45hr Post Licensing
Real estate agents who are independent contractors will receive which of the following at the end of the year? Select one: a. 9910 b. W-2 c. 1099 d. 1089
1099
Per ANSI a level includes areas of the house that are vertically within _______ feet of the same horizontal plane. Select one: a.4 b.2 c.5 d.3
2
Which of the following would NOT be considered a significant user of property management services? Select one: a. Regional Savings Banks b. Insurance Companies c. REIT Pension Funds d. Lenders with foreclosed properties
Regional Savings Banks
The HUD website lists certain acts that are prohibited under the Fair Housing Act, if the intent of these actions is based on membership in the protected classes. All of the following are prohibited acts, EXCEPT: Select one: a. denying any person access to, or membership or participation in, any organization, facility or service related to the sale or rental of dwellings, or discriminate against any person in the terms or conditions of such access, membership or participation. b. refusal to rent or sell to a convicted felon. c. making housing unavailable. d. falsely denying that housing is available for inspection, sale or rental.
refusal to rent or sell to a convicted felon.
A loan where the repayment is over a fixed period of time, and the payments are the same throughout the payment period is called a(n): Select one: a. Negatively amortized loan b. Alternative mortgage instrument c. Straight (term) loan d. Fixed Rate Level Annuity Loan (Budget Loan)
Fixed Rate Level Annuity Loan (Budget Loan)
Indoor air quality, temperature and noise controls, and the use of non-toxic building materials have become, in some cases, more important. Consequently, new buildings are being developed and built to satisfy one of several _______ ratings. Select one: a. OSHA b. EPA c. STC d. LEED
LEED
____________ was once used in home building for everything from water pipes to paint. This paint would disintegrate over time and eventually get ingested. This contaminant can cause nervous system issues, as well as kidney and blood problems, which led to a ban on its use in paint manufacturing. Select one: a. Radon b. Lead c. Formaldehyde d. Mold
Lead
A buyer who walked into your open house Sunday afternoon calls Monday and says he wants to make an offer. From your discussion Sunday you know that he needs a loan to purchase and has not been pre-approved or even pre-qualified for a loan. What do you say to this purchaser? Select one: a. "I'm playing in a golf tournament today. Can we do this tomorrow?" b. "Meet me at the office in an hour and we'll write an offer." c. "Let's get you to a lender to be pre-qualified today and we'll write the offer tomorrow." d. "You have to be pre-approved before we can submit an offer."
"Meet me at the office in an hour and we'll write an offer."
Up-front interest charges made by lenders who wish to offer a lower interest rate on loans are known as: Select one: a. Discount points. b. Rate reduction points. c. Discount fees. d. Teaser points.
Discount points.
In advertising as a licensee, if you choose to use a nickname or any name other than the name under which you are licensed, what form must you submit to LREC? Select one: a. DAB form b. You cannot advertise under any other name. c. Change of Name form d. Doing Business As form
Doing Business As form
Two areas that are very important to Commercial Real Estate transactions are: Select one: a. Archeological and minority issues b. Environmental and archeological/historic issues c. Historic and familial issues d. Environmental and social issues
Environmental and archeological/historic issues
Which of the following diseases are associated with inhalation of asbestos fibers? Select one: a. Mesothelioma b. Asbestosis c. Lung cancer d. All of the above
All of the above
A fair housing claimant may choose to have the case heard before the Attorney General or: Select one: a. The grievance committee of the Board of Realtors. b. The Louisiana Real Estate Commission. c. An administrative law judge. d. A justice of the peace.
An administrative law judge.
General zoning categories include Residential, Commercial, Industrial, and: Select one: a. Educational b. Urban c. Rural d. Recreational
Rural
Placing listings with a multiple listing service is not considered to be advertising. Select one: True False
True
Truth in advertising laws are based on the premise that customers have a right to know what they are buying. Select one: True False
True
Authentic acts are _________; that is, they require no testimony as to the authenticity of the principal's signature, but may be directly introduced as evidence. Select one: a. primary evidence b. exculpatory c. admissible in court d. self proving
self proving
In general, one discount point is equal to Select one: a. 1% of the down payment. b. 1% of the appraised value. c. 1% of the sale price. d. 1% of the mortgage amount.
1% of the mortgage amount.
