LA LAW 203

penalties

$2,000 or 5 years

termination

(1) qualifying broker shall notify sponsored licensees by writing by certified / registered mail of the termination/date (2) no real estate activity until an new qualifying broker has been designated & filed with commission (3) outgoing qualifying broker deliver licenses to new broker. (4) new broker shall inform all writing by certified/registered mail/ effective date within five days (5) outgoing broker shall return his license within five days

Transfer fees

(a) Active status to inactive status $45 (b) Inactive status to active status $45 (c) All other transfers $35

Initial fees for licensing or certification:

(a) Individual real estate broker's license $120 (b) Corporate, partnership, or limited liability company real estate broker's license $120 (c) Branch office license $45 (d) Real estate salesperson's license $45 (e) School certification $650 (f) Instructor certification $35 (g) Instructor certification reexamination $35 h) Continuing education vendor $300

Renewal fees for licensing or certification:

(a) Real estate active broker's license $70 (b) Real estate inactive broker's license $35 (c) Branch office license $45 (d) Real estate active salesperson's license $35 (e) Real estate inactive salesperson's license $35 (f) School certification $300 (g) Instructor certification $35 h) Continuing education vendor $150

Violations

-violating any rule -violation of the Louisiana Timesharing Act. -Failure to account for any money -Failure to properly disburse money -Commingling - any undisclosed commission, rebate, or direct profit -Representing other than the licensed broker -Acting in the dual capacity of agent and undisclosed principal in any transaction. future profits which may result from the resale of real property. -Offering real estate without the written consent of the owner -Offering on terms other than those authorized -encouraging a party to break such contract for the purpose of substituting a new contract -Negotiating if he knows has a written outstanding contract in connection with such real estate granting an exclusive agency or an exclusive right to sell -false representations Acting for more than one party in a real estate transaction without the written acknowledgment of all parties to the transaction. -place soon any deposit money -Representing an amount in excess of the true and actual sale price -Knowingly permitting a sponsored licensee to operate as an individual real estate broker. -Failure of a licensee to provide the parties to a real estate transaction with an agency disclosure informational pamphlet and, where applicable, a dual agency disclosure form. -Failure to advise all of compensation being received from any source in connection with that real estate transaction. Failure without just cause to surrender unto the rightful owner, upon demand, any document or instrument received -Accepting other than cash as earnest money or good faith deposit unless that fact is communicated to the owner prior to the acceptance -Failure of a licensee to inform the buyer and seller at the time an offer is presented that either party may be expected to pay certain costs such as discount points, etc. - Failure to reduce a bona fide offer to writing when a proposed purchaser requests that a written offer be submitted. - Failure to disclose t known material defect regarding t -violation of the Fair Housing Act of 1968 or the Louisiana Equal Housing Opportunity Act1 -Having been convicted of a felony or entered a plea of guilty or nolo contendere to a felony charge. -Refusing to appear or testify under oath at any hearing held by the commission. - Procuring a license by fraud -Failure to comply with an order or consent order issued or approved by the commission pursuant to adjudicatory proceedings. -Failure by a licensee to provide a buyer or seller with a written property disclosure form Engaging in real estate activity with suspension -Using advertising that is misleading or inaccurate.

Dual Agency does not exist

1) if the licensee is the seller or if the property is owned by a real estate business and the licensee is the sole proprietor and agent. 2)when the licensee is working with both landlord and tenant with a lease that does not exceed three years if the licensee is the landlord.

Real estate commission

11 members 7 each supreme court districts, 2 at large, 1 from 4 or 5th + 1 from 2,3,6,7 Congressional District, Confirmed by Senate

continuing ed

12 hours/year

notice of hearing

20 days before.Notice by mail, certified hand delivered

After the findings of the Commission against a licensee for a violation, if the licensee wishes to appeal to the 19th Judicial Court, how long does he have in which to file the appeal?

30 days

broker requirement

4 year salesperson, 150 education, 30 of which broker responsibility, 45 education hrs in first 6 mos not included in mandatory

quorum re commission

5 members

retention of records

5 years

Terms for RE commission

6 year/ 1 term limit/ governor can appt vacancy or removes

salesperson requirement

90 hour course, 45 hour continuing ed in 6 mos after- not included 4 mandatory

VICARIOUS LIABILITY

A client shall not be liable for the acts of licensee in providing brokerage services

Under what conditions may a person or company request a referral fee for the referral of a buyer or seller?

