1 - License Law
All applicants for a brokers license shall have first served actively for _____ year(s) as a real estate salesperson. a. 1 b. 4 c. 2 d. 10
b. 4
The following may file a claim with the Recovery Fund: a. Brokers who have their licenses suspended b. A person who suffered monetary loss from the actions of a licensee c. Brokers and salespeople with commission disputes d. Brokers who suffered a financial loss because of a civil suit
b. A person who suffered monetary loss from the actions of a licensee
A relationship in which a real estate broker or licensee represents a client by the client's consent, whether express or implied, in an immovable property transaction. a. Recovery Fund b. Agency c. Ministerial Acts d. Errors and Omissions
b. Agency
Licensees shall provide the parties to a real estate transaction with this informational pamphlet. a. Errors and Omissions b. Agency Disclosure c. Recovery Fund d. Real Estate Research and Education Fund
b. Agency Disclosure
All licensees must provide both to buyers and sellers a (an): a. Completed settlement form b. Agency disclosure pamphlet c. Truth in Lending disclosure form d. Good Faith Estimate.
b. Agency disclosure pamphlet
A person with a broker's license exclusively affiliated with another licensed broker. a. Qualified Broker b. Associate Broker c. Client d. Agent
b. Associate Broker
A licensee holding a brokers license but who is sponsored by another broker is a(n): a. Realtor associate b. Associate broker c. Sponsoring broker d. Salesperson
b. Associate broker
Delinquent fee January 1 - February 15 is _____ . a. $50 b. $35 c. $100 d. $45
a. $50
All renewals MUST show proof of: a. 12 hours of continuing education for the preceding year. b. 10 hours of continuing education for the preceding year. c. 6 hours of continuing education for the preceding year. d. 8 hours of continuing education for the preceding year.
a. 12 hours of continuing education for the preceding year.
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. a. 5 b. 10 c. 3 d. 15
a. 5
When a real estate transaction pertains to more than one party, licensees shall provide to all persons signing the document a. A copy of the completed document with all signatures. b. Copies within eight days after final signature is affixed to the document. c. All copies must be hand delivered. No facsimile or electronic transmissions will be accepted. d. Nothing needs to be provided to the parties.
a. A copy of the completed document with all signatures.
All of the following are TRUE about advertising EXCEPT: a. Advertising by salespeople can be by phone number alone. b. Salesperson's phone number can be used in ad. c. Salespeople can advertise their own personal real estate for sale. d. Salesperson's name and phone number may be larger in ad than the company name and phone number.
a. Advertising by salespeople can be by phone number alone.
The Governor of Louisiana: a. Appoints members to the Real Estate Commission. b. Selects the Chairman of the Real Estate Commission. c. Must appoint only REALTORS to the Commission. d. Selects only salespersons to the Commission.
a. Appoints members to the Real Estate Commission.
One who engages the professional advice and services of a licensee as his/her agent is a: a. Client b. Seller c. Customer d. Buyer
a. Client
The person who engages the services of a broker and whose interests are protected by the loyalties imposed by the relationship is a(an): a. Client b. Customer c. Attorney d. Salesperson
a. Client
Broker Mary Jones deposits $500.00 of a client's deposit money into her personal account and the balance into her trust account. This is: a. Commingling b. Co-depositing c. Reciprocity d. Escheat
a. Commingling
Licenses are automatically suspended if NOT renewed by: a. December 31st b. January 31st c. One year from date of issue. d. March 31st.
a. December 31st
The Commission has the power to create rules and procedures by which it may: a. Determine to whom a disputed escrow deposit should be paid. b. Determine the amount of commission to be charged a seller. c. Determine the amount of commission a salesperson should be paid on a sale.
a. Determine to whom a disputed escrow deposit should be paid.
The Real Estate Commission consist of eleven members appointed by the: a. Governor b. Legislature c. Supreme Court d. President
a. Governor
A salesperson who fails to account for a deposit can: a. Have his/her license revoked. b. Cause Broker to be fined. c. Reimburse the deposit from their personal account. d. Practice real estate for 30 more days.
a. Have his/her license revoked.
A person issued a license by the Louisiana Real Estate Commission is a: a. Licensee b. Buyer c. Client d. Seller
a. Licensee
Who does the Real Estate Commission adjudicate disputes between? a. Licensees and their principals. b. Brokers and Salespeople. c. Realtors d. Will not involve themselves in disputes of any kind.
a. Licensees and their principals.
