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Louisiana Real Estate Licensing Exam
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Louisiana Real Estate Licensing Exam

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@StatelyComposite

Questions and Answers

Which of the following statements is true regarding testing for real estate licensing?

  • An applicant for real estate licensing must pass the licensing exam prior to applying for a license.
  • The real estate examination may be taken only after the broker sponsorship affidavit is submitted to the LREC.
  • An application for licensing must be approved prior to an applicant taking the real estate licensing examination. (correct)
  • A real estate license will not be issued until 90 days after the examination has been passed.

    • What must licensees annotate when receiving written offers in cooperative transactions?

    The time and date the offer was received

    What is an olographic will?

    Handwritten and signed by the testator

    Which of the following is NOT considered to be a psychological impact?

    <p>Cracked slab</p> Signup and view all the answers

    If an applicant does not pass the licensing exam within the required time, what must they do?

    <p>Re-apply for the exam and receive a new exam authorization</p> Signup and view all the answers

    What is the right of the government to regulate land use through zoning called?

    <p>Police powers</p> Signup and view all the answers

    How many sponsoring brokers may associate brokers and salespersons have?

    <p>One sponsoring broker</p> Signup and view all the answers

    How many escrow accounts may a resident broker have at one time?

    <p>One or more</p> Signup and view all the answers

    What is considered a ministerial act?

    <p>Referral to another broker</p> Signup and view all the answers

    What are liens referred to in Louisiana?

    <p>Privileges</p> Signup and view all the answers

    How many hours of approved course study are required for a Louisiana real estate license?

    <p>30 hours</p> Signup and view all the answers

    What must all printed advertising include?

    <p>The month and year the advertising was printed, published, or distributed</p> Signup and view all the answers

    Who may withdraw money from an escrow account?

    <p>LREC</p> Signup and view all the answers

    To qualify for a deficiency judgment, what portion of the property's value must a lender sell it for during foreclosure?

    <p>2/3 of the appraised value</p> Signup and view all the answers

    What type of servitude passes with the estate?

    <p>Predial servitude</p> Signup and view all the answers

    When must licensees provide copies of signed documents in a real estate transaction?

    <p>Immediately</p> Signup and view all the answers

    If Adam died intestate, how did he die?

    <p>Without leaving a will</p> Signup and view all the answers

    Which of the following data is NOT required on a real estate broker's internet advertisement?

    <p>An expiration date</p> Signup and view all the answers

    What type of offer specifies a time for acceptance and doesn’t allow withdrawal prior to that time?

    <p>Irrevocable</p> Signup and view all the answers

    How often must a licensee renew their inactive license?

    <p>On a yearly basis</p> Signup and view all the answers

    What must a broker do when a dispute regarding funds in an escrow account exists?

    <p>Notify all parties of the dispute</p> Signup and view all the answers

    Does a licensee owe any duty to a customer?

    <p>Yes, to be fair and honest</p> Signup and view all the answers

    What type of insurance is Errors and Omissions insurance considered?

    <p>Malpractice Insurance</p> Signup and view all the answers

    A tax of 200 mills is equal to what amount?

    <p>20 cents</p> Signup and view all the answers

    For how long must corporate brokers retain copies of real estate transactions?

    <p>5 years</p> Signup and view all the answers

    Can a licensee provide information about list prices over the phone as a ministerial act?

    <p>Yes</p> Signup and view all the answers

    What is referred to as 'things' in Louisiana?

    <p>Property</p> Signup and view all the answers

    Every written lease or rental agreement must contain notice of where to obtain information from what database?

    <p>Statewide database regarding the location of sex offenders</p> Signup and view all the answers

    What is the term for the buyer or seller represented by a licensee?

    <p>Client</p> Signup and view all the answers

    In Louisiana, what is sub-agency?

    <p>Allowed only by a contractual agreement</p> Signup and view all the answers

    How soon should all written offers to purchase real estate be presented?

    <p>Immediately</p> Signup and view all the answers

    Who is referred to as the individual who represents a client?

    <p>Agent</p> Signup and view all the answers

    Which fund was established to reimburse persons who have suffered damages due to fraud by a licensed salesperson or broker?

    <p>The Recovery Fund</p> Signup and view all the answers

    If an applicant passes the national portion and fails the state portion of the exam, what are they required to do?

    <p>Retake only the state portion</p> Signup and view all the answers

    In a real estate transaction, negotiations must be carried on with whom?

    <p>Listing broker or agent designated by the listing broker</p> Signup and view all the answers

    What is an example of corporeal movables that a seller might identify?

    <p>The dining room table</p> Signup and view all the answers

    Which statement is NOT true regarding an individual real estate broker?

    <p>The individual broker may be licensed as a qualifying broker for one corporation only</p> Signup and view all the answers

    When must completed documents be provided to each party signing?

    <p>Within 5 days after the final signature</p> Signup and view all the answers

    What happens to licensees when the license of their sponsoring broker is suspended?

    <p>All licensees sponsored by that broker are also suspended</p> Signup and view all the answers

    What is the amount limit for personal funds in an escrow account?