A. The person seeking the referral fee introduced the client to the licensee. B. The person seeking the referral fee has a written contractual relationship with the licensee for a referral fee. C. The licensee has received the client referral prior to the client contracting to buy or list real estate with the licensee.

In the event of the death of the sponsoring broker, who may complete any pending real estate activities of the firm?

Any associate broker or salesperson who was sponsored by the deceased broker, upon written approval by the Commission.

A licensee is selling his own property and representing the buyer. Which of the following statements is true?

As long as he discloses his interest in the property, this is not considered a dual agency.

commission when changing broker

Current licensees transfer: accept compensation from their former broker for business transactions, so long as the compensation is transmitted through their current sponsoring broker.

license renewal

Dec 31, deliquent deadline March 31

If a designated qualifying broker who represents more than one corporation, limited liability company, or partnership is charged with a violation of the license law, who must be notified?

Each company for which he is the qualifying broker.

offendor notification

Every written lease or rental agreement executed by any licensee for residential immovable property and every written contract for sale of residential immovable property shall contain a notice of the availability to the public of access to a statewide database disclosing sex offenders; include the telephone number and internet site for the statewide database.

applicant sworn statement

Fair Housing Act of 1968 and the Louisiana Equal Housing Opportunity Act1

Individuals who get licensed in the last quarter or month of a year are not required to complete any continuing education.

False.

Delinquent fees

January 1 - February 15: $50 February 16 - March 31: $200

Commission

Louisiana Real Estate Commission.

Licensees in a Referral Company

MUST comply with all ACTIVE licensee requirements. to recieve money

Money from real estate research and education fund

Money collected$ 10/license To establish real estate chairs at Louisiana institutions of higher learning. (2) To contract for particular research projects in the field of real estate for the state of Louisiana. (3) To sponsor, conduct, contract for, and to underwrite any and all other research projects or real estate programs having to do with the advancement of the real estate field in Louisiana. (4) To reduce the Louisiana Real Estate Commission office building deb

judicial hearings

Nineteenth District Judicial Court

duties of agent representing client

Perform terms of brokerage agreement (2) Promote the best interests of the client by: (a) Seeking a transaction at the price otherwise acceptable to the client. (b) Timely presenting all offers to and from the client, (c) Timely accounting for all money and property received (3) Exercise reasonable skill and care in the performance of brokerage services.

Real estate activity

Sells, negotiate, Lists,Advertises, contract

Confidentiality client.

There is no time limit. Confidential information is information that could materially harm a client. There is no confidentiality requirement to a customer

dual agency

Treat all clients honestly. (2) Provide information about the property (3) Disclose all latent material defects in the property that are known to the licensee. (4) Disclose financial qualification of the buyer or tenant to the seller or landlord. (5) Explain real estate terms. (6) Help the buyer or tenant to arrange for property inspections. (7) Explain closing costs and procedures. (8) Help the buyer compare financing alternatives. (9) Provide information about comparable properties that have sold so both clients may make educated decisions on what price to accept or offer."

Notice of the availability to the public of access to a statewide database disclosing the locations of sex offenders is required in which of the following?

Written leases executed by licensees. Purchase agreements executed by licensees. . Rental agreement written and executed by licensees

Digital signatures legally enforceable?

Yes. The Louisiana Uniform Electronic Transactions Act (LUETA) defines the legal recognition of contracts

In which of the following instances can confidential information obtained by a licensee be disclosed?

a The client permits disclosure. b. The disclosure is required by law. c. The information becomes public from another source.

After March 31st, unrenewed license

a license that hasn't been renewed is really "dead" and cannot be revived. At that point, a person would be required to complete a second application for a new license to include taking the real estate examination, submitting fees and providing a background check to the Commission.

Listing agent

a listing of real estate to act as an agent for compensation.

How do digital signatures complying with the Louisiana Licensing Law and the Rules and Regulations?

a. Provides a copy, Automatically annotates the time and date Offers presented "immediately"

termination of agency

account for monies/ keep confidential information

applicant requirement

address individual and business, good morals, no false statements, previous real estate suspensions, 18 years, hs diploma

time share registrant

address individual and business, good morals, no false statements, previous real estate suspensions, 18 years, hs diploma

Lapse in E & O insurance

any lapse in payment, the retroactive date of coverage will be when coverage restarts. will not cover things prior to lapse

revocation/suspension broker license

automatically suspend the licensees . 72 hours to return licenses to lrec

Associate broker

broker's license with a sponsored broker

fail exam

can retake. after 1 year reapply

Officers RE commission

chairman, vp, secretary

Qualifications of RE commission

citizens,qualified electors of this state, broker for five years next preceding the date of appointment.