The Lead-Based Paint Hazard Reduction Act is applicable only to property managers who currently manage, or potentially will manage, properties constructed prior to: Select one: a. 1978 b. 1990 c. 2001 d. 1968
1978
Failure to pay a fine for an advertising violation within _________ will result in the Executive Director issuing a Cease and Desist Order prohibiting any real estate activity. Select one: a. 90 days b. 60 days c. 10 days d. 30 days
30 days
Typical residents in congregate housing ( continuing care retirement communities) are single (usually a woman), age __ to ___, who is generally in good health, able to live independently, but who may require periodic medical care. Select one: a. 60, 65 b. 90,95 c. 75, 85 d. 55, 75
75, 85
Almost always PMI is an insurance policy that, in the event of borrower default on a mortgage, pays the lender the difference between the amount borrowed and _______ of the value of the mortgaged property. Select one: a. 90% b. 70% c. 80% d. 100%
80%
If using a trade name, the name must be: Select one: a.Registered with the Secretary of State. b.Registered with the Louisiana Real Estate Commission. c.Must be distinguishable from other licensees d.All of the above
All of the above
The basic requiement(s) for an enforceable lease in Louisiana are: Select one: a. The thing b. The rent c. Consent d. All of the above
All of the above
To be eligible for a VA-guaranteed home the borrower must have which of the following? Select one: a. Suitable credit b. Sufficient income c. A valid COA, or Certificate of Eligibility d.All of the above
All of the above
Team Super Sales published an ad in the TimeSaver Real Estate Section which included a picture of their team. In addition to the two licensed salespersons on the team along with their first and last names, they also included Betty who schedules showings and Barry who installs yard signs for a team of four. What's wrong with this ad? Select one: a.Nothing is wrong; everyone in the ad is on the team. b.Nothing is wrong; all team members are displayed in the ad. c.They should have given the first and last names for Betty and Barry also. d.Betty and Barry are not licensed and should not be included as team members.
Betty and Barry are not licensed and should not be included as team members.
________________means the agency relationship that shall be presumed to exist when a licensee engaged in any real estate transaction (except as otherwise provided in "Agency Relations in Real Estate Transactions") is working with a_______, unless there is a written agreement providing for a different relationship. Select one: a. Designated agency, client b. Designated agency, broker c. Dual agency, customer d. Dual agency, cooperating broker
Designated agency, client
A house that has open space on all its sides is called: Select one: a. Detached single-family b. 4-sided residential c. Residential open d. Attached single-family
Detached single-family
Who publishes the flood plain maps? Select one: a. USGS b. HUD c. FEMA d. FHA
FEMA
Flyers and postcards do not have to have a month and year date. Select one: True False
False
A licensee who is listing a residence notices a very sharp and disagreeable odor in the carpet. It seems to be coming from just inside the double doors leading to the patio and back yard. The licensee suggests to the seller that a professional carpet cleaner be called to clean the carpet. After the cleaning, the odor is still very strong. The cleaner is called back. He pulls up the carpet to reveal rotted padding and, beneath that, a huge black stain on the slab. The slab itself stinks. In order to deliver a house free of mold the seller must: Select one: a. Have the mold professionally removed then sand the slab. b. Have the mold professionally removed. c. Have the mold professionally removed, the slab sanded, sealer applied and the walls and ceiling washed with a fungicide. d. Have the mold professionally removed, the slab sanded and sealer applied to the slab.
Have the mold professionally removed, the slab sanded, sealer applied and the walls and ceiling washed with a fungicide.
Finding and developing vacant or under-used parcels within existing urban areas that are already largely developed is called: Select one: a. Masterful development b. Suburban development c. Outfill development d. Infill development
Infill development
Which of the following is a penalty for violating the Fair Housing Act? Select one: a. Civil fines up to $25,000 for the first offense, and up to $100,000 for repeated offenses. b. If the case proceeds to federal court, punitive damages up to $500,000. c. jail time d. Loss of real estate agent's professional license.
Loss of real estate agent's professional license.
Which of the following statements is NOT true about measuring a house? Select one: a. Measurements should be rounded to the nearest foot. b. Measurements should be round to the nearest tenth of a foot. c. Measurement should be made on the outside of the house. d. Graph paper should be used.
Measurements should be rounded to the nearest foot.
A type of loan in which the payments made by the borrower are insufficient to pay both the interest and reduce the outstanding loan balance, thus increasing the amount owed is known as: Select one: a. Accrued Loan b. Interest Only Loan c. Negative Amortization d. Positive Amortization
Negative Amortization
May brokers in a specified area develop a commission plan that must be used by all sponsoring brokers in that area? Select one: a. No. b. Yes, but the Board of Realtors must approve the plan. c. Yes, but the plan must be voted on by all agents with 51% agreeing. d. Yes, but the majority of brokers must agree.
No
What percentage of income tax does a broker typically withhold for an independent contractor? Select one: a. 20% b. It depends on the commission amount. c. None. d. 15%
None
In terms of physical characteristics, classification, and market forces, warehouse and industrial space more closely parallels what type of space? Select one: a. Affordable housing b. Condominiums c. Office space d. Multi-family
Office space
Louisiana Revised Statute 9:3251 governs deposits made in residential leases. Under that statute, the Lessor must return the deposit to the Lessee within ______ after the lease terminates. Select one: a. One month b. Two weeks c. Ten days d. Five days
One month
Which of the following is TRUE regarding team advertising? Select one: a.Only licensed agents of that sponsoring broker can be in the ad. b.Any member of the team can be in the ad. c.Lenders can be part of the team in advertising. d.Teams must have at least 3 members.
