GoConqr hat ein neues Design! Sag uns, wie es dir gefällt.

Kostenlos registrieren

Karteikarten

Alabama Real Estate Exam Lessons 40-65 and Alabama Specific Portion

janiebaylis Englisch 236 Karten

Karten in diesem Stapel (236)

  1. 140 - The VA income to debt ratio cannot be higher than _______.41%
  2. 240 - Does a person have to be a veteran to assume a VA loan?no
  3. 340 - The maximum term of either FHA or VA loans is __________.30 years
  4. 440 - Do FHA and VA loans require a pre-payment penalty?never
  5. 540 - At the time of closing, if the purchase is a new first mortgage from the lending institution, the buyer's cost typically is at least ______ of the loan amount plus discount points.3%
  6. 641 - An evaluation of the subject property by a qualified professional is called a/an ___________.appraisal
  7. 741 - The form that was created to standardize appraisals nationally is called the ____________.Uniform Residential Appraisal Report
  8. 841 - Creditworthiness is determined by the use of a ____________.credit report
  9. 941 - Loan underwriting can be divided generally into these three categories:1) buyer ability to pay
    2) buyer willingness to pay
    3) property evaluation
  10. 1042 - Each discount point that the lender charges costs someone ___ of the loan amount, payable at the time of closing.1%
  11. 1142 - The Truth-in-Lending Law became effective in 1969 and was amended in 1980 and became the _________.Truth-in-Lending Simplification and Reform Act (TILSRA)
  12. 1242 - Regulation Z of the Truth-in-Lending Simplification and Reform act now requires what four disclosures?1) annual percentage rate
    2) finance charge
    3) amount financed
    4) total of payments
  13. 1342 - The main purpose of Regulation Z is ________________________________.to ensure that borrowers and customers in need of consumer credit are given meaningful information with respect to the cost of credit so they can make informed choices.
  14. 1442 - Regulation Z applies to ___________ loans.residential mortgage loans
  15. 1542 - According to Regulation Z, within _____ days of application, the lender must provide the borrower with a disclosure statement which sets forth the true or effective annual interest rate (APR).three
  16. 1642 - If the borrower is refinancing an existing mortgage loan or obtaining a new mortgage loan an is pledging a principal residence already owned as security for the loan, there must be a ______ day period for right of rescission.three
  17. 1742 - Real estate agents must take care not to violate advertising requirements of _____________ when referring to financing or credit terms.Regulation Z
  18. 1842 - Congress enacted the ___________ in 1974 to regulate the lending activities of lending institutions in making mortgages for homes.Real Estate Settlement Procedures Act (RESPA)
  19. 1942 - RESPA requires two main things:1) Good faith estimate within three working days of receiving a completed loan application
    2) HUD form No. 1 - a standard settlement form designed to clearly itemize all charges to be paid by borrow and by seller
  20. 2042 - At the time of loan application, RESPA requires that the lender provide the borrower with a booklet entitled ________________.Homebuyer's Guide to Settlement Costs
  21. 2142 - The __________ was enacted by Congress in 1975 and makes it unlawful for any creditor to discriminate against any loan applicant on the basis of race, color, religion, gender, national origin, marital status, age, or other reasons listed in their regulations.Equal Credit Opportunity Act
  22. 2243 - A _________ clause gives a borrower the right to defeat and remove the lien by paying the indebtedness in full.defeasance
  23. 2343 - The two types of foreclosure are ___________ and ___________.Judicial and Nonjudicial
  24. 2443 - After default and up to the time a foreclosure sale is held, the borrower has a/an _____________, which means that he can redeem his property by paying the remaining amount of the debt, interest and lender's cost in initiating the foreclosure.equitable right of redemption
  25. 2543 - ___________ allows the borrower to pay the debt plus accrued interest and costs in full after the foreclosure sale (time depends on location - up to 2 years) and thereby recover the property.Statutory Redemption
  26. 2643 - Proceeds of a mortgage foreclosure sale are distributed in the following order: ___________, __________, ________ and __________. After that the lien holder is paid unless there are other lien holders who have priority over that lien.1) court cost
    2) trustee's fee
    3) advertising fees
    4) legal fees
  27. 2743 - If the proceeds from the foreclosure sale are not sufficient to satisfy the balance due, the lender can sue for a _______________ on the note.deficiency judgement