    <p>$2,500</p> Signup and view all the answers

    If a potential client refuses to sign the agency disclosure pamphlet, what should the licensee do?

    <p>Note the refusal to sign and the reason of the client for not signing</p> Signup and view all the answers

    When must offers be presented to the client?

    <p>Immediately</p> Signup and view all the answers

    May a licensee show the same home to several buyers without violating duties?

    <p>Yes</p> Signup and view all the answers

    What is a limited partnership called in Louisiana?

    <p>Partnership in commendum</p> Signup and view all the answers

    Upon termination of a relationship with a sponsoring broker, how are disputes resolved?

    <p>Civil litigation</p> Signup and view all the answers

    What statement should be included in advertisements when a licensee decides to sell their property?

    <p>Licensed Real Estate Agent</p> Signup and view all the answers

    When an organization designates a new qualifying broker, how soon must all sponsored licensees be notified?

    <p>5 days following the effective date of the designation</p> Signup and view all the answers

    What is the dollar value limit for protection under the Louisiana homestead exemption?

    <p>$25,000</p> Signup and view all the answers

    Which property may be considered psychologically impacted?

    <p>A house where people were murdered</p> Signup and view all the answers

    What two categories does an automobile classify as?

    <p>Private &amp; movable</p> Signup and view all the answers

    How many total hours of continuing education are required for license renewal each year?

    <p>12</p> Signup and view all the answers

    May a licensee keep information about material defects in the property confidential?

    <p>No, they must be disclosed</p> Signup and view all the answers

    In designated agency, a licensee is to be designated by whom?

    <p>Designated by a broker to represent a particular client</p> Signup and view all the answers

    Give an example of a common thing.

    <p>Air</p> Signup and view all the answers

    What must the licensee include when preparing an offer?

    <p>The time and date of the offer</p> Signup and view all the answers

    What is an example of a personal servitude?

    <p>Usufruct</p> Signup and view all the answers

    How long does a sponsoring broker have to return the license of a licensee with a suspended or revoked license?

    <p>72 hours</p> Signup and view all the answers

    When should a licensee report the institution of bankruptcy proceedings to the Commission?

    <p>Within 10 days</p> Signup and view all the answers

    How many hours of continuing education are required for the renewal of a real estate license?

    <p>12 hours</p> Signup and view all the answers

    What is true regarding an inactive licensee with their license on file with the LREC?

    <p>May not practice</p> Signup and view all the answers

    Study Notes

    Real Estate Licensing in Louisiana

    • An application for licensing must be approved before taking the real estate licensing exam.
    • Licensees must annotate written offers with the time and date received.
    • Failure to pass the licensing exam requires re-applying for a new exam authorization.
    • All applicants must complete a 30-hour approved course of study to qualify for a Louisiana real estate license.

    Real Estate Documentation

    • An olographic will is defined as being handwritten and signed by the testator.
    • Errors and Omissions insurance is categorized as malpractice insurance.
    • All documents signed by clients in a transaction must be provided immediately.

    Psychological Impact Factors

    • A cracked slab is not considered a psychological impact, while AIDS, murder, and suicide are.
    • Properties with negative histories, such as where murders occurred, may be qualifying as psychologically impacted property.

    Agency and Representation

    • The buyer or seller represented by a licensee is called a client.
    • In designated agency, a licensee is assigned by a broker to represent a specific client.
    • Licensees have a duty to be fair and honest to customers.

    Escrow and Financial Regulations

    • Brokers can have one or more escrow accounts and must inform all parties of disputes concerning funds within the escrow.
    • Brokers may withdraw funds from escrow accounts only upon order from the LREC.
    • Deposits in escrow accounts are limited to $2,500 of personal funds.

    Continuing Education and Licensing

    • Licensees must renew inactive licenses on a yearly basis, completing 12 hours of continuing education each year.
    • If a suspended or revoked license is involved, brokers have 72 hours to return the license to the respective party.

    Miscellaneous Regulations

    • An irrevocable offer specifies a time for acceptance without the ability to withdraw.
    • When a broker's license is suspended, all sponsored licensees are also suspended.

    Reporting Requirements

    • Bankruptcy proceedings must be reported to the Commission within 10 days.
    • Incomplete sales documentation remains the responsibility of the licensee, who must ensure compliance with reporting timelines.

    Specific Terms

    • The term "police powers" refers to government regulation of land use through zoning.
    • Predial servitude is a right that attaches to land, differentiating it from personal servitude, which is linked to an individual.

    Additional Requirements

    • All real estate advertising must include the month and year of advertisement.
    • A house listed for sale must have clear designation of corporeal movables, such as furniture.

    Special Situations

    • Limited partnerships are referred to as "partnerships in commendum" in Louisiana legal terminology.
    • Licensees must provide truthful disclosures regarding material defects, which cannot be kept confidential even if requested by the seller.

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    Description

    Test your knowledge with this practice exam focused on real estate licensing in Louisiana. The quiz includes key definitions and essential statements regarding the licensing process, making it a valuable tool for prospective real estate agents. Prepare effectively for your licensing exam and understand the necessary procedures.

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