Louisiana Real Estate Exam Study Guide

Louisiana Real Estate Exam Study Guide An applicant for a real estate license may continue to attempt to pass the licensing exam for a period of - ANS - 1 year In Louisiana, sub agency is - ANS - Allowed only by a con ...

Louisiana Real Estate Exam Study Guide An applicant for a real estate license may continue to attempt to pass the licensing exam for a period of - ANS - 1 year In Louisiana, sub agency is - ANS - Allowed only by a contractual agreement No associate broker or salesperson license may be renewed until - ANS - The license of their sponsoring broker has been renewed All written offers to purchase real estate should be presented - ANS - Immediately Corporate, limited liability company, and partnership brokers must retain copies of all real estate transactions for a period of: - ANS - 5 years Licensees in the military are entitled to renewal of their licenses without penalty if application is filed - ANS - Within six months following discharge When a broker determines that a dispute exists regarding the funds held on deposit in an escrow account, the broker must - ANS - Notify all parties of the dispute To qualify for a deficiency judgment, a lender must sell the property at foreclosure for what potion of its value? - ANS - 2/3 of the appraised value The minimum time required for notice to vacate a residential property for non-payment of rent is - ANS - 5 days Highways, state parks, running water, territorial seas, and seashores are all examples of what kind of things? - ANS - Public How are members of the Real Estate Commission selected? - ANS - They are appointed by the Governor and confirmed by the Senate Errors and Omissions insurance is considered which type of insurance? - ANS - Malpractice Insurance Which of the following statements is NOT true regarding an individual real estate broker? - ANS - The individual broker may be licensed as a qualifying broker for one corporation only When a licensee is appointed to represent two clients in the same transaction, for example, the buyer and the seller, this is called: - ANS - Dual agency Escrow accounts should be: - ANS - Non-interest bearing, unless all parties otherwise agree When must a licensee report a change of address to the Commission? - ANS - Within 10 days In designated agency, a licensee is: - ANS - Designated by a broker to represent a particular client Upon determination that a dispute exists regarding an escrow account, the broker must do all of the following EXCEPT: - ANS - Keep the funds in his personal account until the dispute has been settled How many hours of continuing education is required for renewal of a real estate license? - ANS - 12 hours May a licensee show the same home to several buyers without violating his agency duties to each buyer? - ANS - Yes The word things is used in Louisiana to refer to: - ANS - Property In Louisiana we often use which of the following terms to refer to real estate? - ANS - Immovables Brokers are limited to what amount of personal funds in an escrow account? - ANS - $2,500 Does Louisiana require written leases? - ANS - No Which of the following is a ministerial act? - ANS - Referral to another broker If a licensee is indicted for something that involves a real estate transaction that the licensee was involved in, the licensee must report it to the Commission: - ANS - within 10 days Who does the designating in designated agency? - ANS - The broker Licensees must provide copies of any documents signed by their principal in a real estate transaction: - ANS - Immediately Private things are owned by: - ANS - Individuals or corporations An example of a common thing is: - ANS - Air All applicants for a Louisiana real estate license must complete an approved course of study in subjects such as Louisiana Real Estate Licensing Law consisting of at least: - ANS - 30 hours Which of the following statements is true? Real estate brokers may not cooperate with out-of-state brokers Real estate brokers may cooperate with out-of-state brokers The state does not have reciprocal agreements with any others The state does not issue non-resident licenses - ANS - Real estate brokers may cooperate with out-of-state brokers When licensees have business transactions that were instituted while still with their previous broker, they: - ANS - may accept commissions from their previous broker The individual who represents a client is referred to as a(n): - ANS - Agent In the event that the potential client refuses to sign the agency disclosure pamphlet, the licensee should: - ANS - Note the refusal to sign and the reason of the client for not signing When must offers be presented to the client? - ANS - Immediately An example of a personal servitude is a: Natural servitude Legal servitude Conventional servitude Usufruct - ANS - Usufruct A lessor who does not return a security deposit within 30 days of the tenant vacating the property, may be subject to damages for attorney fees and a minimum of: - ANS - $200 How much time is allowed for delinquently renewing a real estate license? - ANS - 3 months In the event of the death of a sponsoring broker, the appointed associate broker or salesperson must notify all licensees of the deceased broker: - ANS - immediately Licensees receiving written offers in cooperative transactions must annotate the offer to indicate: - ANS - The time and date the offer was received May a licensee keep information about material defects in the property confidential? - ANS - No, they must be disclosed When