  28. 2844 - An agreement that grants one person the right to use the property of another for a certain period in return for valuable consideration is called a ___________.lease
  29. 2944 - A lease agreement is a combination of what two things?1) a conveyance creating a leasehold interest in a property
    2) a contract outlining the rights and obligations of the landlord and tenant
  30. 3044 - A leasehold estate is generally classified as the ______________ of the ____________.personal property
    lessee
  31. 3144 - What are the six requirements for a valid lease?1) competent parties
    2) mutual assent
    3) legality of object
    4) signatures
    5) valuable considerations
    6) description of the leased property
  32. 3244 - A lease must be in writing if it is for more than ___________.one year
  33. 3344 - The most widely used statute for leases is the ______________.Uniform Residential Landlord and Tenant Act
  34. 3444 - Does a landlord have an automatic right to inspect the leased premises? ____ What does a landlord have a right to do?no - but he is allowed to enter in the event of an emergency such as a fire or burst water pipes in order to protect the premises
  35. 3544 - A landlord is obligated to _____________ and to ______________________.have the premises in habitable/liveable condition and to warn the tenant of any dangers that are not obvious, such as loose floor boards or electrical circuit problems
  36. 3644 - Unless the lease states to the contrary, the tenant ________ to assign his/her rights and the landlord _________ the tenant to sublease it.is allowed
    must allow
  37. 3744 - If a tenant subleases his/her property, then the original lease becomes a _________ lease.sandwich
  38. 3844 - Failure to use the care a reasonable person would use in like circumstances is called ___________.negligence
  39. 3944 - Under the law of negligence, a person is liable for damager that result to another person if ___________________________.a duty to that person is owed and the duty is not performed in a reasonable fashion.
  40. 4044 - A landlord can be liable for negligence if he does not show _______________ by exercising the care that a reasonable and prudent person would exercise under like conditions.duty of care
  41. 4144 - In addition to the basic duty of care, a landlord can also be liable for negligence if he fails to ______________________.comply with basic safety codes and laws.
  42. 4245 - Today, in jurisdictions that have adopted specific landlord-tenant legislation, withholding rent (a rent strike) is ______________________.sometimes allowed
  43. 4345 - In the case of a "slumlord" situation, where the landlord refuses to maintain the property, tenants are allowed to withhold rent but are required to ____________________________________.pay rent to the court for disbursement as the court may equitably decide.
  44. 4445 - In some "slumlord" situations, the tenant can claim ___________________ and thus be relieved of the obligation to pay rent. In such cases, through the landlord's lack of care, the tenant has been evicted.constructive eviction
  45. 4545 - To claim constructive eviction in most states, the tenant must actually ________________________ while the conditions that make the premises uninhabitable still exist.vacate the premises
  46. 4645 - A _____________ is a sum of money deposited with a landlord that is to be refunded at the end of the lease. This money is intended to pay for _______________________________ -- not for ordinary cleaning and repainting.security deposit
    damages the tenant causes beyond the ordinary wear and tear
  47. 4745 - A lease can be terminated by a landlord if a tenant __________________ such as by failing to pay rent.breaches the agreement
  48. 4845 - If a tenant fails or refuses to vacate the premises, he is called a ______________.holdover tenant
  49. 4945 - A landlord is allowed to ___________ a tenant using the court system. A landlord is not allowed to ____________, where he physically removes the tenant's access to the premises or takes action to prevent tenant access to the premises.evict
    self-help
  50. 5045 - A suit for possession (when a tenant improperly retains possession of leased premises) is known as _______________.actual eviction
  51. 5145 - Does a lease agreement typically terminate upon the death of the landlord or the tenant?typically not but it depends on what the lease says
  52. 5245 - Leasehold estates are generally classified as __________________.estates in personal property
  53. 5345 - Four principal types of leasehold estates1) estate for years
    2) periodic tenancy
    3) tenancy at will
    4) tenancy at sufferance