Acts that a licensee may perform for a person that are informative in nature such as conducting an open house and setting an appointment to view property are examples of a. Ministerial Acts b. Errors and Omissions c. Recovery Fund d. Agency Disclosure
a. Ministerial Acts
An appointed member of the Real Estate Commission: a. Must be a Real Estate Broker. b. Can be reappointed to succeed themselves. c. Must have been a salesperson for 5 years. d. Must sponsor at least 10 licensees.
a. Must be a Real Estate Broker.
A broker who is the sponsoring broker for a partnership or corporation is called a(n): a. Qualifying broker b. Individual real estate broker c. Realtor d. Associate broker
a. Qualifying broker
To provide for reimbursement to any person who is judged to have suffered monetary damages by reason of acts committed in violation of the Louisiana Real Estate License Law. a. Recovery Fund b. Agency Disclosure c. Errors and Omissions d. Real Estate Research and Education Fund
a. Recovery Fund
Licensees remaining on inactive status one to three years shall complete ____ hours of continuing education upon application to return to active license status. a. 10 b. 20 c. 8 d. 30
b. 20
When a salesperson transfers to another broker; the old broker MUST: a. Return the salesperson's license to the Commission by hand delivery or certified mail. b. Send notice to the salespersons last known residence address. c. Give license to salesperson to deliver to new broker. d. Any method will work.
a. Return the salesperson's license to the Commission by hand delivery or certified mail.
The Commission may charge a fee to pay for the Research and Education Fund at initial application and renewal of licenses in an amount not to exceed: a. Ten dollars a year b. Eight dollars a year c. As much as is needed d. The fund is paid for from donations
a. Ten dollars a year
If a broker suspects a terminated licensee is encouraging clients to leave his/her company, when MUST they notify the Commission by? a. The Commission does not get involved. b. 10 days c. 20 days d. 5 days
a. The Commission does not get involved.
Before the Commission may suspend or revoke a license: a. The licensee must be given a hearing by the Commission. b. The Attorney General must make a ruling. c. He/she must be allowed to finish all pending business. d. He/she must be given a jury trial.
a. The licensee must be given a hearing by the Commission.
If the licensee wishes to appeal a revocation of his/her license, it must be done: a. Within 30 days. b. Within 60 days. c. Within 20 days. d. Within 6 months.
a. Within 30 days.
Two buyers who attempted to purchase a parcel of land lose $32,000 because of a misrepresentation by the salesperson. What is the most they can get from the Recovery Fund? a. $10,000 b. $20,000 c. $30,000 d. $50,000
b. $20,000
The fee to change a licensee's status from active to inactive is: a. $25 b. $35 c. $45 d. $100
b. $35
Each license, certificate or registration shall be issued for a period of ____ year(s). a. 3 b. 1 c. 5 d. 10
b. 1
When must the Commission be notified of the closing of an Escrow or Rental Trust account? a. Within 5 days b. 10 days after closing the escrow. c. Commission does not have to be notified. d. Within 15 days.
b. 10 days after closing the escrow.
No individual real estate salesperson's license shall be issued to any person who has not attained the age of: a. 15 b. 18 c. 21 d. 25
b. 18
What is the MAXIMUM length of time to file a claim with the Recovery Fund? a. 360 days b. 180 days c. 90 days d. 30 days
b. 180 days
The revocation of a sponsoring brokers license will: a. Automatically revoke all salespersons licenses sponsored by him/her. b. Automatically suspend all salespersons licenses sponsored by him/her. c. Automatically transfer all sponsored licenses to the Real Estate Commission. d. Require all licensees to retake their license exam.
b. Automatically suspend all salespersons licenses sponsored by him/her.
the domicile of the commission shall be in the city of: a. New Orleans b. Baton Rouge c. Shreveport d. Lafayette
b. Baton Rouge
On a cooperative sale; all written offers SHOULD: a. Be presented to the owner by the selling agent. b. Be presented to the owner by the listing agent. c. Only be presented if no other offers are pending. d. Only be presented if within 10% of listed price.
b. Be presented to the owner by the listing agent.