Real estate

condominiums, leaseholds, land

referral fees

considered commissions

application requirements

course, pass exam, Corp: register with SOS, resolution designating broker

Timeshare developer

develops/sales of timeshare interests

exam authorization

expires 90 days

written agreements

expriation date

common advertising violation

failing to include a sponsoring broker's telephone number in an advertisement Advertising under a nickname that is not registered with the Commission Failing to include a legal last name in an advertisement A franchisee failing to include "independently owned and operated" in an advertisement Failing to include the city and state in which a broker's main office or branch office is located

The forty-five (45) hour post-license course includes the mandatory topic.

false

inactive license

fees; within 3 mos deliquent period, yearly renewal, education: 1-3 year 20hours, 3-5 40 hours, (within 1 year to active) >5 80 hours + 4 (within 5 years return to active)al inactive status 2-5 renewals four-hour course LA regs

Nondeveloper time share requirement

file with LrEC a bond issued by a surety company authorized to do business in this state in the amount of ten thousand dollars. This bond shall be in favor of the state for any damages

Franchise agreement

franchisor, authorizes franchisee, to use registered trademarks

no breach of duty

higher selling price =higher commission,showing other properties, not liable if client gave false information

Licensees shall treat all customers

honestly and fairly

copy of real estate documents

immediately give. 5 days if others sign

A licensee must be notified of charges made against him by the Commission by what means?

in person by registered mail by certified mail

inactive licences

inactive license status are under the mistaken impression that they may continue to collect commissions as "referral agents. Illegal

Inactive licensee

inactive status whose assets include real estate or leases of real estate.

Individual real estate broker

individual broker not llc

property management licenses

licencees: money must go in escrow, payment thru sponsoring broker brokers cant allow licensees to act as brokers

Commission staff

license not law information

Active licensee

licensed person

Subagent

licensee other than a listing agent or a buyer's agent, who acts in cooperation

not be an employee of the broker

licensee. remuneration: sales not hours worked. written agreement

Substantive contact

means that point in any conversation where confidential information is solicited or received.

broker license/business

name &address, mailing address

time share developer license

name, address of developer

time share registrant license

name, address, sponsoring developer. Held by developer

salesperson license

name, sponsoring broker. Mailed/kept by broker

no license

no compensation; no lawsuit to recover if no license

non compete clauses

non compete clauses are null unless have rescission clause three days after. > 10 font. any disagreements: court

commission checks to former licensees

payable to current broker

ASSIGNING COMMISSIONS TO YOUR UNLICENSED CORPORATION

paying teams illegal, fines broker and team members

exceptions to license

personal properties,attornies, trustees, sheriff, employees

Powers of commission

regulate, censor, revoke, continuing ed

real estate recovery fund

repay those hurt by fraud or violations of real estate laws $8 charge per license, $400,000 maximum in fund approved by State Attorney General $20,000 for actual damagees.. Not attorney fees not aggregate over $50,000 per licensee revokes license

Buyer's agent

represents only the buyer in a real estate transaction, regardless of whether such agent's compensation is paid by the buyer directly or by the seller through a commission split with the listing agent.

no agency disclosure

require agency disclosure with regard to a lease that does not exceed a term of three years and under which no sale

renew their active real estate license after December 31,

required to complete a delinquent affidavit

Timeshare interest salesperson

sells any timeshare interest.

Client

specific duties and loyalties

Qualifying broker

sponsoring broker llc

Sponsoring broker

sponsors associate brokers salespersons

Affidavit of Sponsorship Form

submitted with the initial application, no later than 90 days after passing examination.

Agents conduct real estate activities after their license has expired and before they delinquently renew,

they are censored and fined $325 through an adjudicative proceeding.

Timeshare registrant

timeshare interest salespersons developers registered by the commission.

broker responsibility

to ensure that all of your sponsored licensees have renewed their licenses

broker to broker payments only

to ensure that the licensee acted within the scope of his or her license. supervise and control the activities of their sponsored licensees, including payments for prior licensed activity. If inactive status it is permissible to directly pay a commission that was earned while the individual was actively licensed

purchase agreements

used lrec approved for 1-4 unit residential

Dealing in options

using an option

Agency disclosure is not required

with a lease of fewer than three years if no sale of the subject property to the lessee is predicted.