  54. 5445 - A/an _____________ runs for only a fixed period of time.estate for years
  55. 5545 - A/an ___________ runs for an indefinite number of time periods.periodic tenancy or periodic lease
  56. 5645 - _______________ is a leasehold that runs for an indefinite number of time periods and automatically renews at the end of each lease until one party gives notice to the other at a prescribed time prior to the end of the lease.Periodic tenancy
  57. 5745 - An estate in which either party may terminate the lease simply by giving notice to the other party is known as ___________. This estate is completely open-ended. An example is a parent renting to an adult child.tenancy at will or estate at will
  58. 5845 - A tenant who was originally in lawful possession of another's property but who refuses to leave after his right to possession has an _____________. A tenant in this type of estate is called a _________ and not a trespasser.estate at sufferance
    tenant at sufferance
  59. 5945 - A clause in a lease which addresses the possibility of a tenant's failure to vacate upon the expiration of an estate for years is called a ___________ clause.holdover
  60. 6045 - A lease in which the tenant pays all or some of the expenses except principal or interest on the owner's debt is called a ______ least.net
  61. 6145 - ___________, __________, and ___________ are not considered operating expenses and are not expenses of the building, therefore are not part of a net lease.income taxes
    depreciation
    mortgage payments
  62. 6245 - A __________ lease is one in which the rental amount changes over time (usually increasing).graduated
  63. 6345 - A/an ___________ lease is one in which the rent changes at agreed-upon intervals.escalated
  64. 6445 - A _______________ lease is an agreement whereby the tenant pays a fixed rental rate and the building owner pays all the operating expenses.gross
  65. 6545 - A lease in which the rental amount remains constant during the term of the lease is called a _______ or __________.fixed lease
    flat least
  66. 6645 - With a __________ lease, rent amounts can change every 3-5 years, based on changes in property values.reappraisal
  67. 6745 - Many retail commercial leases are ____________ leases, which charge a base rent in addition to monthly rent that is a percentage of the lessee's gross sales.percentage
  68. 6845 - A lease on unimproved land, usually for construction purposes, is called a __________ lease.ground
  69. 6945 - In ___________ leases, the landowner usually receives a one-time lease payment in exchange for giving the oil and gas company the right to drill on their property. Sometimes the owner is compensated with a percentage of the revenues from the drilling.oil and gas
  70. 7045 - A transaction where a property owner sells a property to an investor and the investor immediately leases the property back to the seller is known as a ___________ lease.sale and leaseback
  71. 7146 - A person who manages properties for owners as their agent is known as a ______________.property manager
  72. 7246 - Because a property manager acts as the owner's agent in managing, renting, leasing, and perhaps selling the property, the property manager must ______________________________.have a real estate license
  73. 7346 - A property manager's individual employment contract is called a ________________________________.management agreement
  74. 7446 - Usually, a property manager's compensation is ________________________.a fixed percentage of all the rents collected
  75. 75One of the most important functions of a property manager is to supervise ___________________. This can include: ________, __________, and ___________.physical property maintenance
    preventative maintenance
    corrective maintenance
    construction
  76. 7646 - Ownership and use of real estate often brings risk, but property managers seeks to find ways to __________ or to ______________________________.control risk or to transfer risk by means of an insurance policy
  77. 7747 - While mathematics is a helpful tool in making an appraisal, the final opinion of value is based primarily on _________________________________.the experience and training of the particular appraiser
  78. 7847 - The three approaches to estimating market value (appraisals) are:1) direct sales comparison approach
    2) cost approach
    3) income approach
  79. 7947 - In terms of appraisal, value may be described as the ___________________ of __________________ derived from the _________________________________.present worth of future benefits derived from the ownership of real property.
  80. 8047 - What is market value?the highest price in terms of money, which a property will bring in a competitive and open market under all conditions requisite to a fair sale...
