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Questions and Answers
Which of the following statements is true regarding testing for real estate licensing?
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?
What must licensees annotate when receiving written offers in cooperative transactions?
The time and date the offer was received
What is an olographic will?
What is an olographic will?
Handwritten and signed by the testator
Which of the following is NOT considered to be a psychological impact?
Which of the following is NOT considered to be a psychological impact?
If an applicant does not pass the licensing exam within the required time, what must they do?
If an applicant does not pass the licensing exam within the required time, what must they do?
What is the right of the government to regulate land use through zoning called?
What is the right of the government to regulate land use through zoning called?
How many sponsoring brokers may associate brokers and salespersons have?
How many sponsoring brokers may associate brokers and salespersons have?
How many escrow accounts may a resident broker have at one time?
How many escrow accounts may a resident broker have at one time?
What is considered a ministerial act?
What is considered a ministerial act?
What are liens referred to in Louisiana?
What are liens referred to in Louisiana?
How many hours of approved course study are required for a Louisiana real estate license?
How many hours of approved course study are required for a Louisiana real estate license?
What must all printed advertising include?
What must all printed advertising include?
Who may withdraw money from an escrow account?
Who may withdraw money from an escrow account?
To qualify for a deficiency judgment, what portion of the property's value must a lender sell it for during foreclosure?
To qualify for a deficiency judgment, what portion of the property's value must a lender sell it for during foreclosure?
What type of servitude passes with the estate?
What type of servitude passes with the estate?
When must licensees provide copies of signed documents in a real estate transaction?
When must licensees provide copies of signed documents in a real estate transaction?
If Adam died intestate, how did he die?
If Adam died intestate, how did he die?
Which of the following data is NOT required on a real estate broker's internet advertisement?
Which of the following data is NOT required on a real estate broker's internet advertisement?
What type of offer specifies a time for acceptance and doesn’t allow withdrawal prior to that time?
What type of offer specifies a time for acceptance and doesn’t allow withdrawal prior to that time?
How often must a licensee renew their inactive license?
How often must a licensee renew their inactive license?
What must a broker do when a dispute regarding funds in an escrow account exists?
What must a broker do when a dispute regarding funds in an escrow account exists?
Does a licensee owe any duty to a customer?
Does a licensee owe any duty to a customer?
What type of insurance is Errors and Omissions insurance considered?
What type of insurance is Errors and Omissions insurance considered?
A tax of 200 mills is equal to what amount?
A tax of 200 mills is equal to what amount?
For how long must corporate brokers retain copies of real estate transactions?
For how long must corporate brokers retain copies of real estate transactions?
Can a licensee provide information about list prices over the phone as a ministerial act?
Can a licensee provide information about list prices over the phone as a ministerial act?
What is referred to as 'things' in Louisiana?
What is referred to as 'things' in Louisiana?
Every written lease or rental agreement must contain notice of where to obtain information from what database?
Every written lease or rental agreement must contain notice of where to obtain information from what database?
What is the term for the buyer or seller represented by a licensee?
What is the term for the buyer or seller represented by a licensee?
In Louisiana, what is sub-agency?
In Louisiana, what is sub-agency?
How soon should all written offers to purchase real estate be presented?
How soon should all written offers to purchase real estate be presented?
Who is referred to as the individual who represents a client?
Who is referred to as the individual who represents a client?
Which fund was established to reimburse persons who have suffered damages due to fraud by a licensed salesperson or broker?
Which fund was established to reimburse persons who have suffered damages due to fraud by a licensed salesperson or broker?
If an applicant passes the national portion and fails the state portion of the exam, what are they required to do?
If an applicant passes the national portion and fails the state portion of the exam, what are they required to do?
In a real estate transaction, negotiations must be carried on with whom?
In a real estate transaction, negotiations must be carried on with whom?
What is an example of corporeal movables that a seller might identify?
What is an example of corporeal movables that a seller might identify?
Which statement is NOT true regarding an individual real estate broker?
Which statement is NOT true regarding an individual real estate broker?
When must completed documents be provided to each party signing?
When must completed documents be provided to each party signing?
What happens to licensees when the license of their sponsoring broker is suspended?
What happens to licensees when the license of their sponsoring broker is suspended?
What is the amount limit for personal funds in an escrow account?
What is the amount limit for personal funds in an escrow account?
If a potential client refuses to sign the agency disclosure pamphlet, what should the licensee do?
If a potential client refuses to sign the agency disclosure pamphlet, what should the licensee do?
When must offers be presented to the client?
When must offers be presented to the client?
May a licensee show the same home to several buyers without violating duties?
May a licensee show the same home to several buyers without violating duties?
What is a limited partnership called in Louisiana?
What is a limited partnership called in Louisiana?
Upon termination of a relationship with a sponsoring broker, how are disputes resolved?
Upon termination of a relationship with a sponsoring broker, how are disputes resolved?
What statement should be included in advertisements when a licensee decides to sell their property?
What statement should be included in advertisements when a licensee decides to sell their property?
When an organization designates a new qualifying broker, how soon must all sponsored licensees be notified?
When an organization designates a new qualifying broker, how soon must all sponsored licensees be notified?
What is the dollar value limit for protection under the Louisiana homestead exemption?
What is the dollar value limit for protection under the Louisiana homestead exemption?
Which property may be considered psychologically impacted?
Which property may be considered psychologically impacted?
What two categories does an automobile classify as?
What two categories does an automobile classify as?
How many total hours of continuing education are required for license renewal each year?
How many total hours of continuing education are required for license renewal each year?
May a licensee keep information about material defects in the property confidential?
May a licensee keep information about material defects in the property confidential?
In designated agency, a licensee is to be designated by whom?
In designated agency, a licensee is to be designated by whom?
Give an example of a common thing.
Give an example of a common thing.
What must the licensee include when preparing an offer?
What must the licensee include when preparing an offer?
What is an example of a personal servitude?
What is an example of a personal servitude?
How long does a sponsoring broker have to return the license of a licensee with a suspended or revoked license?
How long does a sponsoring broker have to return the license of a licensee with a suspended or revoked license?
When should a licensee report the institution of bankruptcy proceedings to the Commission?
When should a licensee report the institution of bankruptcy proceedings to the Commission?
How many hours of continuing education are required for the renewal of a real estate license?
How many hours of continuing education are required for the renewal of a real estate license?
What is true regarding an inactive licensee with their license on file with the LREC?
What is true regarding an inactive licensee with their license on file with the LREC?
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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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