License Law
The maximum penalty for violations of the License Law is
$2000 and 5 years imprisonment.
The fee for renewing your license after December 31st but before February 16th is:
$50
Any final conviction of him by a court of competent jurisdiction for forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud, theft, or any other felony, or any crime involving moral turpitude shall be reported to the commission within:
10DAYS
The Louisiana Real Estate Commission consists of how many members?
11
If a licensee has been in the inactive status for 1 to 3 years, how many hours of continuing education will be required to activate his license?
20
When any charges are made against a licensee by the Commission, the licensee must be notified at least _____ days prior to the date of hearing.
20
To obtain a broker's license you must have held an active salesperson's license for at least?
4 YEARS
How long are brokers required to retain records of real estate transactions?
5
What is the maximum amount of payments that can be made for claims based upon judgments against any one licensee?
50,000
Commissioners are appointed for a term of ?
6 years
Who can receive a commission payment from a broker?
A licensed agent
Who may engage in the sale of real estate without being a licensed real estate agent?
A. An attorney on behalf of his or her client. B. A receiver or trustee in bankruptcy. C. An individual selling his or her own property.
Under what conditions may a person or company request a referral fee for the referral of a buyer or seller?
A. The person seeking the referral fee introduced the client to the licensee. B. The person seeking the referral fee has a written contractual relationship with the licensee for a referral fee. C. The licensee has received the client referral prior to the client contracting to buy or list real estate with the licnesee.
Which of the following are causes for censure, suspension, or revocation of a license, registration, or certification by the Commission?
A. Violation of the License Law or Rules and Regulations. B. Failure to account for any money coming into the licensees possession which belongs to others. C. Acting in the dual capacity of agent and undisclosed principal in any transaction.
In the event of the death of the sponsoring broker, who may complete any pending real estate activities of the firm?
Any associate broker or salesperson who was sponsored by the deceased broker, upon written approval by the Commission.
Which of the following CAN NOT be disclosed by the licensee when acting as a dual agent?
Confidential information about buyer or seller
An agency relationship in which the licensee is representing both the seller and the buyer in the same transaction is
Dual Agency
If you are acting as a dual agent you must get verbal permission from both parties.
FALSE
If a real estate broker conducts business from more than one place of business, which of the following is true?
He is required to have a branch office license for each place of business.
How long does the agent have to provide his principle with a copy of a document which the principle has signed?
It should be done immediately.
In order for a salesperson to be considered an independent contractor, he or she must:
a. be a licensee. b. receive compensation from sales rather than number of hours worked. c. have a written agreement with the broker specifying that the licensee will not be treated as an employee.
The members of the Commission are
appointed by the Governor
A person who holds a broker's license but is sponsored by another broker is a:
associated broker
Before you become apart of the commission each member shall actively be engaged in the real estate business as a broker for how long?
at least 5 years
Which of the following is NOT a cause for censure, suspension, or revocation of a license by the Commission?
being subpoenaed by the Commission in a hearing
What duties are owed to the customer by the licensee?
confidentiality
Which fiduciary duty extends beyond termination, expiration or completion of a contract?
confidentiality
Who can a salesperson receive a commission payment from?
directly from sponsoring broker
If a licensee remains inactive status for 3 - 5 renewal periods?
must complete 40 hours covering Louisiana real estate law and commission.
Is a client considered to be liable for acts or omissions of his real estate agent?
no
A licensed person whose license has been transferred to inactive status is
not authorized to sell real estate.
A licensee may act as a dual agent
only with the informed written consent of all clients.
A real estate broker who holds a salesperson's license is a:
sponsoring broker
People who engage in the selling of timeshare interests or developing timeshare property who are registered with the Real Estate Commission are known as
timeshare registrants
When a Louisiana broker cooperates with an out of state broker in the sale of property in Louisiana, the commission is paid
to the Louisiana broker who then pays the out of state broker
A licensee may remain on inactive status indefinitely.
true
Demanding a referral fee when reasonable cause does not exist is unlawful.
true
Louisiana licensees are required to use the Purchase Agreement Form prescribed by the Louisiana Real Estate Commission.
true
Written agreements for the sale or management of real estate are required to specify a definite expiration date.
true
Real Estate Activity includes
-negotiating sales or leases for a commission -listing property for sale or lease for compensation. -selling or leasing of real estate for a fee.
Any licensee who is the custodian of any client funds must report the institution of bankruptcy proceedings to the Commission within
10
All licensees are required to complete ____ hours continuing education each year.
12
Payments for claims arising out of the SAME TRANSACTION shall be limited to how much money regardless number of claimants involved in real estate transaction?
20,000
To obtain a broker's license you must have held an active salesperson's license for at least:
4 years
If a licensee has been in the inactive status for 3 to 5 years, how many hours of continuing education will be required to activate his license?
40
New licensees must complete ___ hours of post licensing coursework within ___ months after becoming licensed.