  81. 8147 - Four characteristics needed to have value in the real estate market1) demand
    2) utility - capacity to satisfy human needs and desires
    3) scarcity
    4) transferability
  82. 8247 - Market value implies a non-related buyer and seller in an _________ transaction in which both parties are dealing from equal bargaining positions."arm's-length transaction"
  83. 8347 - ___________ is a study of the usefulness or utility of a property without reference to the specific estimate of value.evaluation
  84. 8447 - What are the six types of value that are often the subject or purpose of an appraisal?1) market value (most important)
    2) assessed value
    3) insurance value
    4) mortgage loan value
    5) condemnation value
    6) book value
  85. 8547 - The __________ value is normally a percentage of the market value. It is determined by a local or state official and is applied to establish the amount of tax imposed on a property.assessed
  86. 8647 - Assessed value is calculated by using what formula?market value x assessment rate = assessed value
  87. 8747 - ___________ value is the cost of replacing or reproducing the structure in the event of a total loss.insurance
  88. 8847 - Insurance value is calculated by:multiplying a square-foot replacement cost by the number of square feet in the structure -- doesn't include land value
  89. 8947 - The ___________ value is whatever the lender believes the property will bring at a foreclosure sale or subsequent resale.mortgage
  90. 9047 - ______________ value is the value of property that is condemned by eminent domain. Also, if the whole property isn't condemned, it's the difference in the market value of the property before and after condemnation.condemnation
  91. 9147 - An artificial value used for accounting or tax purposes in connection with establishing a depreciation schedule for a property based on the property's useful life is called the ______ value.book
  92. 9247 - ______________ is a non-cash expense that reduces the value of an asset over time.depreciation
  93. 9347 - What are the three types of depreciation?1) physical depreciation
    2) functional obsolescence
    3) external obsolescence
  94. 9447 - Assuming a property is assigned the tax life of 27.5 years (according to the IRS), what is the rate of depreciation applied to real estate?3.636%
  95. 9547 - If a property originally cost $100,000 and it is 8 years old, how would you figure the straight line depreciation and how would you figure the present book value?3.636% x 8 years = 29.09%
    100%-29.09%=70.91%
    $100,000 x 70.91% = $70,910
  96. 9647 - How does an appraiser come up with an appraisal report?He collects data in the three appraisal approaches (market data, cost, & income) and reconciles them using accepted appraisal principals and methods.
  97. 9748 - Estimating the value of property by comparing the prices paid for similar properties and concluding the value accordingly is called ________________.comparative market analysis
  98. 9848 - The ___________ is a listing tool that a sales agent prepares in order to show a seller what the home is likely to sell for. It also helps an agent decide whether or not to accept a listing.Comparative Market Analysis (CMA)
  99. 9948 - The CMA is different from an appraisal because _____________________________.it not only looks at homes that have sold, it also looks at homes that are for sale now and homes that were for sale but didn't sell
  100. 10048 - Real estate is evaluated on a __________, not objective, basis. A home does not have value just because it is there (objective); it has value due to numerous characteristics, such as the location, the quality, and the size, among other items.subjective
  101. 10148 - __________ is the desire or need for property coupled with the financial ability to satisfy the needEffective demand
  102. 10248 - Feasible use that will produce the highest current value is called the __________________highest and best use
  103. 10349 - The income allocated to the land a residual income under the principle of highest and best use is defined as ______.economic rent
  104. 10449 - The rent agreed upon in a contract between landlord and tenant is called _____________.contract rent
  105. 10549 - Under the principle of __________, the highest value of a property has a tendency to be established by the cost of purchasing or constructing another property of equal utility and desirability if thesubstitution
  106. 10649 - __________ occurs when a large elegant home is located in a neighborhood of modest ranch-style homes.regression
  107. 10749 - The principle of ___________ states that the worth of a lesser object is increased by being located among better objects, such as a modest ranch style home located in the middle of a neighborhood or large elegant homes.progression
  108. 10849 - Under the principle of ___________, property value is based on the expectation of future benefits of ownershipanticipation
  109. 10949 - The principle of ______________, also called the principle of diminishing returns, states that various elements of a property add value to the entire property. It means that we should invest dollars whenever they will return to us more than $1 of value and stop when it doesn't.contribution
