Sate Real estate exam

How much are commission members compensated for attending to commission business? A. $50 plus actual expenses B. $0, this a public service position C. $75 D. $50 including expenses

A. $50 plus actual expenses

A lessee can be expelled if he has not paid rent, not waived notice in writing, and the lease does not provide otherwise with how many days notice? A. 5 B. 3 C. 10 D. 1

A. 5

Broker Bob plans to open an additional real estate office in his home. He will use the office to meet prospects and do occasional computer work. The Louisiana license law will require him to: A. Apply for a branch office license. B. place a sign in the yard the says " owner-agent." C. Have separate escrow accounts for the home office D. Ensure the office has separate entrance.

A. Apply for a branch office license

Considering the following circumstances, when should the agency disclosure informational pamphlet be provided to persons by a licensed real estate agent? A. At first initial contact, regardless of the nature of the discussion. B. Only if confidential information is disclosed or could be disclosed. C. At first face-to-face contact, or whenever substantive information is solicited or received. D. By the time a purchase agreement is signed.

A. At first face- to-face contact whenever substantive information is solicited or received

all of the following are requirements to perfect a sale in Louisiana except: A. constructive notice of the sale. B. The consent of the parties C. The thing sold D. The price

A. Constructive notice of the sale

For a lessee to get a security deposit back, he must: A. Do nothing, the lessor is required to return the deposit within 30 days of the end of the lease B. Write a request to the landlord and send it by certified mail. C. Return a copy of the lease and request the deposit in writing D. Send a request to the landlord within 30 days of vacating the property.

A. Do nothing, the lessor is required to return the deposit within 30 days of the end of the lease.

The commission has the full power and authority by law to do which of the following? A. Fine violators up to $5000 B. imprison licensees for violation of the license law. C. Fine violators up to $2000 D. Examine real estate records of licensees older than 5 years.

A. Fine violators up to $5000

Which of the following would not be required on an internet advertisement ? A. Month and year the advertisement was printed. B. city, State and country where the main office is located C. Regulatory jurisdiction where license or licenses are held D. Name of broker as registered with the commission

A. Month and year the advertisement was printed.

if a contract is an earnest money contract: A. neither party can sue for specific performance or other damages. B. Only the aggrieved party can sue for specific performance or other damages C. Either party can sue for specific performance or other damages D. The earnest money does not constitute liquidated damages

A. Neither party can sue for specific performance or other damages.

Consent of both parties to form a contract is established through: A. Offer and acceptance B. A licensed broker C. Lesion beyond moiety D. Buyer and seller signing the contract

A. Offer and acceptance

All of the following form are used in agency relationships in real estate transactions except: A. Transactional brokerage agreement. B. Listing agreement C. Dual agency agreement D. Property management agreement

A. Transactional brokerage agreement

the buyer in a contract is called the A. Vendee B. Vendor C. Mortgagee D. Obligee

A. Vendee

The commission is authorized to inspect brokers' records: A. Between the hours of 9 a.m. and 4 p.m. on regular business days B. At any time. C. With a court order. D. Only with a subpoena

A . Between the hours of 9 a.m. and 4 p.m. on regular business days.

Your buyer client specifically tells you about some negative information about his past as a sex offender. He specifically requests you not divulge this information. You are concerned that the neighbors and seller would want to be aware. the information is spread by someone else and the seller asks you directly if you know that this is true. You acknowledge the truth. According to the Louisiana Law of Agency. A. you have not violated the law. B. you have violated the requirement to keep confidential information of your client confidential. The information was confidential because the client requested you keep it confidential and its disclosure was not required by law. C. you violated the law because revealing the information was not in the best interest of your client D. you have violated the requirement to keep confidential information of your client confidential. The information was confidential because the information could negatively harm your client's negotiating position if it became public.