Only licensed agents of that sponsoring broker can be in the ad.
The mortgage insurance on a conventional loan is called ____, while that on an FHA loan is called____. Select one: a. Homeowners insurance, MIP b. Conventional MIP, FHA MIP c. PMI, MIP d. MIP, PMI
PMI, MIP
A lead test kit purchased from: Select one: a. EPA b. Kit manufacturer c. HUD d.Paint store
Paint store
Which of the following is not considered a prohibited act for Louisiana home inspectors? Select one: a. Solicit to perform repair services on any system or component of the home which the inspector noted as deficient. b. Report on any component or system that was not inspected. c. Report wood damage caused by termites. d. Report on the advisability or inadvisability of purchase of the property.
Report wood damage caused by termites.
General zoning categories include Residential, Commercial, Industrial, and: Select one: a. Educational b. Recreational c. Urban d. Rural
Rural
The two main categories of real estate advertising are: Select one: a.Services offered and Brokerage transactions. b.Listing and Selling. c.Brokers and Salespersons. d.Promotions and notifications.
Services offered and Brokerage transactions.
A form of online advertising that focuses on social networking sites is: Select one: a.Social network advertising. b.Google Analytics. c.Illegal in Louisiana. d.Mixed media advertising.
Social network advertising.
In a perfect two story, the stairs completely fill the stairwell and the second story sits directly on top of the first level. Select one: True False
True
Occupancy in housing that qualifies for the federal program LIHTC (low income housing tax credit) program is limited to households whose incomes are less than 60 percent of a metropolitan area's median income, Select one: True False
True
Partially Amortized loans are structured with amortization payment periods of, say 20 to 30 years, but with a due date term of, say 3 to 5 years. Select one: True False
True
Which of the following statements is correct regarding an assignment of a lease by a lessee? Select one: a. Unless prohibited by the lease, the original lessee is relieved of any further obligations in the lease. b. La. C.C. art. 2713 specifically prohibits the right to encumber the lease. c. An assignment is essentially the same as a sublease in that, regardless of what the lease says, the original lessee is never responsible for the lease once it is assigned. d. The original lessee is always responsible for the lease, even if it is assigned by the Lessee to a third party.
Unless prohibited by the lease, the original lessee is relieved of any further obligations in the lease.
Types of leases include all of the following EXCEPT: Select one: a. Commercial b. Residential c. User d. Agricultural
User
Which of the following statements is not true? Select one: a. A fireplace that extends beyond the exterior finished surface of walls is not included in the finished area. b. When reporting the finished square footage of a house, rounding to the nearest square foot is not allowed. c. A fireplace that is situated in a corner of the house is included in the living area, as long as it does not protrude from the exterior wall. d. To be efficient in measurement and mathematical calculation, the market norm is to measure using a tape measure calibrated in tenths.
When reporting the finished square footage of a house, rounding to the nearest square foot is not allowed.
Sally Sue Smith placed an ad in her local newspaper advertising her newest listing. In the ad she listed her name as "Sue Smith". Is this a violation? Select one: a.Yes. b.No. c.Yes, unless she has registered the name as a "DBA" d.No, because Sally Sue Smith is her legal name.
Yes, unless she has registered the name as a "DBA"
In which of the following situations might you NOT want to consider purchasing an extended reporting period? Select one: a. You are timely renewing your license for another year. b. You are moving to a firm with a traditional firm policy. c. You are retiring or inactivating your license. d. Your license is expiring.
You are timely renewing your license for another year.
Redhibitory actions can only exist between: Select one: a. a buyer and appraiser b. a buyer and seller c. a broker and cooperative broker d. a broker and agent
a buyer and seller
Under the Cite and Fine system violators may opt to pay the fine or: Select one: a. receive a 30 day suspension. b. go to jail. c. attend a hearing to plead their case. d. have a trial.
attend a hearing to plead their case.