  110. 11049 - The principle of __________ states that when the net profit a property generates is excessive, others will be drawn to produce similar properties.competition
  111. 11150 - What are the first two steps of the appraisal process?1) Define the appraisal problem or purpose (because it may prescribe the approaches to be used)
    2) Obtain a complete and accurate description of the property
  112. 11250 - The ________or ________ is the primary appraisal approach for estimating the value of single family, owner-occupied dwellings and vacant land.comparison approach
    or
    market data method
  113. 11350 - The _________ approach, also called _________________, is the primary method used to estimate the present value of properties that produce income, such as single-family rental homes, apt complexes, mobile home parks, parking lots, malls, office buildings, etc.income
    appraisal by capitalization
  114. 11450 - How is the value of a property estimated using the income approach?by converting net annual income into an indication of present value by application of a capitalization rate -- the formula is:
    annual net income divided by cap rate = value
  115. 11550 - The ___________ can be described as a desired rate of return by the marketplace for a type of investment.capitalization rate
  116. 11650 - ___________, _________ and _________ are used in an analysis to produce the net income, which applies to the capitalization formula: income divided by rate = valueincome
    vacancy rate
    expenses
  117. 11751 - What does it mean to capitalize the income stream and what is the formula for this?The monetary returns a property is expected to produce are converted into a value that the property should sell for -- converting future value to current value
    income ÷ rate = value
  118. 11851 - ________________ expenses are those expenses necessary to maintain the production of income -- they will vary from month to month.operating
  119. 11951 - ___________ are those expenses that do not fluctuate with the operating level of the complex.fixed expenses
  120. 12051 - The third type of expense for a property is _____________. This represents the amount of money set aside to replace equipment and make improvements.replacement reserve
  121. 12151 - What are the three categories of expenses for a business property?1) fixed
    2) operating
    3) replacement reserves
  122. 12251 - What are the two types of depreciation?actual and fictional
  123. 12351 - Over how many years does the IRS currently allow a purchaser to completely depreciate a structure?27 1/2 -- regardless of the age or condition of the structure
  124. 12451 - The lower the cap rate, the _______ the value.higher
  125. 12551 - The higher the cap rate, the _____ the value.lower
  126. 12651 - It's hard to come up with a cap rate, but usually it is _______________.it's the rate that other investors are achieving with like investments in the same area
  127. 12751 - A _____ ratio of quick assets to current liabilities is generally acceptable for a business firm.1:1
  128. 12852 - What is the CAP rate designed to reflect?It's designed to reflect the recapture of the original investment over the economic life of the improvement to give the investor an acceptable rate of return on his original investment and to provide for the return of the invested equity.
  129. 12952 - What is the formula for finding out the cap rate?investment rate + recapture rate = cap rate
  130. 13052 - What is the formula for finding out the estimated value?net operating income ÷ cap rate = estimated value
  131. 13152 - The _____________ is an economic comparison factor that relates the gross rent a property can produce to its purchase price. This is also called a ___________________.gross rent multiplier
    gross income multiplier
  132. 13252 - What is the formula for computing the gross rent multiplier (GRM)?sales price ÷ gross annual rent = GRM
  133. 13352 - In figuring GRM, 1-4 unit residential properties use a________ GRM, while larger properties use a/an _________ GRM.monthly
    annual
  134. 13452 - GRM (gross rent multiplier) has a degree of unreliability because _____________________.calculations are based on gross income rather than net income
  135. 13552 - The ___________method is the most useful for appraising new or proposed construction, and also for service properties such as churches or post offices.cost approach
  136. 13652 - How does the direct sales comparison approach work and what type properties is it best for?it compares the prices of recently sold properties which are similar to the one being evaluated
    it's best for residential properties
  137. 13752 - How does the income approach work and which types of properties is it used for the most?it depends on the use of the GRM
    it's used most for investment properties
  138. 13852 - What are the four steps involved in the cost approach?1) estimate the value of the land
    2) est. the cost of const. a similar building
    3) calculate the amount of money that rep. the subject building's wear and tear
    4) subtract depreciation from construc. costs to give the current value
  139. 13952 - The most accurate but also most time-consuming and complex method of estimating reproduction or replacement costs is the ________________ method.quantity survey method
