Alabama Real Estate Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Master your Alabama real estate exam with our comprehensive practice test. Tailored feedback, expert tips, and up-to-date questions to ensure your success!

Start Multiple Choice Practice Test
Start Flash Cards

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Is there a prepayment penalty for VA-insured loans?

  1. Yes

  2. No

  3. Yes, in the first 5 years

  4. Only for nonconforming loans

The correct answer is: No

VA-insured loans do not have prepayment penalties. This is part of the benefits provided by the VA to assist veterans and service members in becoming homeowners. Option A is incorrect because the VA does not require prepayment penalties on their loans. Option C is incorrect because the VA also does not impose a prepayment penalty within the first 5 years of the loan. Option D is incorrect because whether or not the loan is conforming or nonconforming does not have any impact on the prepayment penalty for VA-insured loans.

More Questions Like This