Which of the following is not a power of the LREC?: a. Investigate the actions of any licensee upon its own motion. b. Become involved in disputes between licensees regarding the payment of commissions involving the sale of real estate. c. Fine licensees up to $5,000. d. Investigate the actions of any licensee upon a written and signed complaint.
b. Become involved in disputes between licensees regarding the payment of commissions involving the sale of real estate.
Listing agreements shall have: a. Beginning date only. b. Beginning and ending date. c. Ending date only. d. Neither a beginning nor ending date
b. Beginning and ending date.
A licensee may have his license revoked for all EXCEPT: a. Improper, fraudulent, or dishonest dealings. b. Charging a lower commission than is charged by other brokers in his/her locality. c. Failing to appear before the Commission when subpoenaed. d. Guaranteeing a client future profits on a sale.
b. Charging a lower commission than is charged by other brokers in his/her locality.
Mixing personal funds with funds belonging to other persons is: a. Legal b. Commingling c. Assemblage d. Steering
b. Commingling
A salesperson MAY buy property listed with his/her firm if he/she: a. Offers at least 75% of the listed price. b. Discloses to owner in writing that he/she is licensed with the listing firm. c. Calls the owner and lets him/her know he/she is licensed. d. Notifies the Real Estate Commission of his/her intentions to buy.
b. Discloses to owner in writing that he/she is licensed with the listing firm.
The Real Estate Commission is given the authority to: a. Prosecute licensees b. Fine licenses for violations up to $5,000. c. Enforce the Code of Ethics. d. Negotiate commission disputes between licensees.
b. Fine licenses for violations up to $5,000.
A quorum for Commission meetings is _____ members. a. Four b. Five c. Nine d. Six
b. Five
Applicants for a salesperson license MUST: a. Have at least two years of college credit. b. Have a high school diploma or equivalent. c. Have completed 120 hours of classroom instruction. d. Have lived in this state for at least six months.
b. Have a high school diploma or equivalent.
An applicant for a brokers license MUST: a. Have been an active agent for at least five years. b. Have been an active agent for at least four years. c. Have completed at least one year of college credit in real estate. d. Be at least twenty-five years old.
b. Have been an active agent for at least four years.
On all sales; if the owner rejects the offer, the listing agent SHOULD: a. Call the selling agent and tell him to try and get another higher offer. b. Have the seller sign it and mark it "Rejected" then return a copy to selling agent. c. Not allow seller to reject. d. Call the selling agent in to persuade seller to accept.
b. Have the seller sign it and mark it "Rejected" then return a copy to selling agent.
In order to advertise a property the broker MUST: a. Have verbal permission from the owners. b. Have written permission from the owners. c. Use two signs in each yard. d. Advertise on the internet.
b. Have written permission from the owners.
A licensee who has a written agreement to sell real estate and act as an agent is known as the: a. Property Manager b. Listing Agent c. Subagent d. None of the above.
b. Listing Agent
Enacting real estate laws in Louisiana is the job of the: a. Louisiana Board of Realtors b. Louisiana State Legislature c. Louisiana Real Estate Commission d. Louisiana Real Estate License Bureau
b. Louisiana State Legislature
A person procuring prospects for the sale of real estate for a fee: a. Will be arrested. b. Must be licensed. c. Must be a broker. d. Will be fined by the Louisiana Real Estate Commission.
b. Must be licensed.
A "Code of Ethics" for licensees was written by the: a. Real Estate Commission b. National Association of Realtors c. United States Congress d. Louisiana Legislature
b. National Association of Realtors
Licenses are issued for: a. Two full years b. One year c. One full year starting on the date applicant passed test. d. Five years.
b. One year
A property manager may do all of the following EXCEPT: a. Collect rent b. Sell time shares. c. Manage real estate d. Supervise maintenance
b. Sell time shares.
A delinquent licensee who has NOT renewed by March 31st MUST: a. Take all educational hours again. b. Take the state license exam again. c. Pay a $500 delinquent fee. d. Pay a $100 delinquent fee.
b. Take the state license exam again.
In regard to reciprocity; if a licensee from another state wants a non-resident license in Louisiana: a. They must have relatives here in Louisiana. b. They must have an active license in their home state. c. They must pay a $500 non-resident license fee. d. They must open a branch office here in Louisiana.
b. They must have an active license in their home state.