  140. 14052 - The most widely used method of estimating reproduction or replacement costs is the _____________ method.square-foot method
  141. 14152 - The ___________ method of estimating reproduction or replacement costs involves the detailed determination of the exact quantity of each type of material to be used in the construction and the material & labor costs for each unit.quantity survey method
  142. 14252 - ___________ results from outmoded equipment, faulty or outdated design, inadequate structural facilities, over-adequate structural facilities.Functional obsolescence
  143. 14352 - Functional obsolescence can be separated into two categories: ___________ and _______________.curable and incurable
  144. 14452 - ___________ is the loss of value due to external forces or events outsides the property boundaries such as the closing of a local job source.Economic or External obsolescence
  145. 14552 - Every structure has two ages: the _________ age and the __________ age.chronological and effective
  146. 14652 - Chronological age is measured by _________________________.the number of years the structure has existed
  147. 14752 - Effective age refers to ________________________________.the age the structure appears to be based on its condition
  148. 14852 - What are the three traditional formats for appraisal reports?letter, form, narrative appraisal
  149. 14953 - The process where an impartial third party, such as an attorney, an escrow company or a title company, is entrusted with the job of seeing that the transfer of ownership takes place according to the terms of the contract.closing
    escrow
    settlement
  150. 15053 - The way the buyer wants to take title to the property is referred to as __________.vesting
  151. 15153 - What is the most important thing for a real estate agent to remember to do before closing?make certain that all the conditions on the purchase contract have been met
  152. 15253 - What are the two most common types of closings?1) face-to-face closing at office of attorney, lender, or title company
    2) escrow closing (not face-to-face)
  153. 15354 - RESPA prohibits certain practices in real estate transactions, including _________ or ___________________.kickbacks or paying unearned fees in exchange for referrals
  154. 15455 - The first significant statute affecting equal housing opportunities is the _____________________.Civil Rights Act of 1866
  155. 15555 - The 1866 equal rights law contains the blanket statement that all citizens have the same rights to ________________.inherit, buy, sell or lease all real and personal property.
  156. 15655 - The ____________ prohibits discrimination in housing on the basis of race, color, religion or national origin. It is also referred to as ______________.Title VIII of the Civil Rights Act of 1968
    Fair Housing Act
  157. 15755 - The Fair Housing Act was amended in 1974 and 1988 to prohibit discrimination on the basis of ________, _________ or ___________.sex
    mental or physical handicap
    familial status
  158. 15855 - Although the Fair Housing Act intended to provide fair housing, it wasn't very effective until 1988 because it lacked a means for ____________.enforcement
  159. 15955 - Congress passed sweeping amendments to the Fair Housing Act in _______ which took effect in _______.1988/1989
  160. 16055 - What are the penalties that can be imposed for discriminating in housing?First offense - up to $10,000
    $25,000 if a second offense occurs within 5 years
    $50,000 if two or more violations occur within seven years
  161. 16155 - The ___________Act took effect in 1992 to protect the rights of individuals with disabilities.ADA - Americans with Disabilities Act
  162. 16255 - The ADA defines disability as __________________________________.a physical or mental impairment that substantially limits one or more of the major life activities of a person.
  163. 16355 - The ADA is enforced by the ____________________________.U. S. Attorney General
  164. 16455 - Violations for violating the ADA can be up to __________ for the first offense and up to ____________ for subsequent offenses.$50,000/ $100,000
  165. 16556 - Title I of ADA is about ____________.employment
  166. 16656 - Title II of ADA is about ________.public entities and public transportation
  167. 16756 - Title III of ADA is about ___________.public accommodations and commercial facilities
  168. 16856 - Title IV of ADA is about ___________.telecommunications
  169. 16956 - Title V of ADA is about ____________.ADA's relationship to others laws and other misc. issues
  170. 17057 - The U.S. Supreme Court ruling of _______________ in _________ held that separate facilities were okay as long as they were "equal."Plessy vs. Ferguson - 1896
  171. 17157 - In ______, the U.S. Supreme Court reversed the "separate but equal" decision from Plessy v. Ferguson in the _______________ decision.1954 - Brown v. Board of Education
  172. 17257 - In 1962, President Kennedy signed an executive order, entitled ___________, but it had a limited impact.Equal Opportunity in Housing
  173. 17357 - In June of 1968, the U.S. Supreme Court rendered its decision in ___________, and held that the Civil Rights Act of 1866 banned private as well as government racial discrimination in housing.Jones v. Alfred H. Mayer Co.