A. You have not violated the law

which of the following is true about inactive status? A. A transfer to inactive status requires the licensee to remit the applicable fees. B. During inactive status, a licensee is required to satisfy the continuing education requirement C. A licensee on inactive status for less than one year will require no additional hours to transfer from inactive to active license status. D. All of the above

A. a transfer to inactive status requires the licensee to remit the applicable fees.

if a licensee fails to pay all applicable renewal fees to the LREC by December 31, her status on January 1 is: A. expired B. inactive C. active, but delinquent D. inactive, but delinquent

A. expired

An undisclosed dual agent is an agent who has not A. gained informed consent from both principles permitting the agent to represent both parties B. obtained permission from the broker for the agent to act as a dual agent C. notified the state attorney general that the agent is acting in a dual agency capacity D. informed the LREC that the agent is representing both principals simultaneously.

A. gained informed consent from both principles permitting the agent to represent both parties

According to the license law, listings must be A. in writing B. for 6 months C. without a termination date D. all of the above

A. in writing

If you wish to pay a fee or part of a fee earned to unlicensed person for finding you business, you: A. may not do so. It is illegal to pay an unlicensed person for finding you business. B. must pay it only through your sponsoring broker C. must pay it only by personal check to ensure proper accounting. D. must pay the fee from the broker's designated escrow account for such matters.

A. may not do so. it is illegal to pay an unlicensed person for finding you business

in printed advertising placed by an associate broker or salesperson A. the associate broker or salesperson's name may appear B. only the associate broker's name must appear C. the associate broker or salesperson's name may not appear D. the associate broker or salesperson's name must appear

A. the associate broker or salesperson's name may appear

Fees to non-licensees for finding clients are: A. Legal, if for less than $100 B. Always a violation of the regulations C. Legal, as long as the fee is paid by the brokerage firm D. A violation of federal trade laws

B. Always a violation of the regulations

Under which of the following circumstances may a salesperson lawfully refuse to show a home to a minority prospect who has specifically asked to see it? A. Never B. When the owner is out of town and has instructed the agent that no showings may be made in her absence C. When the agent sincerely believes that such a showing will cause panic in the neighborhood D. When the owner has exercised her exemption under the 1968 fair housing law and designated her home as not available to minority persons.

B when the owner is out of town and has instructed the agent that no showings may be made in her absence

which of the following is true about customers? A. A licensee shall be liable to a customer for providing false information to the customer if the false information was provided to the licensee by the licensee's clicent and the licensee did not have actual knowledge that the information was false. B. Licensees shall treat all customers honestly and fairly C. licensees representing a client in a real estate transaction may not provide assistance to a customer by performing ministerial acts unless the licensee is dual agent D. All of the above

B. Licensees shall treat. all customers honestly and fairly.

if a broker is involved in obtaining deposits in property management, the broker must A. put the money in a "rental trust account" B. open an account titled "security deposit trust account" C. keep up to $2500. in a checking account in the broker's name to return deposits D. maintain a surety bond in the amount of $50,000

B. Open an account titled "security deposit trust account"

which of the following MUST be included on an internet advertisement, but not on a printed advertisement for residential real estate? A. The month and year the advertisement is published or distributed. B. The associate broker or salesperson's name and contact information C. The slogan or trademark of a salesperson D. none of the above.

B. The associate broker or salesperson's name and contact information

A servitude requiring a property owner to maintain and not prevent the natural flow o water across his property is an example of A. a natural predial servitude B. a natural personal servitude C. a legal predial servitude D. a legal personal servitude

B. a natural personal servitude

Licensees are required to furnish their clients, a copy of any document which the client has signed pertinent to a real estate transaction A. within 10 calendar days B. immediately C. within 5 calendar days D within 72 hours

B. immediately

When acting as a dual agent, a licensee shall not disclose: A. information that is not confidential. B. the price the seller or landlord will take other than the listed price. C. the price the buyer will pay with written permission of the buyer. D. All of the above

B. the price the seller or landlord will take other than the listed price.

Which of the following is not a sanction possible by the disciplinary action of the LREC ? A. A license suspension and a fine of $2000. B. Revocation of a person's real estate license. C. A fine of $5000 and a prison term of 2 years. D. A censure and a requirement to complete 20 hours of continuing education.

