Louisiana Law of Agency (LA)

At what point during a transaction should a broker give the buyer and seller written notice that he is acting for both parties? Select one: a. At any point before a binding contract is signed. b. Before accepting compensation from either party. c. Before any negotiations take place. d. At any point before the deed is delivered.

Before any negotiations take place.

Written disclosure of a brokerage relationship MUST be made to a prospective landlord or tenant who is NOT the client of the licensee and is NOT represented by another licensee: Select one: a. At first substantive discussion about a specific property. b. In the application or lease which ever comes first. c. At first meeting. d. On all rentals regardless of term of lease. Feedback

At first substantive discussion about a specific property.

When working as a Disclosed Duel Agent, which of the following Fiduciary Responsibilities is LEAST important? Select one: a. Loyalty b. Care c. Sincerity d. Accounting

Accounting

What is NOT required for a broker or salespserson's license? Select one: a. Honesty b. Sincerity c. Good moral character d. None of the above.

Sincerity

All of the following are examples of psychologically impacted properties which require no disclosure, if it in not considered a defect, EXCEPT: Select one: a. The dwelling place of a person with AIDS. b. A home that was flooded by a hurricane. c. Site of a felony act. d. A murder scene

A home that was flooded by a hurricane.

When you are working for seller and buyer and you have disclosed that you are working for both parties: Select one: a. Disclosed Dual Agent b. Dual Agency c. Implied Agent d. Implied Agency

Disclosed Dual Agent

When working as a Disclosed Dual Agent, which of the following Fiduciary Responsibilities is MOST important? Select one: a. Loyalty b. Care c. Accounting d. Disclosure

Loyalty

An agent is showing a home in which a murder had occurred a few months earlier. What does the agent have to disclose? Select one: a. All details of the murder investigation. b. That something unfortunate happened here. c. That a murder had occurred. d. Nothing.

Nothing.

Sally Salesperson has a listing on 123 Pine Street. When she took the listing, she and the seller executed a "consent to dual agency". Under these circumstances, which of the following statements is TRUE? Select one: a. Sally must have the buyer execute a "consent to dual agency" before showing the property to a buyer with whom she is working. b. The "consent to dual agency" is Sally's authorization to cooperate with other agencies by placing the listing in the MLS. c. Sally is authorized to show the property to any buyer who has signed for receipt of an agency brochure. d. The "consent to dual agency" allows Sally to authorize her professional assistant to show the property and act as a dual agent when Sally is unavailable.

Sally must have the buyer execute a "consent to dual agency" before showing the property to a buyer with whom she is working.

In any circumstances that a prospective client refuses to sign the agency disclosure informational pamphlet, what steps MUST the licensee take? Select one: a. None, because it is out of the licensee's control. b. The licensee must prepare written documentation to include the nature of the transaction, the time and date the pamphlet was provided, and the reasons given for not signing the receipt. c. The licensee must submit a sworn affidavit to the Commission detailing the refusal. d. The licensee must refuse to work with the party because he or she would be in violation of the rules and regulations.

The licensee must prepare written documentation to include the nature of the transaction, the time and date the pamphlet was provided, and the reasons given for not signing the receipt.

The type of personal servitude known as a "usufruct" can best be characterized as: Select one: a. The right a naked owner has in the property which prevents trespassers from obtaining bad faith acquisitive prescription. b. Another description which encompasses the concept of one's heirs will permanently receive from the probate process upon the death of the testator. c. A right given to an individual which is not similar in nature to the common law concept of a "life estate". d. The right to possession of a thing, and to derive the utility, profits, and advantages of the thing, and it may be established by an agreement between those living, by testament effective at death, or by operation of law.

The right to possession of a thing, and to derive the utility, profits, and advantages of the thing, and it may be established by an agreement between those living, by testament effective at death, or by operation of law.

Acting for more than one client without obtaining written consent is known as: Select one: a. Undisclosed dual agency b. Dual agency c. Commingling d. Steering

Undisclosed dual agency