the license of a sponsoring broker is suspended: - ANS - all licensees sponsored by that broker are also suspended To avoid possible problems a lessor should return the security deposit within - ANS - 30 days after the tenant vacate A court order to physically divide property among the several owners is a - ANS - Partition in kind Which of the following funds was established to reimburse any person who is adjudged to have suffered monetary damages as a result of obtaining money or property by fraud or misrepresentation by a licensed salesperson or broker? - ANS - The Recovery Fund Upon the death of a sponsoring broker, the licenses of the sponsored licensees must be returned to the Commission: - ANS - within 5 days Upon termination of a relationship with a sponsoring broker, the licensee is required to: - ANS - Return any information obtained during the business relationship to the broker Can a licensee give information regarding list prices on the telephone as a ministerial act? - ANS - Yes What is the property tax on a residential property assessed for $80,000, with no homestead exemption, and a millage rate of 100 mills? - ANS - $800 An inactive licensee with their license on file with the LREC: - ANS - may not practice Building restrictions can be modified at what point? - ANS - Any time if all property owners agree Upon termination of a relationship with a sponsoring broker, the licensee must do all of the following EXCEPT: Return all listing information Return all agency forms Return all contracts Forfeit any commissions due on pending sales - ANS - Forfeit any commissions due on pending sales How long does a sponsoring broker have to return the license of any licensee who has a suspended or revoked license? - ANS - 72 hours Which of the following is NOT considered to be a psychological impact? Cracked slab AIDS Murder Suicide - ANS - Cracked slab When should a licensee report the institution of bankruptcy proceedings to the Commission: - ANS - within 10 days A minor may contract for which of the following? - ANS - Necessaries of life Associate brokers and salespersons may not be sponsored by more than: - ANS - One sponsoring broker All applications for real estate licensing must be: - ANS - Notarized Which of the following is required in order to advertise a property for sale? A For Sale sign in the yard Written authorization from all owners of the property Permission from the Real Estate Commission It must be listed in the MLS - ANS - Written authorization from all owners of the property When an escrow dispute exists, when may the broker disburse the funds upon a reasonable interpretation of the contract? - ANS - 10 days after notifying all parties and licensees Does a licensee owe any duty to a customer? - ANS - Yes, to be fair and honest In order for a person or entity to engage directly in the business of selling timeshare interests, they must register with: - ANS - The Louisiana Real Estate Commission When would a licensed real estate agent selling his/her own property NOT have to disclose that they are a licensed real estate agent? - ANS - When the agent lists the property under a contract with a licensed real estate broker What is a component part? - ANS - Something that will be considered as real estate, but is not land Is showing a property to an appraiser who is writing an appraisal on the property a ministerial act? - ANS - Yes When an organization designates a new qualifying broker, all sponsored licensees must be notified within - ANS - 5 days following the effective date of the designation How many total hours of instruction must a candidate for a broker license complete prior to submitting the application for licensure? - ANS - 150 A licensee who fails to renew his/her real estate license within the delinquent renewal period - ANS - Must meet all requirements of initial applicants Negotiations concerning property listed exclusively with a broker shall be carried on with the - ANS - Listing broker or agent designated by the listing broker Licensees renewing their license while on inactive status: - ANS - are not required to comply with the mandated Errors and Omissions coverage requirement ___ is the Louisiana right to dispose of a thing - ANS - Abusus _____ is the organization that will investigate alleged violations of the Louisiana real estate license law - ANS - The LREC A limited partnership is called what in Louisiana? - ANS - Partnership in commendum An offer that specifies a time for acceptance, and an agreement not to withdraw the offer prior to that time is called - ANS - Irrevocable Can an attorney perform the duties of a real estate agent or broker without being licensed as a real estate salesperson or broker? - ANS - Yes, if it is required in the normal course of other legal representation An example of an incorporeal thing is: - ANS - Copyright on a book When a licensee is appointed to represent two clients in the same transaction, for example, the buyer and the seller, this is called - ANS - Dual agency Residential property in Louisiana is assessed for what percent of its value? - ANS - 10% A linear measurement often seen in Louisiana land titles which is equal to 192.24 feet is the - ANS - Arpent A servitude that is granted to the land and passes with the estate is a: - ANS - Predial servitude What does intestate mean? - ANS - Without leaving a will When an organization designates a new qualifying broker, all sponsored licensees must be notified within: - ANS - 5 days following the effective date of the designation