  174. 17457 - Which amendment abolished slavery?13th
  175. 17557 - Which amendment prohibited government discrimination?14th
  176. 17658 - _________ means slanting the choices of listed property made available to minority prospects, so that the properties most suitable to the prospect in terms of quality, price and needs, appear to be available only in minority or changing neighborhoods.Steering
  177. 17759 - ____________ occurs when a person, for profit, induces or attempts to induce a person to sell or rent a dwelling by making representations regarding the entry into the neighborhood of persons of a particular race, color, religion, sex, handicap, familial status or natl. origin.Blockbusting
  178. 17859 - Exceptions to the Fair Housing Act:1) sale of a single-family home by owner
    2) "Mrs. Murphy's Boarding House"
    3) Religious Organizations
    4) Private Clubs
  179. 17960 - When was the Alabama Real Estate Commission established?1927
  180. 18060 - How long should all but one member of the Alabama Real Estate Commission be a realtor before serving?10 years
  181. 18160 - How many people from a U.S. Congressional district may serve at the same time?no more than one
  182. 18260 - How long are terms for the AREC and how many can they serve consecutively?5 years
    two
  183. 18360 - All appointments shall expire on ____________ of the final year of a term or ____________________________.Sept. 30th
    on the date a successor is appointed and confirmed
  184. 18460 - One member of the AREC is a _______________ member. Some of the conditions for this member are _______________________________.consumer
    owns property and has not been a realtor in previous ten years and not related to a realtor
  185. 18560 - The executive director and asst. exec. director are employed based on _________, ______________, and ___________________.education
    experience
    skills in admin. & mgt.
  186. 186AL - Explain the composition of the AL Real Estate Commission9 members -- with:
    1 from each Congressional District
    1 who isn't licensed or rel. to a licensee
    1 black person
    appointed by the governor, confirmed by the Senate, 21 years or older, resident at least 10 yrs., no felonies, own property
  187. 187AL - What is the purpose of the AL Real Estate Commission?Protect the public
    Require license as proof of qual.
    regulate the business
  188. 188AL - Any broker other than a qualifying broker is a/an ____________________.associate broker
  189. 189AL - A fee paid to a broker is a ___________.commission
  190. 190AL - A lawful business organization is a ________________.business
  191. 191AL - A broker under whom a lawfully constituted business organization operates is a ____________.qualifying broker
  192. 192AL - Four ways for a license to be inactive:1) by the commission office by law
    2) by order of the commission
    3) by request of licensee
    4) because it was not renewed
  193. 193AL - Any broker, salesperson or company is referred to as a/an ________________.licensee
  194. 194AL - What is the renewal period information for a license?October 1 - September 30
    Renews on odd years
    Must renew by August 31 or $150 penalty
  195. 195AL - A rural person may operate from home if:1) separate entrance
    2) separate phone
    3) signage
    4) no other salespersons working out of that office
  196. 196AL - If a broker is in the city limits, what are the rules for his/her office?1) separate office, phone, signage
    2) zoned commercial
    3) records shall be kept at office
  197. 197AL - A license is required for doing these things in Alabama: (use acrostic)B Buy
    A Aid
    R Rent
    N Negotiate
    S Sell
    A Auction
    L Lease
    E Exchange
  198. 198AL - You don't just have to have a license to _______________, you have to have a license to ____________ or _____________.actually sell, etc.
    offer to sell, etc.
    negotiate to sell, etc.