An opinion of property price rendered by a licensed real estate agent or broker is known as a(n): Select one: a. broker's opinion of value b. appraisal c. broker's valuation d. broker's price opinion
broker's price opinion
An abstract of title is delivered to an attorney who examines the title evidence, and renders an opinion with regard to its quality and possible remedies for defects which have been identified. This opinion, when written, signed by the attorney, and attached to the abstract, in many states, is referred to as a _________. Select one: a. title documentation b. title review c. certificate of title d. proof of title
certificate of title
In evaluating the borrower, the lender is attempting to assess the four "C's" of credit analysis, credit history, character of the borrower, capacity to repay, and the: Select one: a. collateral value of the asset pledged b. collective average of credit scores c. commentary from the loan originator d. current level of indebtedness
collateral value of the asset pledged
Antitrust laws cover all of the following areas, EXCEPT: Select one: a. tie-in agreements b. allocation of customers and markets c. commission negotiation d. group boycotting
commission negotiation
The appraisal process called the _________ is grounded in the principle of substitution, and most frequently is used in valuations of vacant land, single-family residences and condominiums or sales townhouses. Select one: a. reconciliation b. direct sales comparison approach c. cost approach d. income approach
direct sales comparison approach
The _______ age is the age of the improvement(s) based upon the amount of observed deterioration and obsolescence sustained. Select one: a. appreciated b. depreciated c. actual d. effective age
effective age
Legal-size or letter-size _______ paper calibrated 10 squares per inch is essential to accurately draw a structure Select one: a. tracing b. sketching c. graph d. copy
graph
A common way to dispose of toxic waste in Louisiana (as well as other states) is with _______________. These are more efficient and effective than landfills, and are subject to greater regulations and inspections. Select one: a. dump sites b. CERCLA c. toxic waste sites d. incinerators
incinerators
A common way to dispose of toxic waste in Louisiana (as well as other states) is with _______________. These are more efficient and effective than landfills, and are subject to greater regulations and inspections. Select one: a. dump sites b. toxic waste sites c. incinerators d. CERCLA
incinerators
A landlord has ____________ after a tenant moves out to either (1) return the deposit or (2) send a letter telling the tenant why the landlord is not giving back all or part of the deposit. Select one: a. 10 days b. 6 months c. one month d. 5 days
one month
Generally, office buildings are categorized according to a number of factors, one of which is "use and tenure" which refers to: Select one: a. short vs. long term leases b. owner vs. tenant c. professional vs. retail d. retail vs. office
owner vs. tenant
A _______ analysis is an analysis that utilizes numerical adjustments to the sales prices of comparable properties relative to the subject property. Select one: a. quantitative b. qualitative c. numeric d. relative
quantitative
In appraisal theory, the conclusion of a value is called _______. Select one: a. reconciliation b. comparability c. concessions d. valuation
reconciliation
In appraisal theory, the conclusion of a value is called _______. Select one: a. reconciliation b. concessions c. valuation d. comparability
reconciliation
Louisiana Civil Law specifies that the contract of mandate is not required to be in any particular form. Nevertheless, when the law prescribed a certain form for an act, a mandate authorizing the act must be in that form. In general usage, this is often referred to as the Select one: a. rule of singular authority b. rule of equal dignity c. rule of specific form d. rule of authentic acts
rule of equal dignity
Another name for an extended reporting period on E&O insurance is: Select one: a. tracking coverage (TC) b. mobile coverage (MC) c. tail coverage (ERP) d. reciprocal coverage (RC)
tail coverage (ERP)
Once a borrower completes the loan application with a mortgage loan originator and processor, the package is sent to the lender's ______ for review. Select one: a. senior loan officer b. office manager c. appraiser d. underwriter
underwriter
Which of the following is considered to be an off-site improvement? Select one: a. paving b. utility lines c. landscaping d. drainage improvements
utility lines
In a bi-weekly loan, if the borrower's payment for the monthly loan is $1000, what would the biweekly payment be and how many payments would be made? Select one: a. $2000 for 26 payments b. $500 for 26 payments c. $4000 for 3 payments d. $500 for 24 payments
$500 for 26 payments
At the closing any funds in excess of __________ are required to be in verifiable funds. Select one: a. $5000 b. $2500 c. $25,000 d. $10,000
$2500
When completing the Purchase Agreement, it is best to use which of the following as the description of the property? From the following select all correct answers. 1) A legal description is always best 2) A legal description may be obtained from the seller's Act of Sale 3) In the case of a sale of rural acreage, it is acceptable to refer to a survey, so long as the survey referenced is actually attached. 4) A municipal address may not necessarily be a sufficient property description Select one: a. 1,2,3,4 are correct b. ONLY 2,3,4 are correct c. ONLY 1 & 3 are correct d. ONLY 1,3 & 4 are correct
1,2,3,4 are correct
Typically, Options and Rights of First Refusal may not be granted for a term longer than: Select one: a. 6 months b. 10 years c. 90 days d. 2 years
10 years
Typically, Options and Rights of First Refusal may not be granted for a term longer than: Select one: a. 90 days b. 2 years c. 6 months d. 10 years
10 years
Residential real property means real property consisting of not more than ____ dwelling units. Select one: a. 4 b. 2 c. 10 d. 1
