Louisiana Licensing Law

The Delinquent Fee February 16 - March 31st is:

$200

The fee to change a licensee's status from active to inactive is:

$45

Delinquent fee January 1 - February 15 is _____ .

$50

Each license, certificate or registration shall be issued for a period of ____ year(s)

1

Each license, certificate or registration shall be issued for a period of ____ year(s).

1

Licensees remaining on inactive status one to three years shall complete ____ hours of continuing education upon application to return to active license status.

20

A licensee applying for a Louisiana non-resident license from a state that has reciprocity with Louisiana MUST provide the Louisiana Real Estate Commission proof that he/she has passed their home state's licensing exam within the last _____ years.

5

When the association of a salesperson is terminated with his/her sponsoring broker, the salesperson's license must be delivered to the commission by the broker within _____ days of such termination.

5

Because of death of the Broker, Salesperson may transfer to new Broker within:

60 days

Applicants have how long to find a sponsoring broker after passing the State exam?

90 days

Real Estate licensing shall be required in which the following situations?:

A father selling a property for his college-aged son

A broker is responsible for violations of the License Law by his/her agents:

If the broker was aware of their actions

A broker would be guilty of commingling funds if he/she:

Kept client funds in the company general operating account

Enacting real estate laws in Louisiana is the job of the:

Louisiana State Legislature

If a salesperson who is transferring to a new broker still owes the old broker money, the old broker:

Must transfer license to Commission

A "Code of Ethics" for licensees was written by the:

National Association of Realtors

Licenses are issued for:

One year

Salespersons are required to keep records for:

Only brokers are required to keep records

In regard to reciprocity; if a licensee from another state wants a non-resident license in Louisiana:

They must have an active license in their home state

A licensee whose license has been inactive for 3 years must take _____ hours of continuing education to transfer to active status.

Twenty

After a Real Estate License has been sent to the Commission for transfer, the licensee May:

Wait for the new license to be issued under the new sponsoring broker

A broker offering another person's real estate for sale must have:

Written consent from the owners

Money deposited into a Sales Escrow shall NOT be removed upon:

Written notification from the seller

Real Estate Commissioners in Louisiana are:

Appointed by the Governor

A real estate salesperson discharged by his/her sponsoring broker Must:

Be notified by the broker of the termination

On a cooperative sale; all written offers should

Be presented to the owner by the listing agent

A principal refers to which of the following?

Buyer and Seller

A licensee may have his license revoked for all EXCEPT:

Charging a lower commission than is charged by other brokers in his/her locality

A broker who changes his/her business address without notifying the Commission:

Could have his/her license suspended or revoked

Licenses are automatically suspended if NOT renewed by:

December 31st

A Broker or Salesperson advertising on a site on the internet MUST include all of the following EXCEPT:

Email address of the broker

The Commission has the power to do all of the following EXCEPT:

Prosecute licensees for real estate fraud

The primary purpose of the LA Real Estate Commission is to:

Protect the public

When a salesperson transfers to another broker; the old broker Must:

Return the salesperson's license to the Commission by hand delivery or certified mail.

Sam's sponsoring broker dies. Which of the following statements is true?

Sam can close all pending business but cannot solicit or start any new business

Each member of the Real Estate Commission shall serve _____ year terms

Six

A licensee can have his/her license suspended or revoked for all EXCEPT:

Submitting a bona-fide offer to a seller while an offer is pending

A delinquent licensee who has NOT renewed by March 31st MUST:

Take the state license exam again

A delinquent licensee who has NOT renewed by March 31st Must:

Take the state license exam again

If a broker suspects a terminated licensee is encouraging clients to leave his/her company, when MUST they notify the Commission by?

The Commission does not get involved

If a Real Estate agent is sued over a Real Estate transaction, it should be reported within ____ days to the Commission.

ten