C. A fine of $5000 and a prison term of 2 years .

which of the following is true about duties of licensees representing clients A. licensee representing a client breaches a duty or obligation to the client by showing alternative properties to prospective buyers or tenants or by showing properties in which the client is interested to other prospective buyers or tenants. B. A licensee that works on the basis that the licensee shall receive a higher fee or compensation based on higher selling price when working with a buyer is breaking the law. C. A licensee shall not be liable to a client for providing false information to the client if the false information was provided to the licensee by a customer unless the licensee knew or should have known the information was false D. All of the above

C. A licensee shall not be liable to a client for providing false information to the client if the false information was provided to the licensee by a customer unless the licensee knew or should have known the information was false.

A relationship in which a real estate broker or licensee represents a client by the client's consent in an immovable property transaction is referred to as. A. a written brokerage agreement B. Dual agency C. agency D. a commission

C. Agency

which of the following is not true about confidential information ? A. information that can be obtained from a public source such as court records is not considered confidential B. Confidential information can be disclosed by a designated agent to his broker for the purpose of seeking advice or assistance for the benefit of the client C. All information told to a licensee in confidence by a client is considered confidential and cannot be disclosed by the licensee D. Confidential information shall not be considered to include material information about the physical condition of the property.

C. All information told to a licensee in confidence by a client is considered confidential and cannot be disclosed by the licensee.

When land is expropriated by the state, the landowner may expect compensation as follows: A. The full appraised value of the land B. The sales price plus 5% per year of ownership C. Just compensation as well as other expenses such as moving expenses etc. D. The appraised value plus 15%

C. Just compensation as well as other expenses such as moving expenses etc.

An elderly seller is coerced into selling a home valued at $200,000 for $ 20,000. upon her death six months later, the heirs petition the court for a rescission of the sale. Which Louisiana Law would be referenced in such a petition? A. Redhibition. B. Dation en paiment. C. Lesion beyond moiety D. Usufruct

C. Lesion beyond moiety.

Which of the following statements is true? A. Current E&O insurance is not required to hold an active license B. Licensees must renew their license by March 31 C. Licensees need 12 hours of continuing education each year (except the first) D. Licenses are renewed every other year

C. Licensees need 12 hours of continuing education each year (except the first)

when each party obtains an advantage in exchange for his obligation this is called an A. gratuitous contract B. Synallagmatic contract C. Onerous contract D. Unilateral contract

C. Onerous contract

John made an offer of $80,000 on a house and included a check for $5,000 in earnest money. The seller accepted the offer. The next day, John found a house he liked better and asked the seller to release him from the original contract. In this case the seller may: A. Sue John for specific performance B. Release John from the contract and demand damages C. Release John from the contract and keep the $5,000 D. Sue John for liquidated damages

C. Release John from the contract and keep the $ 5,000

An undivided interest in real property is best defined in Louisiana civil law as: A. The property is owned by one person entirely B. The property may not be owned by more than one person C. The property is owned by more than one person who share the same thing D. The property is owned by more than one person and the property itself is split into separate parcels.

C. The property is owned by more than one person who share the same thing

A seller's property condition disclosure form states that the property has never flooded. the seller's designated listing agent happens to live on the same street as the listed property and has personally witnessed several feet of floodwater within the structure. when asked about the flood status of the property, the agent must: A. disclose only material facts that he or she is directed by the seller to disclose B. obey the seller's implied order to incorrectly report the flood status. C. disclose any material defects of which the agent has knowledge D. discuss the flooding problem only if asked by a potential buyer

C. disclose any material defects of which the agent has knowledge

A foreclosure may be followed by a deficiency judgement only if there was a (an): A. fraud involved in the sale. B. provisions in the mortgage allowing a deficiency. C. foreclosure with appraisement D. Foreclosure without appraisement.

C. foreclosure with appraisement

If a licensee sells a property he/she owns without another licensee involved and writes the terms of the agreement accepted by the purchaser A. the licensee is an undisclosed dual agent B. the licensee can only be dual agent with a dual agency consent form signed by the purchaser before the licensee acts as a dual agent C. is not a dual agent D. none of the above

C. is not a dual agent

How can expired license be reactivated? A. once the fees are paid, the license will be reactivated regardless of time. B. the licensee must re-apply as an original applicant . C. it can be re-issued if the former licensee pays all fees and completes all continuing education by march 31 D. it cannot, once a license is expired it is lost forever.