4
Within how many days prior to the act of sale, does the buyer have the right to re-inspect the property? Select one: a. 10 days b. 5 days c. 3 days d. 7 days
5 days
After the deficiencies and desired remedies from the home inspection are provided to the seller in writing, how long does the seller have to respond as to his/her willingness to correct these defects? Select one: a. 24 hours b. 72 hours c. 5 days d. 48 hours
72 hours
When giving the property description: Select one: a. A municipal address by itself is sufficient and does not require a ZIP code. b. A municipal address is sufficient as long as it is complete and includes a 9 digit ZIP code. c. A municipal address is sufficient as long as it is complete and includes a 5 digit ZIP code. d. A municipal address by itself is never acceptable
A municipal address by itself is never acceptable
Acceptance of an option turns the option into a(an): Select one: a. Listing agreement b. Right of first refusal c. Agreement to purchase d. Act of sale
Agreement to purchase
Which of the following are examples of common inaccuracies in advertising? Select one: a.Using the term "Realtor" when you are not a member of the Board of Realtors. b.Referring to the total square footage as "living area". c.Representing yourself as a team when there are no other team members. d.All of the above
All of the above
The purchase agreement stipulates that failure to deliver the agreed upon deposit shall be Select one: a. Paid by the buyer's agent b. Doubled after being 30 days late c. Added to the amount borrowed by the buyer d. Considered a breach of contract
Considered a breach of contract
Lines 39-43 refer to the act of sale. This section refers to the buyer providing good funds which includes all of the following EXCEPT: Select one: a. Checks from a mortgage lender b. Credit cards c. Certified check d. Cash
Credit cards
A nominate contract is one that: Select one: a. Has been nominated for acceptance by a regulatory body like the Real Estate Commission b. Is used throughout the industry as a "standard" contract c. Has no "name" and is recorded under the name of the participants d. Has a specific name, such as sale, lease etc.
Has a specific name, such as sale, lease etc.
The change of occupancy from seller to buyer normally occurs ______, unless __________. Select one: a. within 48 hours of the act of sale, mutually agreed upon in writing b. any time after the check for the closing fees clears the bank, unless the act of sale occurs on a holiday c. at the act of sale, unless the act of sale occurs on a Sunday d. at the act of sale, mutually agreed upon in writing
at the act of sale, mutually agreed upon in writing
The change of occupancy from seller to buyer normally occurs ______, unless __________. Select one: a. within 48 hours of the act of sale, mutually agreed upon in writing b. at the act of sale, mutually agreed upon in writing c. at the act of sale, unless the act of sale occurs on a Sunday d. any time after the check for the closing fees clears the bank, unless the act of sale occurs on a holiday
at the act of sale, mutually agreed upon in writing
All of the following would NOT be considered confidential information EXCEPT: Select one: a. The clients are getting a divorce and need to sell quickly. b. The client permits disclosure by word or conduct. c. The roof of the subject property was damaged by hail ten years ago. d. The information becomes public from another source other than the licensee.
The clients are getting a divorce and need to sell quickly.
_____________ is a social networking service that allows its users to send messages that consist of no more than 140 characters. These short messages can be used by real estate professionals to post mini updates about news, open houses, etc. Select one: a. LinkedIn b. MLS c. Facebook d. Twitter
Agent Al listed a property which was owned by three siblings, two of which lived out of state. The owner living in state, Brother Bob, signed the agreement stating that his two siblings had given him permission to sell the property. Al did not think it feasible to have the other two sign since they were out of state so he listed the property with just one owner's signature. Which of the following is TRUE? Select one: a.Since the other owners are not residence of Louisiana they do not have to sign. b.Since the other owners gave their permission to sell the property they do not have to sign. c.Unless the other owners gave their power of attorney to Brother Bob, Al is in violation. d.Only one signature is needed to sell a property.
Unless the other owners gave their power of attorney to Brother Bob, Al is in violation.
Which of the following sales would NOT require a licensee to use the Louisiana Real Estate Commission mandated purchase agreement in writing an offer? Select one: a. single family homes b. four-plex family homes c. duplex family homes d. Vacant residential lots
Vacant residential lots
The Seller generally warrants three things to the Buyer: _____, _____, and _____. Select one: a. title, water rights, air rights b. occupancy, vertical air rights, square footage c. condition, use, title. d. use, air rights, square footage
condition, use, title.
Fill in the blank: Consent is vitiated when it has been obtained by ____of such a nature as to cause a reasonable fear of unjust and considerable injury to a party's person, property or reputation. Select one: a. lesion b. nullity c. fraud d. duress
duress
Which of the following individuals involved in a Louisiana real estate transaction is responsible for assessing the environmental impact, when needed? Select one: a. lender b. abstractor c. appraiser d. engineer
engineer
An instrument involving immovable property shall have effect against third persons only from the time it is: Select one: a. filed with the Louisiana Secretary of State b. filed for registry in the parish where the property is located. c. signed by all parties to the agreement d. notarized and signed by two witnesses
filed for registry in the parish where the property is located.