45, 6
Persons signing any document in a real estate transaction which pertains to more than one party should be provided with a copy of the completed document within _____ days after the final signature is affixed to the document.
5
Upon termination of a qualifying broker's affiliation with a corporation, limited liability company or partnership, the Commission must be notified and a new qualifying broker designated within
5 DAYS
Upon termination of the association of an associate broker or salesperson with his sponsoring broker, the broker shall return the license to the Commission within
5 DAYS
When a salesperson or associate broker notifies his sponsoring broker that he intends to transfer his license, the sponsoring broker must return his license to the Commission within
5 DAYS
When the association of the qualifying broker for a corporation, limited liability company, or partnership is terminated, his license must be returned to the Commission within
5 DAYS
In the event of the death or physical or mental incapacity of a qualifying broker, the commission shall be immediately notified and the licensed corporation, limited liability company, or partnership shall appoint a new qualifying broker within
5DAYS
What are the requirements for obtaining a real estate license in Louisiana?
A Must complete 90 hours of approved real estate coursework. B. Must be a high school graduate, or equivalent. C. Must pass the state exam.
Licensees are required to report to the Commission within 10 days
A. The rendering of a final judgment against the licensee involving a real estate transaction in which he or she was acting as a licensee. B. Criminal prosecution against the licensee in a matter involving a real estate transaction in which he or she was acting as a licensee. C. Any final conviction of the licensee for forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud, theft, or any other felony, or any crime involving moral turpitude.
Which of the following may be considered grounds for refusing to issue a real estate license?
A. a felony conviction B. making a false statement on the license application C. being under the age of 18.
A licensee must be notified of charges made against him by the Commission by what means?
A. in person B. by registered mail C. by certified mail
The Commission has the power to:
A. issue licenses, registrations, and certificates. B. censure licensees, registrants, and certificate holders. C. suspend or revoke licenses, registrations, and certificates.
The broker's license is required to show
A. name of business B. address of business
Who must sign the Agency Disclosure Pamphlet?
A. the buyer B. the seller C. the agents
Each sales or associate broker's license is required to show
A. the name of the licensee B. the name of the broker or company name
The Louisiana Real Estate Commission is domiciled in
Baton Rouge
The Commission will not become involved in disputes concerning
Disputes between licensees regarding payment of commissions.
The last date to renew your license delinquently is:
MARCH 31
If a licensee disagrees with the final decision of the Commission concerning charges made against him, he may request a review of the findings by the
Nineteenth Judicial District Court
The sponsoring broker for a licensed corporation, limited liability company, or partnership is the
Qualifying broker
The term "real estate activity" includes which of the following?
Selling or purchasing, Managing, Listing for sale
1 member of the commission is appointed from each of the Supreme Court ? T/F
TRUE
A franchise agreement allows a real estate broker to use registered trademarks and other advertising tools to create a common identity among several brokers nationally or regionally for marketing purposes. t/f
TRUE
An associate broker or salesperson can assign payment of his or her commission to an unlicensed corporation or limited liability company of which he or she is the sole officer, director or shareholder. T/F
TRUE
Applicants for broker licensing must complete a 30 hour broker responsibility course as part of the 150 hours of education required. T/F
TRUE
Bankruptcy proceedings which shall be reported include those in which the petitioner is named as a debtor, whether classified as voluntary or involuntary, personal, corporate, or partnership, or which is in any way connected with the licensee's, registrant's, or certificate holder's real estate business activities.
TRUE
It is illegal to place a For Sale sign in the seller's yard without his permission.
TRUE
It is unlawful for a real estate agent to pay a commission to an unlicensed person. T/F
TRUE
It is unlawful for any person or his agent to file with the commission any notice, statement, or other document, required under the provisions of this Chapter which is false or contains any material misstatement of fact.
TRUE
The delinquent renewal fee if renewing after February 15th is $200. T/F
TRUE
Every applicant for a license shall submit a sworn statement attesting that he has knowledge of and understands the provisions of
The Fair Housing Act
What happens to the licenses of salespersons or associate brokers when their sponsoring broker's license is suspended or revoked?
The sponsoring broker has 72 hours to return all licenses to the Commission.
Which of the following is true regarding licensees who have placed their license on inactive status
They must renew their inactive license each year
Can a corporation be granted a real estate broker's license?
Yes, if it has been granted a certificate of authority to do business in Louisiana.
A licensee who is employed by and represents only the buyer in a real estate transaction, regardless of whether the agent's commission is paid by the buyer or by the seller is known as a
buyer agent
A person who engages the professional advice and services of a licensee as his agent is known as the
client
Licensees who have been on inactive status for more than 5 years must do what to activate their license?
complete 80 hours of continuing education.
A written agreement signed by the owner of real estate authorizing a broker to offer their property for sale or lease is a:
listing agreement
Ministerial acts could include all of the following EXCEPT
suggesting an offering price for a property