Louisiana Real Estate exam #1 (continued)

Which of the following entities administers the real estate license law in Louisiana?

B. Louisiana Board of Real Estate Brokers and Salesperson The Department of Civil Rights deals with fair housing complaints HUD (federal agency) oversees housing issues. The state associate of REALTORS is a trade association

In Louisiana, which of the following individuals need a real estate license?

B. Patty Lehmann is a leasing agent who employs 2 other leasing agents.

An on-site apartment manager negotiates apartment leases in the normal course of business. Which of the following statements is true?

B. The apartment manager must hold a real estate license.

The seller's disclosure statement should be delivered to the buyer before which of the following events?

B. before the seller accepts an offer in writing

Which of the following is true regarding disclosure of deaths in the state of Louisiana?

C. AIDS-related deaths may not be disclosed Federal fair housing laws prohibit disclosure of AIDS related deaths

According to Louisiana law, which of the following statements about personal real estate assistants applies

C. An unlicensed personal real estate assistant may perform general secretarial duties such as inserting factual information into contracts under the supervision of the employing broker The duties of an unlicensed personal real estate assistant are limited to ministerial duties performed under the guidance and approval of the employing broker.

Which of the following steps is required of an applicant for a real estate salesperson's license in Louisiana

C. Complete a 40 hour course in the general principles of real estate

Which of the following is true of continuing education coursework required for license renewal?

A minimum of 6 hours of approved continuing education courses must be completed every renewal year

The annual continuing education requirement in Louisiana can be satisfied by which of the following?

A. 6 hours coursework offered by an approved CE sponsor. To renew a Louisiana salesperson's license, the licensee must complete a 6 hour course offered by an approved CE sponser

None of the following transactions requires a real estate license EXCEPT which one?

B. An entrepreneur negotiates the sales of businesses, including equipment and buildings, for a fee.

Milton Wesley wants to list his single-family home for sale. Which of the following statements is applicable to him?

B. He does not need a real estate license to sell his house on his own. In Louisiana, any property owner may sell or rent his own house without obtaining a real estate license

A broker serving as a dual agent may collect a commission from both parties if which of the following criteria is met?

B. If both the buyer and the seller given informed consent to the dual compensation.

All of the following activities are considered to be "engaging in the real estate business" EXCPET which one?.

b. Building residential home Builders of residential homes fall under the jurisdiction of residential builders licensing requirements

Who selects the members of the Louisiana Board of Real Estate Brokers?

C. The governor

Which of the following type of agency relationships is recognized in Louisiana?

D. all of the above

An applicant for a real estate license in Louisiana must meet which of the following requirements?

A demonstrate good moral character

Ron sidwell is an Indiana resident who wishes to obtain a Louisiana real estate broker's license. What must he do ?

A. Establish a principal place of business in Louisiana or be licensed under a resident Louisiana broker He must also file irrevocable consent agreement in Louisiana

Which of the following is required under Louisiana Law?

A. Sellers must divulge all known material defects that might affect the sale The state of Louisiana requires sellers to reveal any known material defects that might affect the sale.

The Bormans (sellers) accept an offer from the Rodins (buyers) before providing the seller's disclosure statement. Which of the following actions may the Rodins take?

A. The Rodins may withdraw from proceedings anytime to the closing If the sellers did not provide the buyers with a seller's disclosure statement before accepting the buyer's offer, the buyers have the right to back out the agreement at any time before the closing.

In the following situations, which is NOT grounds for the Louisiana Board of Real Estate Brokers and Salespersons to initiate an investigation of a licensee?

A. The board votes to investigate a random selection of licensee on an annual basis in attempt to uncover illegal practices. The Board may investigate for legitimate reason based on a motion passed by members, their own initiative, or a written complaint from disgruntled customer but not based on random selection

Which of the following actions is under the authority of the Louisiana Board of Real Estate Brokers and Salespersons?

A. Writing rules are regulations for real estate licensees to follow

Barbara Walker, a real estate salesperson, has let her license lapse for 27 months. What must she do to renew her license at this point?

A. complete 6 hours of approved continuing education for a licensing year and submit a new application along with the appropriate fee To renew her license at this point, Barbara must complete six hours of approved continuing education coursework and submit a new application with the required fees.

in which of the following circumstances is a seller's disclosure statement NOT required?

A. if the property is a commercial property seller property disclosure forms are not required in the sale of commercial properties

At which point must an agency relationship be formally established between the broker and a buyer or seller?

A. prior to receiving any information that is considered confidential. The brokerage relationship with a buyer or seller must be determined before receiving any type of information that could be considered confidential.

What is the renewal requirement for a salesperson's or broker's license in Louisiana?

A. the licensee must have completed six hours of continuing education during each year of the three year license cycle for a total of 18 hours of class time 6 clock hours every renewal year; 18 hours per 3 year cycle

What is the deadline to renew an expired license without financial penalty?