When should any licensee who has notified their broker of a desire to transfer expect the broker to return the license to the Commission? a. Within 72 hours. b. Within 5 days. c. Within 10 days. d. It is the salesperson's responsibility to return the license to the Commission.
b. Within 5 days.
A copy of the complete copy should be given to all parties within ____ days. a. three b. five c. eight d. ten
b. five
Salespersons must take __ hours of continuing education before their license will be renewed. a. 5 b. 8 c. 12 d. 24
c. 12
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. a. 2 b. 4 c. 5 d. 6
c. 5
Brokers are required to maintain records for: a. 1 year. b. 3 years. c. 5 years. d. 6 years.
c. 5 years.
Applicants have how long to find a sponsoring broker after passing the State exam? a. Must have broker before taking exam. b. Six months c. 90 days d. 60 days
c. 90 days
A person acting under the provisions of the license law in a real estate transaction is a(n): a. Customer b. Client c. Agent d. Attorney in fact
c. Agent
Every applicant for a license shall submit a sworn statement attesting that he/she has knowledge of an understands the provisions of: a. The Fair Housing Act of 1968 only b. The Louisiana Equal Housing Opportunity Act only c. Both the Fair Housing Act of 1968 and the Louisiana Equal Housing Opportunity Act d. Neither the Fair Housing Act of 1968 and the Louisiana Equal Housing Opportunity Act
c. Both the Fair Housing Act of 1968 and the Louisiana Equal Housing Opportunity Act
On all sales; if the listing agent is aware of another possible offer arriving, he SHOULD: a. Wait until the offer arrives and then submit both offers. b. Wait for the other offer for no longer than 24 hours. c. Bring the first offer to seller as soon as possible. d. If the other offer arrives; submit only the highest offer.
c. Bring the first offer to seller as soon as possible.
A principal refers to which of the following? a. Agent and Seller b. Broker and Agent c. Buyer and Seller d. Agent and Buyer
c. Buyer and Seller
All advertisements for the sale of real estate MUST contain the: a. Home telephone number of broker. b. Home telephone number of listing agent. c. Company telephone number d. Address of the listed property.
c. Company telephone number
A broker who changes his/her business address without notifying the Commission: a. Would have his/her license automatically suspended. b. Would automatically be scheduled for a hearing at the Commission. c. Could have his/her license suspended or revoked. d. Would have to pay a $100 fine.
c. Could have his/her license suspended or revoked.
A licensee could have his/her license revoked for: a. Failure to devote full time to real estate businesses. b. Listing a property at less than 6% commission. c. Deliberately misrepresenting property so as to cause harm to a principal. d. Not being active during the previous year in the real estate business.
c. Deliberately misrepresenting property so as to cause harm to a principal.
The Commission consists of _____ members. a. Five b. Seven c. Eleven d. Fifteen
c. Eleven
The powers of the Real Estate Commission do NOT include: a. Revocation and suspension of licenses b. Enforcement of Rules and Regulations. c. Enacting the Real Estate laws. d. Overseeing the licensing examination.
c. Enacting the Real Estate laws.
All active licensees licensed in accordance with the provisions of the Licensing Law are mandated to carry this type of insurance. a. Recovery Fund b. Agency Disclosure c. Errors and Omissions d. Real Estate Research and Education Fund
c. Errors and Omissions
The Commission has the power to require that brokers keep records of all transactions and receipts for all escrow deposits for: a. One year b. Two years c. Five years d. Ten years
c. Five years
An original applicant for a Broker's license MUST: a. Have completed 90 hours of approved instruction. b. Have lived in this state at least six months. c. Have completed 150 hours of approved instruction. d. Be an agent for 1 year
c. Have completed 150 hours of approved instruction.
Any license who has had money paid on his behalf by the Recovery Fund will: a. Be suspended for a minimum of six months b. Be imprisoned for at least 30 days c. Have his license revoked d. Be fined no more than two thousand dollars
c. Have his license revoked
A broker is responsible for violations of the License Law by his/her agents: a. At all times b. Only if they work in the main office with him/her. c. If he/she was aware of their actions. d. If he/she was unaware of their actions.
c. If he/she was aware of their actions.
A broker is responsible for violations of the License Law by his/her agents: a. At all times. b. Only if they work in the main office. c. If the broker was aware of their actions. d. If the broker was unaware of their actions.
c. If the broker was aware of their actions.
