
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Bob needs a new roof on his house. Randy, the president of Randy's Roofing, tells him he will complete the job for $7,000 and he will start on Tuesday. Bob is excited and says it's a deal. They have a/an
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Title will be transferred by deed at a future date (the closing). An interest in the property has been created because the buyer and seller have executed a valid sales contract. The buyer has
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Harry is serious about buying Tim's property. He offers ________________ to indicate that he is making a good faith offer on the home and is serious about the offer.
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Harry makes an offer to Tim to purchase his home. Tim makes a counteroffer. A counteroffer is not a form of acceptance. Instead, it creates a new offer. Therefore, the counteroffer __________ the original offer
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Peggy has always wanted to be a farmer. She has decided to sell her 10 acre property to Sam and move to a larger, multi-acre property where she can grow her own crops and raise animals. Sam, knowing about Peggy's dream, offers her 10 cows, a llama, and a tractor in exchange for the purchase of her current 10 acre property. This is called
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In order for title to a property to transfer from one person to another, there must be delivery and ________ of the deed.
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Sam is selling his home "for sale by owner" (FSBO), meaning that his property is not listed for sale with any broker. However, he wants to market his home to buyers who may be represented by a broker. He places an ad on Craigslist. He offers 3 percent commission to any broker who will bring him a buyer for his home. What type of listing is this?
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Tammy is a broker who has a listing contract with Bob. If anyone sells the home, including Bob, during the listing period Tammy will get paid a commission. What kind of contract do they have?
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A contract has not been put into words, but the actions of the parties indicate it exists, it is called a (an)
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A written agency contract between seller and a real estate broker, stating the broker will be paid a commission for finding (or attempting to find) a buyer for the seller's real property is called a
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Edward is a Canadian citizen who is residing in Alabama and would like to obtain a real estate license. What will he need to show the Alabama Real Estate Commission in order to receive his real estate license?
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How long after moving does a licensee have to notify the Alabama Real Estate Commission of their change of address?
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The Alabama Real Estate Commission's minimum education requirement to be issued an Alabama real estate license is what?
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Before a temporary license is issued in Alabama, how many hours of pre-licensing education must a licensee complete?
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When does a temporary Alabama real estate license expire?
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After passing the real estate exam a licensee has to pay into the Alabama Real Estate Recovery Fund before being issued a temporary license. How much are they required to pay?
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Sybil has just passed her Alabama license exam. How long does she have to find an active broker to associate with?
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In Alabama, what will be issued pending the completion of the post licensing education for a new licensee?
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Sandra received her temporary Alabama real estate license on October 10, 2021. How long does she have to apply for her permanent real estate license?
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Harvey has an inactive license in the state of Alabama. When it comes time to renew his license, where will the Alabama Real Estate Commission send his notice of license renewal?
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A renewal form will be sent to the licensee when it is time for their license to be renewed. By what date will they receive the form?
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The Alabama Real Estate Commission sends a notice of license renewal to an active licensees when it is time to renew their license. Where do they send it?
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Jack received a temporary real estate license after passing his exam. He must now take 30 hours of post licensing education. How long does he have to complete the post licensing education?
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Alabama requires license applicants to undergo a background check. What kind of background check is required?
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What is the minimum age a person must be in order to receive a real estate license in the state of Alabama?
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Bob has had problems in the past, but he's decided to turn his life around and start over fresh in Alabama. He had his license revoked in the state of New York. When would it be possible for Bob to become licensed in Alabama?
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Janet is an applicant for a real estate license in Alabama. If she has plead guilty or nolo contendere to a felony or to a crime involving moral turpitude, what may she file with the commission?
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Sally is a licensed real estate agent who wants to keep her options open. She has several offices that she would like to try working for.
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Who would not be a management level licensee in Alabama?
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All of the following are examples of engaging in the practice of real estate except?
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What is the purpose of Alabama real estate license law?
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A lender alerts a homeowner that she is delinquent on her mortgage and tells her that they intend to foreclose on the property. The homeowner offers to give the property to the bank if they will agree not to file a foreclosure action against her. This process is known as a
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Jen's property has been foreclosed upon by the bank and it has been sold at auction. Jen owed $300,000 to her lender, however the lender was only able to sell the home for $250,000. To collect the unpaid balance, what might Jen's lender do?
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Kathy is currently on active duty in the military. How many days of military service are required for VA mortgage eligibility?
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With only a week to spare before the foreclosure sale on his home, Jim suddenly inherits money from his rich uncle. He rushed a payment to the bank to cover all the past-due payments and late charges as well as the accumulated attorney fees on his home. Jim was able to save his property under which right?
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Jack has worked at ABC Manufacturing for the past 10 years. His W-2 from the last year showed that he had earned $83,400 at his job. In the end, the underwriter discounted $20,000 from Jack's W-2 and he was approved for a lower loan amount as a result. What is the best explanation for why this happened?
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Sam had many past credit issues and had a difficult time qualifying for a loan. He would likely need:
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Barb's agent explained to her that her loan was being reviewed by the employee at the bank who had the responsibility of approving her loan. What is this person's title?
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Initially Fred's lender told him that he would be receiving a loan at 4 percent fixed interest for 30 years and would not be required to pay any discount points. Fred began shopping for a home and found one that he put under contract. When it came time to close, the lender surprised Fred by letting him know that if he wanted to close the loan on time he would have to accept a 7 percent interest rate and pay four discount points. This is an example of
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Sally has applied for a loan. Her lender has given her a statement showing her that she will pay $325,000 in interest over the life of the loan. What federal statute requires the lender to provide this information to her?
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Mr. Smith has some credit issues that has made it difficult for him to obtain traditional bank financing. His friend, Mrs. Jones, has offered to sell him a home in which he will make payments directly to her. Mr. Smith will pay the owner, Mrs. Jones, $1200 per month and at the end will pay a balloon payment for the remaining amount owed. Mr. Smith will get the legal title to the property in six years. This is a
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An instrument used to transfer title from a trustee to the equitable owner of real estate when title was held as collateral for security for a debt is most often called a deed
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A mortgage borrower prepaid interest to their lender. This lowered the amount of interest they will pay over the life of the loan. What is this prepaid interest called?
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Becky's rental income after expenses best describes
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Your score is