An instrument involving immovable property shall have effect against third persons only from the time it is: Select one: a. filed with the Louisiana Secretary of State b. signed by all parties to the agreement c. filed for registry in the parish where the property is located. d. notarized and signed by two witnesses
filed for registry in the parish where the property is located.
In a "sale with warranty" Select one: a. the seller warrants that no defects exist and will cover the cost of repairs for 5 years b. the seller's warranty is on all defects discovered in the first 90 days of occupancy c. there is no warranty by the Seller as to apparent or easily discoverable defects d. the initial warranty from the seller is for one year but an additional year may be purchased at the closing
there is no warranty by the Seller as to apparent or easily discoverable defects
Just as obligations are extinguished by performance, they are __________by a party's failure to perform. Select one: a. rescinded b. breached c. enhanced d. extinguished
breached
Which of the following individuals involved in a Louisiana real estate transaction is responsible for selecting the Title Company to handle the closing? Select one: a. broker b. seller c. buyer d. lender
buyer
A licensee is called to list a property that has been vacant for 14 months. All utility services have been cut off for 12 of those months, making it unnecessary to winterize the house. The house has plywood over the windows and doors. On a scale of 1 to 4, where 4 is the most likely, what is the likelihood that there will be mold growing inside the house? Select one: a.4 b.3 c.1 d.2
4
Apartments of ____units or less are exempt from the Fair Housing Act if the owner lives in one of the units. Select one: a.8 b.6 c.2 d.4
4
If a veteran intends to use his VA benefit to purchase a residence he should immediately order his _________ from the Veterans Administration. Select one: a. VA1011 b. VA214 c. COE d. DD214
COE
Which of the following sttements best describes the use of oral leases in Louisiana? Select one: a. Leases may be entered into orally, but they may not exceed one year in length. b. Oral leases are not permitted in Louisiana. c. Leases may be entered into orally; however, an oral lease does not affect third parties. d. Oral leases are permitted, but may only be used to extend an already existing written lease.
Leases may be entered into orally; however, an oral lease does not affect third parties.
Where can you purchase a lead test kit? Select one: a. Kit manufacturer b.Paint store c. HUD d. EPA
Paint store
An out-of-state bank owns several foreclosed residential properties that are vacant and boarded up when a hurricane hits the area. The buildings are 4-plexes, are located in a low area and are thus the first to flood and the last for the flood waters to recede. Several weeks after the flood waters recede, their property managers are able to access the properties. When the managers open the front doors to the units they are greeted by a terrible odor. Mold is growing on all walls, ceilings and tile or carpet floors. What should the property managers recommend to the bank as a FIRST step? Select one: a. Bulldoze the buildings and sell the lots. b. Begin rescission proceedings against the former owners. c. Begin rescission proceedings against the builder/developer of this subdivision. d. Remove plywood window coverings, carpet and pads and ventilate.
Remove plywood window coverings, carpet and pads and ventilate.
The most popular FHA loan is the Title II,_______ loan. Using this program a buyer can finance up to approximately ____ percent of the value of a residential property (up to 4 units). Select one: a. Section 8 (b1), 95% b. Section 203, 97.5% c. Section 203(b), 96.5% d. Section 8, 80%
Section 203(b), 96.5%
Title VIII of the Civil Rights Act of 1968 is commonly known as: Select one: a. The Fourteenth Amendment b. The Fair Housing Act c. The Executive Order d. Amendment to Fair Housing Laws
The Fair Housing Act
PMI can be removed from a monthly mortgage payment for all of the following reasons, EXCEPT Select one: a. There is evidence that the difference between the unpaid mortgage principal balance and value are twenty percent or less. b. There is no language in the mortgage requiring PMI for the life of the loan. c. The borrower makes a formal, written request to remove PMI from their payment. d. The borrower has made timely monthly payments for at least 36 months.
The borrower has made timely monthly payments for at least 36 months.
The broker's name and telephone number must be in an ad: Select one: a.Only if the broker pays for the ad. b.Only the name of the broker must be in the ad. c.The broker's name and telephone number must be in every ad. d.Brokers can opt out of being in the ad if the salesperson is paying for the ad.
The broker's name and telephone number must be in every ad.