  199. 199AL - What is a license NOT required for?1) sell, etc. - personally owned property of that of a spouse, child or parent
    2) attorney performing attorney duties
    3) acting w/o comp. under power of atty
    4) receiver, trustee, executor, or guardian or acting under court order or authority under a will or trust
  200. 200AL - Is an auctioneer required to have a real estate license?yes
  201. 201AL - Is it required to have a license to buy, sell, or offer to buy or sell or otherwise deal in options on real estate situated in AL?yes
  202. 202AL - Do you have to have a license to aid, attempt or offer to aid in locating real estate for purchase in AL?yes
  203. 203AL - Do apartment managers in AL have to have a real estate manager?no
  204. 204AL - Does a condo manager have to have a real estate license in AL?yes
  205. 205AL - Does a time share seller have to have a license in AL?no - but they have to have a different license
  206. 206AL - Is a real estate license required to sell cemetery lots in AL?no
  207. 207AL - In regards to an out-of-state co-brokerage, the AL broker shall: (6 things)1) joint listing
    2) supervise showing and negotiating
    3) be named in all advertising
    4) AL broker is liable for all acts
    5) AL broker to determine license status
    6) AL broker holds earnest money
  208. 208AL - No person may serve as a qualifying broker for more than one company unless: (3 things)1) all companies consent in writing
    2) file this consent with commission
    3) must be in same location
  209. 209AL - How old does a person have to be in order to be licensed in AL?19
  210. 210AL - A person whose application ____________________ is eligible to apply for a real estate license in AL.has not been rejected or revoked in another state within 2 years except for failing exam
  211. 211AL - The fee for renewing a license is _____ for a salesperson and _____ for a broker.$85 for a salesperson
    $95 for a broker
  212. 212AL - Does an applicant have to have a college degree?no - but they do have to have a high school diploma
  213. 213AL - What are the continuing education requirements for AL licensure?9 hours of elective credit
    6 hours of Risk Management
  214. 214AL - What is the deadline for completing continuing education requirements in order to keep license from becoming inactive?September 30 of renewal year
  215. 215AL - A licensee must complete ________ before applying for original license.a 30-hour post-license class
  216. 216AL - To transfer a license, you must _____________ and then _______________.notify current broker in writing
    go to AREC.gov and change online by going inactive, then activating with a new broker and paying $25 + $4 service charge
  217. 217AL - What is the charge for any change to license?$25
  218. 218AL - A new licensee must get a ____________ within _____________ and before ______________________.temporary license
    6 months
    attending post license class
  219. 219AL - If an inactive license is not renewed within the next 12 months, it _______ and the licensee must ______________.lapses
    start over
  220. 220AL - A licensee may stay inactive for ____________ .as long as desired
  221. 221AL - For a licensee to reactivate a license, he/she must ___________, ____________, and ______________.meet current 15 hour CE requirement
    get a broker
    pay $25
  222. 222AL - Each company location must have two things:1) company license
    2) qualifying broker at location
  223. 223AL - Three responsibilities of a qualifying broker:1) responsible for all acts of salespersons
    2) responsible for all damages caused by salespersons
    3) duty to see all transactions comply with the law
  224. 224AL - Requirements for broker license:1) been salesperson for 24 of previous 36 months
    2) high school or equivalent diploma
    3) 60 hr. broker course
    4) original broker license
    5) registered to specific real estate office
  225. 225AL - To get an AL reciprocal broker's license, the applicant must complete ____________ and _____________.6 hours of AL real estate law
    40 question test
  226. 226AL - In the event of death or disability of a qualifying broker, what happens to a company?1) license becomes invalid
    2) within 30 days, they may designate a person to act as temporary QB
    (may be a salesperson w/1 yr experience)
    3) may operate under temporary broker for up to 6 months
  227. 227AL - What is the purpose of the recovery fund?through it, an aggrieved party may recover actual or compensatory damages as a result of conduct in real estate law
  228. 228AL - Can a broker or salesperson use the recovery fund when acting on his/her own behalf?no
  229. 229AL - Can the Recovery Fund be used for time share?no
  230. 230When applying for an original license, a salesperson or broker will pay a _________ fee of __________ into the Recovery Fund.one time
    $30
  231. 231AL - When the balance of the Recovery Fund drops below ________, each active licensee will be required to pay an additional _____________.$500,000
    $30
  232. 232AL - When a aggrieved person recovers a valid judgment against a licensee, the license ______________________.will be revoked until money is repaid by licensee
  233. 233Payment limits from the Recovery Fund are ___________ per transaction to a total limit of _____________.$25,000 per transaction
    $50,000 total
  234. 234AL - Any violation of the real estate law is a _______________ and is punishable by a fine of __________________ as well as _______________________.Class A misdemeanor
    $100-$2500
    suspension or revocation of license
  235. 235AL - The licensee who procures a written offer in a single family residence shall prepare _______________ and also furnish __________________________.an itemized statement of all costs associated with the sale based on best estimates
    a detailed closing statement HUD1 at closing
  236. 236AL - Presentiing a bad check to the AREC will cost _____________.$250

Informationen

Beschreibung
Facts which I already knew are not included in these flashcards - so it does lack flashcards for the easier-to-learn facts.
Erstellt von
janiebaylis
Aufrufe
25
Bewertung

Feedback

Worum geht es?

Wie gefällt dir das neue Design?

Dein Eindruck