Who Is Exempt From Continuing Education In Real Estate?
To be eligible for the CE exemption, an applicant must have held a real estate broker or broker-salesperson license for at least 40 years. The 40 years of licensure do not have to be consecutive, but all 40 years must have been under the same license type.
Completing continuing education coursework will not count towards the applicant’s CE requirement.
Sheila, who is applying for the CE exemption, has held a real estate license since 1975. She has been a licensed broker-salesperson since 1985 and held a broker’s license before that time.
Sheila could apply for an exemption from CE requirements because she has been licensed as a broker-salesperson for at least 40 years.
But, she would not be eligible because she is applying to obtain an initial broker’s license and had already received her initial broker’s license in 2002. The CE requirement is only for current real estate license applicants.
Federal law requires Brokers and Salespersons to complete a certain amount of continuing education every renewal period.
You are not required to complete a certain amount of CE each year, but if you do not complete at least 40 hours of CE each renewal period, your license will be in jeopardy.
As a broker or salesperson, you can satisfy the continuing education requirement through classroom or distance learning courses.
How Much Do You Have To Put Down On Commercial Real Estate?
The majority of commercial lenders need a minimum down payment of 30% before evaluating or accepting a loan application. The down payment is the amount of money you put down on the property before you close on it.
When it comes to the acquisition of commercial real estate, valuations might vary, even if most house mortgage loans have loan-to-value requirements or a 20% down payment requirement.
The best way to determine how much to put down on a commercial property is by finding a real estate appraiser who can give you an objective opinion on the value of your purchase.
If you are unable to come up with the full purchase price, be sure to familiarize yourself with commercial mortgage insurance benefits. These tools can help compensate for the gap between what you have put down and the full purchase price of your property.
Commercial mortgage insurance covers lenders where borrowers do not make a down payment on their loan, so be sure to read about these qualifying requirements to decide if they help or hurt your situation.
How Hard Is The Alabama Real Estate Exam?
The Alabama Real Estate Exam is an open-book test that consists of 100 multiple choice questions, with the state having 40 questions. You need 70% to pass.
A 33% of the exam deals with Alabama state law, and the other 67% covers national real estate laws, such as Fair Housing, equal opportunity housing, and the Uniform Residential Landlord Tenant Act.
There are many different ways to prepare for your real estate exam. You can take classes at colleges or private schools or study the material on your own time through books, workbooks, and online courses.
Some websites offer free membership to their course programs, so you have unlimited access to them for a limited time.
Other sites offer discounts if you sign up for more than one month. In order to prepare for the real estate exam, you should take a full week off to go over your notes, study your facts, and practice the real estate questions on paper or online.
According to Robert, if a person is able to obtain 70% on their exam, they need to have studied their material well. The Alabama Real Estate Exam is open-book, so it is important that you understand the content in front of you. Prior knowledge of the material will help you answer the questions quickly.
John also recommends practicing the test on paper or using an online real estate exam prep program. The various locations you can take your exam, such as AL RE License Testing, are located all over the state.