AL Real Estate case studies
AL Real Estate · Put your knowledge to work in context.
The Alabama Real Estate Salesperson license is the entry-level credential that allows a person to act on behalf of a licensed brokerage in Alabama real estate transactions. It is issued by the Alabama Real Estate Commission and is the credential most people mean when they say they are "getting their real estate license." Candidates typically complete a prelicense course, apply to the Commission, and then pass both a national and an Alabama-specific portion of the licensing examination. The AL Real Estate case studies are 5 cases and about 4,413 words.
1The Shrinking Tract: Monuments, Acreage, and a Grandfathered Shop
A buyer signs a contract on a rural Baldwin County tract priced at $8,000 per acre for "12.4 acres, more or less," described by metes and bounds running from an iron pin at the northeast corner of Section 14 to the center of Mill Creek. The buyer's surveyor reports that the pin was replaced by a prior owner 62 feet west of the original stone corner, that the creek has migrated roughly 40 feet, and that the enclosed area computes to 11.9 acres.
878 words, about 4 min2One Word in a 1998 Deed: "Jointly" and the Half-Interest That Was Already Sold
In 1998 Arthur and Beatrice, husband and wife, received a deed conveying Blackacre "to Arthur and Beatrice, jointly." Arthur has two children from a prior marriage. In 2015 both spouses signed a mortgage on Blackacre, which was recorded that week.
873 words, about 4 min3Six Units, a 5.5% Cap Rate, and a Lender Who Wants a Number
An appraiser is engaged by a regional bank to appraise a six-unit apartment building built in 1978 on a commercial corridor, under contract for 720,000. The rent roll shows six units at 950 per month.
808 words, about 4 min4The Open House Confession: Whose Agent Is Leo?
Licensee Leo is holding an open house for his broker's listing at 412 Oak Street, listed at 299,000. Carl walks in unaccompanied and, before Leo says anything about agency, volunteers: "We're preapproved to 310,000 and I'd honestly go to $325,000, but don't tell the seller - my wife is due in six weeks and we have to close fast." Leo has not given Carl the brokerage services disclosure.
961 words, about 5 min5The Appraisal Came in Low and the Seller Promised $6,000
A buyer contracts at 285,000 with 10 percent down and a financing contingency written as "a conventional loan of 90 percent of the purchase price." Closing costs are estimated at 2.5 percent of the loan amount. The appraisal comes in at 278,000.
893 words, about 4 min