An enclosed area in a house that is suitable for year-round use, embodying walls, floors, and ceilings that are similar to the rest of the house is known as: Select one: a. finished area b. unfinished area c. enclosed area d. inhabitable area
finished area
Sally Salesperson gets a listing on a great house in Heirloom Estates. She is so excited about the listing that she immediately places a "For Sale" sign in the yard, forgetting to get permission from the seller. Which of the following statements is TRUE? Select one: a.Since the sellers have signed a listing agreement they are expecting to have a sign in the yard. b.Even though Sally should have asked, she has the seller's interest at heart so she has done nothing wrong. c.Sally has violated the law and LREC rules & regulations unless permission was given in the listing to place a sign in the yard. d.Sally's broker has violated the law.
granting clause.
The Fair Housing Act of 1968 with its 1988 amendment extended protection by prohibiting discrimination based on: Select one: a. sex and familial status b. race and national origin c. race and sex d. handicapped and familial status
handicapped and familial status
"Confidential information" means information obtained by a licensee from a client during the term of a brokerage agreement, that was made confidential by the written request or written instruction of the client, or is information, the disclosure of which, could materially harm the position of the client, unless at any time any of the following occurs, EXCEPT: Select one: a. the client provides information that would materially affect the customer's negotiating position. b. the client permits the disclosure by word or conduct. c. the information becomes public from a source other than the licensee. d. the disclosure is required by law or would reveal serious defect.
the client provides information that would materially affect the customer's negotiating position.
"Confidential information" means information obtained by a licensee from a client during the term of a brokerage agreement, that was made confidential by the written request or written instruction of the client, or is information, the disclosure of which, could materially harm the position of the client, unless at any time any of the following occurs, EXCEPT: Select one: a. the client provides information that would materially affect the customer's negotiating position. b. the disclosure is required by law or would reveal serious defect. c. the client permits the disclosure by word or conduct. d. the information becomes public from a source other than the licensee.
the client provides information that would materially affect the customer's negotiating position.
There are general rules which tend to apply for making adjustments that include each of the following, EXCEPT: Select one: a. if subject is inferior to the comparable, the adjustment is negative. b. when a property sale includes the seller paying costs typically borne by the buyer, a positive adjustment to that sale is required. c. the traditional treatment of adjustments is that if the subject is superior to the comparable, a positive adjustment is indicated.
when a property sale includes the seller paying costs typically borne by the buyer, a positive adjustment to that sale is required.
The Section 404 permit from the U.S. Corps of Engineers is required by the: Select one: a. Wetlands Act b. Environmental Conservation Act c. Clean Air Act d. Clean Water Act
Clean Water Act
Surfaces along the courses of rivers, streams and other bodies of water that are subject to overflow and flooding are known as: Select one: a. Deltas. b. Swamps. c. Flood plains. d. Levees.
Flood plains.
If you are acting as a dual agent in a real estate transaction, you would indicate this by: Select one: a. You may not act as a dual agent under the new law b. Attaching an addendum to the purchase agreement c. Identifying you are a dual agent on the comments line in the first section of the purchase agreement d. Checking the dual agent box in the first section of the purchase agreement
Checking the dual agent box in the first section of the purchase agreement
The Section 404 permit from the U.S. Corps of Engineers is required by the: Select one: a. Clean Water Act b. Clean Air Act c. Wetlands Act d. Environmental Conservation Act
Clean Water Act
Due to the_________, the borrower has a right to receive a copy of the appraisal report. Select one: a. LREC regulations b. Dodd-Frank Act c. USPAP regulations d. MLS regulations
Dodd-Frank Act
____________ is the largest social media site with over 1 billion worldwide users. It can be an effective tool for real estate professionals for networking and marketing to potential clients. Select one: a. Twitter b. National Association of Realtors c. Facebook d. MLS
Lines 273 -278 refer to the offender notification. Which of the following is a source of information for purchasers? Select one: a. INTERPOL database b. National Database for Criminals on Parole c. Louisiana Bureau of Criminal Identification and Information d. Louisiana Offender website
Louisiana Bureau of Criminal Identification and Information
The opposite of gratuitous is: Select one: a. Not completed b. Onerous c. Earnest money d. Ungrateful
Onerous
A(n) __________ is a contract that gives a party the right to accept an offer to sell or buy a thing within a stipulated time. Select one: a. Right of redhibition b. Right of first refusal c. Listing agreement d. Option
Option
Most purchase agreements fall into which of the following categories? Select one: a. Private signature duly acknowledged b. Self proving documents c. Private signature d. Authentic acts
Private signature
_____________ is a web site that is owned and operated by the National Association of Realtors. It is the most complete collection of available properties on the Internet because the web site procures listings from all partner multiple listing services (MLS) nationwide. Select one: a. Realtor.com b. Facebook c. Zillow d. Trulia
Realtor.com
Brokers who accept deposits must place the deposit in a(n): Select one: a. The Agents Escrow account b. The Broker's Sales Escrow Account c. The Mortgage Company escrow Account d. The Louisiana Real Estate Commission Escrow Account
The Broker's Sales Escrow Account
Brokers who accept deposits must place the deposit in a(n): Select one: a. The Mortgage Company escrow Account b. The Louisiana Real Estate Commission Escrow Account c. The Broker's Sales Escrow Account d. The Agents Escrow account
The Broker's Sales Escrow Account
The purchase agreement provides that if the appraisal of the property is for less than the agreed upon sales price of the property Select one: a. The buyer must pay the agreed upon sales price regardless of the appraised value b. The agreement is automatically null and void c. The seller must sell at the appraised price d. The buyer may provide written notice to the seller of the appraised value and the request that the seller reduce the sales price
The buyer may provide written notice to the seller of the appraised value and the request that the seller reduce the sales price
A real estate broker advertising or marketing on a site on the Internet must include the following data on each page of the site on which the advertisement appears: Select one: a. The broker's name, date of birth and license number b. The broker's name and the names of all sponsored licensees c. The broker's name, license number and telephone number d. The broker's name, city and state, and regulatory jurisdictions
The broker's name, city and state, and regulatory jurisdictions
The home inspection report belongs to the home inspector and: Select one: a. the seller. b. the licensee. c. his or her client. d. the broker.