The Commission has the right to subpoena for purposes of holding any hearings: a. Brokers only b. Salespeople only. c. Licensed and unlicensed people. d. They have no subpoena rights.
c. Licensed and unlicensed people.
A written and signed document authorizing a broker to sell the real estate described in such document is a: a. License b. Franchise Agreement c. Listing Agreement d. Purchase Agreement
c. Listing Agreement
A sponsoring broker: a. May use unlicensed agents as long as they are in a prelicensing school. b. May be unlicensed agents as long as they work only with buyers. c. May sponsor only licensed agents. d. Must sponsor only licensed brokers
c. May sponsor only licensed agents.
If a salesperson who is transferring to a new broker still owes the old broker money, the old broker: a. May hold the license until paid. b. May request that Commission revoke the license. c. Must transfer license to Commission. d. May file a complaint with the LREC.
c. Must transfer license to Commission.
When a salesperson changes his/her address or phone number he/she should: a. Notify the broker within five days. b. Notify the Commission within 20 days. c. Notify the Commission within 10 days. d. He/she is not required to tell anyone.
c. Notify the Commission within 10 days.
A Louisiana broker MAY cooperate with a broker from another state on sales within Louisiana if: a. The out-of-state broker agrees to be the responsible party. b. A copy of the brokers agreement is sent to the local Board of Realtors. c. One copy of the agreement between the brokers is sent to the Commission. d. The out-of-state broker gets less than half of the commission.
c. One copy of the agreement between the brokers is sent to the Commission.
A broker has one main office and three branch offices. She/he must have: a. One license for her/his main office only. b. Two licenses; one for the main office and one blanket license for the three branches. c. One license for the main office and one for each of the three branches. d. Licenses are not issued for offices; only brokers and salespeople.
c. One license for the main office and one for each of the three branches.
When a broker acts for more than one party in a real estate transaction with the knowledge and consent of all parties, it is considered: a. Grounds for disciplinary action. b. Contrary to the Code of Ethics. c. Permissible according to licensing law. d. Illegal under Louisiana License Law.
c. Permissible according to licensing law.
Commingling of funds is: a. Placing all client funds in the same escrow account. b. Placing brokers personal funds in the company operating account. c. Placing clients funds in the brokers personal account. d. Placing client funds in the hands of the Real Estate Commission.
c. Placing clients funds in the brokers personal account.
One who for a fee manages real estate, collects rents, supervises property maintenance for another. a. Sponsering Broker b. Agent c. Property Manager d. Buyer
c. Property Manager
The primary purpose of the LA Real Estate Commission is to: a. Restrict competition. b. Protect licensees from unethical conduct. c. Protect the public. d. Educate the public.
c. Protect the public.
Established for education and to promote the advancement and more efficient administration of the real estate industry. a. Recovery Fund b. Agency Disclosure c. Real Estate Research and Education Fund d. Errors and Omissions
c. Real Estate Research and Education Fund
All trade names, symbols, and logos used in advertising a real estate company MUST be: a. Professionally designed. b. Filed with the Board of Realtors. c. Registered with the Real Estate Commission. d. Registered only with the Secretary of State of Louisiana.
c. Registered with the Real Estate Commission.
Sales escrow accounts shall contain: a. Company operating funds b. Rental security deposits c. Sales deposits d. Sales commission funds
c. Sales deposits
The revocation or suspension of a broker's license shall automatically a. Suspend only associate broker's license's sponsored by the broker. b. Suspend only salesperson's license's sponsored by the broker. c. Suspend both associate broker's and salesperson's license's sponsored by the broker. d. This will not affect any associate broker or salesperson's licenses sponsored by the broker.
c. Suspend both associate broker's and salesperson's license's sponsored by the broker.
Escrow accounts shall be maintained until: a. The funds can be moved to brokers personal account. b. The funds can be sent to the Real Estate Commission. c. The funds are properly disbursed according to law. d. The funds are shifted to broker's general operating fund.
c. The funds are properly disbursed according to law.
Every real estate corporation or partnership MUST designate on the company license: a. The names of all partners or stockholders. b. The names of all associate brokers. c. The name of the qualifying broker. d. The name of the sales manager.
c. The name of the qualifying broker.
