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A comprehensive overview of the louisiana real estate licensing exam, covering topics such as real estate laws, regulations, and best practices. It includes 83 questions and answers that are likely to be encountered on the exam, covering a wide range of subjects related to real estate transactions, escrow accounts, agency relationships, and more. Designed to help aspiring real estate professionals in louisiana prepare for the licensing exam and gain a thorough understanding of the state's real estate industry. With detailed explanations and practical insights, this resource can serve as a valuable study guide for those seeking to obtain a real estate license in louisiana.
Typology: Exams
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An applicant for a real estate license may continue to attempt to pass the licensing exam for a period of - Answer: 1 year In Louisiana, sub agency is - Answer: Allowed only by a contractual agreement No associate broker or salesperson license may be renewed until - Answer: The license of their sponsoring broker has been renewed All written offers to purchase real estate should be presented - Answer: Immediately
Corporate, limited liability company, and partnership brokers must retain copies of all real estate transactions for a period of: - Answer: 5 years Licensees in the military are entitled to renewal of their licenses without penalty if application is filed - Answer: 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 - Answer: 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? - Answer: 2/3 of the appraised value The minimum time required for notice to vacate a residential property for non- payment of rent is - Answer: 5 days Highways, state parks, running water, territorial seas, and seashores are all examples of what kind of things? - Answer: Public How are members of the Real Estate Commission selected? - Answer: They are appointed by the Governor and confirmed by the Senate Errors and Omissions insurance is considered which type of insurance? - Answer: Malpractice Insurance
Which of the following statements is NOT true regarding an individual real estate broker? - Answer: 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: - Answer: Dual agency Escrow accounts should be: - Answer: Non-interest bearing, unless all parties otherwise agree When must a licensee report a change of address to the Commission? - Answer: Within 10 days In designated agency, a licensee is: - Answer: 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: - Answer: 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? - Answer: 12 hours May a licensee show the same home to several buyers without violating his agency duties to each buyer? - Answer: Yes
The word things is used in Louisiana to refer to: - Answer: Property In Louisiana we often use which of the following terms to refer to real estate? - Answer: Immovables Brokers are limited to what amount of personal funds in an escrow account? - Answer: $2, Does Louisiana require written leases? - Answer: No Which of the following is a ministerial act? - Answer: 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: - Answer: within 10 days Who does the designating in designated agency? - Answer: The broker Licensees must provide copies of any documents signed by their principal in a real estate transaction: - Answer: Immediately Private things are owned by: - Answer: Individuals or corporations An example of a common thing is: - Answer: 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: - Answer: 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 - Answer: 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: - Answer: may accept commissions from their previous broker The individual who represents a client is referred to as a(n): - Answer: Agent In the event that the potential client refuses to sign the agency disclosure pamphlet, the licensee should: - Answer: Note the refusal to sign and the reason of the client for not signing
When must offers be presented to the client? - Answer: Immediately An example of a personal servitude is a: Natural servitude Legal servitude Conventional servitude Usufruct - Answer: 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: - Answer: $ How much time is allowed for delinquently renewing a real estate license? - Answer: 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: - Answer: immediately
Licensees receiving written offers in cooperative transactions must annotate the offer to indicate: - Answer: The time and date the offer was received May a licensee keep information about material defects in the property confidential? - Answer: No, they must be disclosed When the license of a sponsoring broker is suspended: - Answer: all licensees sponsored by that broker are also suspended To avoid possible problems a lessor should return the security deposit within - Answer: 30 days after the tenant vacate A court order to physically divide property among the several owners is a - Answer: 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? - Answer: The Recovery Fund Upon the death of a sponsoring broker, the licenses of the sponsored licensees must be returned to the Commission: - Answer: within 5 days
Upon termination of a relationship with a sponsoring broker, the licensee is required to: - Answer: 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? - Answer: 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? - Answer: $ An inactive licensee with their license on file with the LREC: - Answer: may not practice Building restrictions can be modified at what point? - Answer: 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 - Answer: 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? - Answer: 72 hours Which of the following is NOT considered to be a psychological impact? Cracked slab AIDS Murder Suicide - Answer: Cracked slab When should a licensee report the institution of bankruptcy proceedings to the Commission: - Answer: within 10 days A minor may contract for which of the following? - Answer: Necessaries of life Associate brokers and salespersons may not be sponsored by more than: - Answer: One sponsoring broker All applications for real estate licensing must be: - Answer: 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 - Answer: 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? - Answer: 10 days after notifying all parties and licensees Does a licensee owe any duty to a customer? - Answer: 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: - Answer: 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? - Answer: When the agent lists the property under a contract with a licensed real estate broker
What is a component part? - Answer: 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? - Answer: Yes When an organization designates a new qualifying broker, all sponsored licensees must be notified within - Answer: 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? - Answer: 150 A licensee who fails to renew his/her real estate license within the delinquent renewal period - Answer: Must meet all requirements of initial applicants Negotiations concerning property listed exclusively with a broker shall be carried on with the - Answer: Listing broker or agent designated by the listing broker Licensees renewing their license while on inactive status: - Answer: are not required to comply with the mandated Errors and Omissions coverage requirement ___ is the Louisiana right to dispose of a thing - Answer: Abusus
_____ is the organization that will investigate alleged violations of the Louisiana real estate license law - Answer: The LREC A limited partnership is called what in Louisiana? - Answer: 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 - Answer: Irrevocable Can an attorney perform the duties of a real estate agent or broker without being licensed as a real estate salesperson or broker? - Answer: Yes, if it is required in the normal course of other legal representation An example of an incorporeal thing is: - Answer: 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 - Answer: Dual agency Residential property in Louisiana is assessed for what percent of its value? - Answer: 10% A linear measurement often seen in Louisiana land titles which is equal to 192. feet is the - Answer: Arpent
A servitude that is granted to the land and passes with the estate is a: - Answer: Predial servitude What does intestate mean? - Answer: Without leaving a will When an organization designates a new qualifying broker, all sponsored licensees must be notified within: - Answer: 5 days following the effective date of the designation