C. it can be re-issued if the former licensee pays all fees and completes all continuing education by march 31.

Death of a usufructuary, or if the object of the usufruct is destroyed, will have what effect on a usufruct? A. it reverts automatically to the state B. it passes to the heirs of the usufructary C. it will terminate D. No effect, it must continue

C. it will terminate

a farm lease that has expired is presumed to have been continued for another year if the tenant holds over without opposition for: A. one year B. one day C. one month D. one week

C. one month

Which of the following is not a ministerial act? A. Responding to phone inquiries by persons as to the availability and pricing of brokerage services. B. Setting an appointment to view property C. Showing property and responding to questions about the property from a person D. All of the above are ministerial acts

C. showing property and responding to questions about the property from a person

"ministerial acts" in Louisiana law do not include: A. accompanying an appraiser on a visit to a property. B. Setting an appointment to view a property. C. Writing an offer to purchase real estate D. all of the above

C. writing an offer to purchase real estate

which of the following best describes the education requirements for a broker applicant? A. 30 hours of education in Broker Responsibilities and completion of the normal continuing education. B. 150 hours of education including the original 90 hour salesperson course. C. 90 hours of education including 30 broker responsibilities. D. 150 hours of education exluding the salesperson hours, in courses specified by the LREC.

D. 150 hours of education excluding the salesperson hours, in courses specified by the LREC.

Appeals of Louisiana Real Estate Commission findings are reviewable by. A. the Governor B. The executive director of the commission C. The attorney General of Louisiana. D. The 19th Judicial District Court

D. 19th Judicial District Court

All persons have legal capacity to contract except: A. Unemancipated minors B. interdicts. C. Persons denied of reason at the time of the contract. D. All of the above

D. All of the above

Which of following statements is true regarding broker applicants? A. At least 30 hours of the broker educational requirement must be obtained in course emphasizing broker responsibilites. B. The commission may accept real estate credit hours from an accredited college university as partial substitution of the broker licensing educational requirement. C. The commission shall have the authority accept experience in the real estate business or related fields as credit toward fulfillment of the education requirement. D. All of the above.

D. All of the above

Every licensee must sign a sworn statement on their application attesting that they shall not induce any person to sell or rent any dwelling by representations regarding the entry of any person to the area due to that person's race, color, religion, or national origin. This prohibited practice is known as: A. steering. B. Boycotting. C. Redlining. D. Blockbusting

D. Blockbusting

The penalty for charging a usury rate is. select one: A. Up to a $2,000 fine plus two years in jail B. Forfeiture of the interest above the legal rate plus legal costs. C. Forfeiture of the interest above the legal rate plus legal costs D. Forfeiture of the entire interest.

D. Forfeiture of the entire interest

Broker Bob has decided to close his escrow account and open another one in a new bank. What is the rule on broker Bob and his requirement to notify the LERC? A. Within 10 days of closing the new account, and within 10 days of opening the old account B. Broker Bob cannot close the old escrow account until all money has been distributed appropriately. C. Within 10 days of opening the new account, and within 90 days after closing the old account D. No notice is required

D. No notice is required

Sally Salesperson received 3 offers on one of her listings, one at 9 am, one at 11 am, one at 1 pm- all on the same day. How should saLly present these offers when she sees the seller that evening at 7 pm? A. Present the full price offer first, or if none, then the highest offer first and the rest in descending order. B. Present the offers in ascending order of the offering price, starting with the highest. C. Present the offers in the same order she received them to the seller. D. Present all offers at the same time to the seller.

D. Present all offers at the same time to the seller.

When must a buyer and their buyer's agent first sign the agency disclosure brochure? A. at the first meaningful contact B. At anytime prior to the closing of the sale C. anytime prior to signing a purchase agreement D. None of the above

D. none of the above