A licensee whose license has been inactive for 3 years must take _____ hours of continuing education to transfer to active status. a. Eight b. Sixteen c. Twenty d. Thirty-two
c. Twenty
A licensee SHALL be investigated by the Commission: a. Upon a verbal complaint called in to the Commission. b. Upon a written complaint sent to the Board of Realtors. c. Upon a written and signed complaint sent to the Commission. d. Once every two years.
c. Upon a written and signed complaint sent to the Commission.
The Commission MAY, upon its own motion: a. Fine licensees for violations. b. Imprison licensees for up to one month for violations. c. Revoke a license without a hearing. d. Investigate licensees.
d. Investigate licensees.
A licensee wishing to appeal the revocation of his/her license: a. Must submit an appeal bond. b. Will have his/her case heard by the Attorney General. c. Will have his/her case heard by the 19th Judicial District Court. d. Must wait six months.
c. Will have his/her case heard by the 19th Judicial District Court.
A broker offering another person's real estate for sale must have: a. Verbal consent from all owners. b. Written consent from the Real Estate Commission. c. Written consent from the owners. d. A certificate of authority from the local Board of Realtors.
c. Written consent from the owners.
Brokerage firms affiliated with franchise operations MUST include the phrase "Individually Owned and Operated" in the following advertising EXCEPT for: a. Newspapers b. Brochures c. Yard Signs d. Magazines
c. Yard Signs
A Broker or Salesperson using any internet electronic communication for advertising MUST include name as registered with the Commission, city and state where the office is located and the regulatory jurisdiction(s) in which the broker holds a real estate brokerage license on the _________________ of all communications. a. first page b. last page c. first or last page d. This is not a necessary disclosure.
c. first or last page
A licensee may act as a dual agent: a. with the written consent of the buyer. b. with the written consent of the seller. c. only with the written consent of all clients. d. the licensee does not need written consent from either client.
c. only with the written consent of all clients.
If a Real Estate agent is sued over a Real Estate transaction, it should be reported within ____ days to the Commission. a. three b. five c. ten d. thirty
c. ten
The Delinquent Fee February 16 - March 31st is: a. $25 b. $45 c. $100 d. $200
d. $200
The Real Estate Commission may fine licensee up to: a. $500 b. $1,000 c. $2,500 d. $5,000
d. $5,000
A broker sells several different tracts of land to six different buyers. A total of $60,000 is lost. How much can be collected from the Recovery Fund? a. $20,000 b. $30,000 c. $40,000 d. $50,000
d. $50,000
Because of death of the Broker, Salesperson may transfer to new Broker within: a. 5 days b. 10 days c. 30 days d. 60 days
d. 60 days
Real Estate licensing shall be required in which the following situations?: a. A trustee selling under a mortgage. b. An attorney required by a client in legal representation. c. A Sherriff selling property at a foreclosure sale. d. A father selling a property for his college-aged son.
d. A father selling a property for his college-aged son.
Civil penalties for a violation of the License Law are: a. A fine of not more than two thousand dollars only. b. Imprisonment of not more than five years only. c. Revocation of the real estate license. d. A fine of not more than two thousand dollars, imprisonment of not more than five years, or both.
d. A fine of not more than two thousand dollars, imprisonment of not more than five years, or both.
The professional competency of any applicant for a real estate license shall be judged solely on the basis of: a. A recommendation from the Governor. b. An oral exam administered by the Commission. c. A written exam administered by the local Board of Realtors. d. A written exam administered through the Real Estate Commission.
d. A written exam administered through the Real Estate Commission.
Real Estate Commissioners in Louisiana are: a. Elected from each Congressional district. b. Appointed by the Secretary of State. c. Elected from each Parish on a rotating basis. d. Appointed by the Governor.
d. Appointed by the Governor.
A real estate salesperson discharged by his/her sponsoring broker MUST: a. Turn in his/her license to the Commission. b. Send in his/her license with an explanation of why he/she was terminated. c. Carry his/her license to a new sponsoring broker. d. Be notified by the broker of the termination.
d. Be notified by the broker of the termination.
An agent who is employed by and represents only the purchaser in a transaction is: a. Listing agent b. Selling agent c. Cooperating agent d. Buyer's agent
d. Buyer's agent
A Broker or Salesperson advertising on a site on the internet MUST include all of the following EXCEPT: a. Name as registered with the Commission. b. City & state where the office is located. c. Regulatory jurisdiction where the license is held. d. Email address of the broker.
d. Email address of the broker.