his or her client.
A _______ is one who holds property title and conveys the right to use and occupy the property under a lease agreement. Select one: a. conveyor b. tenant c. lessee d. lessor
lessor
Building restrictions may be enforced by: Select one: a. filing a restraining order with the court b. filing a lawsuit in Civil District Court c. mandatory and prohibitory injunctions. d. complaint filed with the Secretary of State
mandatory and prohibitory injunctions.
A contract that violates a rule intended for the protection of private parties, as when a party lacked capacity or did not give free consent at the time the contract was made is said to be: Select one: a. relatively null b. imperfect c. void d. null
relatively null
Fill in the blank: Regarding a contract where both parties are in error ("mutual error" by both Buyer and Seller) then courts are more likely to grant ________of the contract. Select one: a. reformation b. rescission c. restructuring d. rewriting
rescission
Which of the following individuals involved in a Louisiana real estate transaction is responsible for providing the legal description of the property? Select one: a. seller b. surveyor c. lender d. listing agent
surveyor
The agreement is legally binding when signed by Select one: a. both real estate agents b. the buyer and seller c. the closing attorney d. the listing broker
the buyer and seller
When a home inspection report is prepared, the report belongs to: Select one: a. the buyer. b. the licensee. c. the home inspector and his client d. the seller.
the home inspector and his client
When computing area, no portion of the finished area that has a ceiling height of less than _______ feet may be included in finished square footage. Select one: a.7 b.5 c.6 d.8
6
The worst has happened and a buyer's application for a mortgage has been rejected by Big Lender Bank and Trust. You are representing the buyer and have good reasons to believe the loan would be approved by Small Lender and Company. What are the first things you need to know in order to switch lenders in mid-stream? Select one: a. How much money will the buyer and seller lose over the rejected loan and how much more money will it cost to switch lenders. b. If the property condition inspection(s), appraisal, etc. are transferable to the new lender c. If the switch will impact the contract closing date, and if closing date changes radically, will that kill the contract. d. All of the above
All of the above
Some technology based processes have the potential of creating environmental or biohazard risks. In such cases, the cost of remediating contamination in the buildings in which they operated might very well prove to be cost prohibitive. At a minimum, such buildings would need to be subjected to at least a Phase I environmental inspection following federal guidelines of __________ which is commonly called the Superfund. Select one: a. OSHA b. LEED c. EPA d. CERCLA
CERCLA
Generally, office buildings are categorized according to: Select one: a. Class, location, size and flexibility, and use and tenure. b. Appearance, size, and location. c. Class, use, and depreciation. d. Class, appearance, and size.
Class, location, size and flexibility, and use and tenure.
The federal government also directly influences community economic development by offering tax credits linked to certain types of private investment. Most important to community development initiatives are all of the following EXCEPT: Select one: a. Historic Tax Credits (HTC's) b. New Markets Tax Credits (NMTC's) c. Low Income Housing Tax Credits (LIHT's) d. Community Development Tax Services (CDTS's)
Community Development Tax Services (CDTS's)
In reference to the mortgage finance business, what does CFPB stand for? Select one: a. Cost For Point Basis (requires explanation of point calculations to borrowers) b. Consolidation of Financial Protection Bureau (consolidation of State and Federal lending laws) c. Consumer Finance Protection Bureau (requires disclosures to consumers) d. Consolidated Financial Protection Bureau (merger of the NMLS and CSBS for mortgage education)
Consumer Finance Protection Bureau (requires disclosures to consumers)