A. there is no grace period without financial penalty after the expiration date. A licensee with an expired license has 60 days to remit both the required license fee and a late renewal fee in order to renew the expired license

Which of the following pieced of information is NOT considered confidential in a dual agency relationship?

D. comparable market date for the seller after the buyer has requested and received such information

Is an office manager in violation of the license law if she performs the following activities without a salesperson's license: coordinating the flow of paperwork, preparing advertising copy, hiring and supervising clerical support staff.

C. No, she is not in violation of the license law because she is performing non-real estate activities that do not require licensure.

A buyer receives a seller's disclosure statement immediately after the seller accepts the offer. The statement discloses a crack in the foundation. Which of the following is true?

C. The buyer may void the offer on the property within 72 hours. The buyer has 72 hours to void the offer based on information learned from the seller's disclosure statement

An applicant for the real estate licensing exam in Louisiana must submit which of the following along with an application?

C. an appropriate fee

According to the Louisiana Board of Real Estate Brokers and Salespersons, which of the following is NOT a required element of a listing agreement?

C. qualified expert's report of property condition the rules regarding listing agreements call for an exact expiration date, signatures of both the broker and the seller, and a true copy to be made for the seller after signing

All of the following are exempt from having a real estate license EXEPT which one?

Coast 2 Coast, a company that charges a flat fee to match business people from across the country who wish to exchange properties and assists them in doing so Any company that matches individuals and properties for a fee is required to have a real estate license.

Which of the following individuals is NOT exempt from the provisions of the Louisiana Real Estate License Act ?

D. any individual who accepts fees to recruit prospective buyers or renters of real estate Anyone who receives a fee for finding prospective buyers or renters of real estate must hold a real estate license.

At which point in proceedings would an agent be considered particularly remiss in their responsibilities if a written disclosure regarding agency relationships has not yet been distributed to a prospective buyer?

D. At the closing table To wait until closing is considered irresponsible

Which of the following activities is an unlicensed real estate assistant unable to perform?

D. Clarify the details of simple contract documents for prospective buyers

Which of the following is NOT a requirement for obtaining a broker's license in Louisiana?

D. Minimum age of 21 the minimum age for a broker candidate is at lease 18 years of age, and broker candidates must show evidence of completion of 90 hours of approved real estate courses after receiving the salesperson's license, active status as a licensed salesperson for at lease 3 years or equivalent, and good moral character

Besides remitting the appropriate fee, a salesperson who has failed to renew her license for three full years must take all of the following steps EXCEPT:

D. Submit a written appeal to the Louisiana board of Real Estate Brokers and Salesperons petitioning for reinstatement of the expired license A salesperson who fails to renew her license within 3 full year is required to make a new application, remit the appropriate fee, complete a 40 hours prelicensure course, and take and pass the sales person's licensing exam.

Cara, an unlicensed real estate assistant for a successful broker, has been indispensable in facilitating a recent transaction. She put in many extra hours working closely with prospective buyers, explaining transaction detail, and encouraging them to accept the seller's counteroffer. At the culmination of the sale, the broker wishes to compensate Cara for her efforts. Which of the following is true under Louisiana law ?

a. The broker may not pay a commission to Cara because they are both in violation of the license law regarding unlicensed assistants. Unlicensed assistants are not permitted to perform such services as explaining contractual details to clients, so the broker and Cara are in violation of the license law.

Cody Rand bought a house in January which was found to have a leaky basement during spring rainstorms five months later. Although the sellers had discussed the basement leaks with the listing agent, they had agreed not to divulge those details to prospective buyers. The broker claims that Cody did not specifically ask about the basement. As a result, which of the following options is open to Cody?

b. Cody can sue the broker for nondisclosure of necessary information on the condition of a property. Louisiana state law requires brokers to disclose all known material facts that affect a buyer's decision to make an offer, so Cody can sue the broker

On what date do real estate salespersons' licenses expire in Louisiana?

b. October 31 of each year (december 31)

To whom may a real estate agent divulge confidential information about a client?

b. To the supervising broker for the purposes of obtaining advice or assistance for the client

Which of the following is true of buyer-brokerage contracts in Louisiana?

b. the contract must be in writing to be enforceable The buyer-brokerage agreement is an employment contract and must be in writing to be enforceable in Louisiana

For what period of time will a passing score on a licensing examination be valid?

c. 1 year

What penalty may an unlicensed individual who engages in activities deemed to constitute real estate business face for a first-time offense?

c. A fine not to exceed $500 An unlicensed individual charged with a first time misdemeanor of performing activities requiring a license may be subject to a penalty of a fine not to exceed $500, imprisonment not to exceed 90 days, or both.

Which of the following conditions applies to a salesperson who is interested in purchasing a property listed with his or her supervising broker?

c. The salesperson must inform the property owner, in writing, that he or she is a licensee in order to make an offer on the property.