Which of the following would NOT come under the jurisdiction of the LREC? a. Broker b. Salesman c. Associate Broker d. For Sale by Owner.
d. For Sale by Owner.
On all sales; all written offers SHOULD be presented: a. Within five days. b. Within 24 hours. c. Within 72 hours. d. Immediately.
d. Immediately.
A broker would be guilty of commingling funds if he/she: a. Kept client funds in the Rental Trust account. b. Kept client funds in the sales escrow account. c. Kept personal funds in the company general operating account. d. Kept client funds in the company general operating account.
d. Kept client funds in the company general operating account.
Enforcing laws concerning real estate and licensees is the job of the: a. Louisiana Board of Realtors b. Louisiana State Legislature c. Louisiana State Police d. Louisiana Real Estate Commission
d. Louisiana Real Estate Commission
Most of the Real Estate Commission members shall be appointed from: a. Public Service Commission Districts b. Congressional Districts Only c. State Senatorial Districts d. Louisiana Supreme Court Districts
d. Louisiana Supreme Court Districts
Salespersons are required to keep records for: a. 1 year b. 3 years c. 5 years d. Only brokers are required to keep records
d. Only brokers are required to keep records
The Commission has the power to do all of the following EXCEPT: a. Issue subpoenas. b. Take testimony by deposition. c. Suspend or revoke a license. d. Prosecute licensees for real estate fraud.
d. Prosecute licensees for real estate fraud.
Condominiums, leaseholds, and other interest in land with the exception of oil, gas, or minerals is called: a. Insurance b. Commingling c. Property Manager d. Real Estate
d. Real Estate
Sam's sponsoring broker dies. Which of the following statements is true? a. Sam cannot close any transactions currently under contract. b. Sam can continue to do business until the end of the current calendar year. c. Sam's license is automatically suspended. d. Sam can close all pending business but cannot solicit or start any new business.
d. 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. a. Four b. Five c. Two d. Six
d. Six
A real estate broker who sponsors associate brokers or real estate salespersons. a. Client's Broker b. Customer's Broker c. Licensee d. Sponsoring Broker
d. Sponsoring Broker
A licensee can have his/her license suspended or revoked for all EXCEPT: a. Representing to a lender a higher price than actually agreed upon on a sale. b. Failure to give the buyer an agency disclosure form. c. Failure to give the seller an agency disclosure form. d. Submitting a bona-fide offer to a seller while an offer is pending.
d. Submitting a bona-fide offer to a seller while an offer is pending.
The Board of Realtors establishes a Research and Education Fund for: a. Scholarships for licensee's children b. Financial backing for real estate research projects c. Continuing education classes d. The Board of Realtors does not establish the Research and Education Fund.
d. The Board of Realtors does not establish the Research and Education Fund.
Unless there is a written agreement to the contrary, any licensee involved in a transaction is: a. The agent of the buyer. b. The sub-agent of the buyer. c. The agent or sub-agent of the seller. d. The agent of the person they are working with.
d. The agent of the person they are working with.
A licensed Real Estate salesperson is allowed to sell all EXCEPT one of the following? a. Houses b. Commercial Warehouse c. Land d. Time Shares
d. Time Shares
Which of the following may NOT sell real estate without a license? a. Receiver in Bankruptcy b. Trustee c. Sheriff d. Unlicensed assistant to a licensed real estate agent.
d. Unlicensed assistant to a licensed real estate agent.
After a Real Estate License has been sent to the Commission for transfer, the licensee MAY: a. Continue selling for former broker for 30 more days. b. Immediately begin selling for new sponsoring broker. c. Wait 30 days then begin selling again. d. Wait for the new license to be issued under the new sponsoring broker.
d. Wait for the new license to be issued under the new sponsoring broker.
Money deposited into a Sales Escrow shall NOT be removed upon: a. Mutual consent of all parties. b. The Commission's order c. Court order d. Written notification from the seller.
d. Written notification from the seller.
Upon signing any real estate document a copy should be provided: a. within 8 hours b. within 12 hours c. within 24 hours d. immediately after signing.
d. immediately after signing.
