When the association of a salesperson with the sponsoring broker is terminated the broker must?

The Louisiana Real Estate Commission consists of how many Commissioners?

Select one:

A. 5

B. 7

C. 11

D. 12

Brokers are required to retain copies of all documents pertinent to a real estate transaction for

Select one:

A. 3 year

B. 5 years

C. 7 years

D. 10 years

When a sales agent receives a deposit on a property he must

Select one:

A. deposit it in his escrow account.

B. Give it to his broker

C. Deposit it in his operating account.

D. Put it in a safe place.

C. one in each state in which he is licensed

How many sponsoring brokers can a licensee have?

Select one:

A. one

B. one for each company that he is employed with

C. one in each state in which he is licensed

D. any number

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

Select one:

A. 72 hours

B. 3 days

C. 5 days

D. 10 days

A. licensees and their principals

The Real Estate Commission adjudicates disputes between

Select one:

A. licensees and their principals

B. brokers and salespersons

C. brokers

D. does not become involved in disputes of any kind

Who must sign the Agency Disclosure Pamphlet?

Select one:

A. the buyer

B. the seller

C. the agents

D. all of the above

B. $2000 and five years in prison

The maximum penalty for violation of the Louisiana License Law is

Select one:

A. $1000 and one year in prison

B. $2000 and five years in prison

C. $4000 and four years in prison

D. $5000 and five years in prison

A. represents both the buyer and the seller in the same transaction.

A dual agent is one who

Select one:

A. represents both the buyer and the seller in the same transaction.

B. Is licensed in two states.

C. Is involved in both listing and selling property.

D. Is assigned by his broker to represent the seller.

C. Present the offer immediately.

Salesman Sam brings an offer to purchase to the listing agent, Andy. Andy knows a better offer is coming in later that day. What should Andy do?

Select one:

A. Wait and present both offers to the seller at the same time.

B. Wait and present the better offer first.

C. Present the offer immediately.

D. Not present the offer.

C. Any salespersons may transfer their license to another sponsoring broker and the transfer fee is waived.

If a broker's license is revoked:

Select one:

A. Any salespersons may transfer their license to another broker upon paying a $25 transfer fee.

B. The salespersons licenses are also revoked.

C. Any salespersons may transfer their license to another sponsoring broker and the transfer fee is waived.

D. The salespersons licenses are not affected.

C. complete a 90 hour course in real estate

A person wishing to receive a real estate license in Louisiana must

Select one:

A. reside in Louisiana

B. be 21 years of age

C. complete a 90 hour course in real estate

D. all of the above

C. report it to the Commission only if convicted

If a licensee is charged with a felony he must

Select one:

A. report it to the Commission

B. turn in his license to the Commission

C. report it to the Commission only if convicted

D. do community service

B. being subpoenaed by the Commission in a hearing.

Which of the following is NOT a cause for censure, suspension, or revocation of a license by the Commission?

A. refusing to appear or testify under oath at any hearing held by the Commission.

B. being subpoenaed by the Commission in a hearing.

C. failure to disclose to a buyer a known material defect in a property being purchased by the buyer.

D. failure to advise all parties to a real estate transaction in writing of compensation being received from any source in connection with that real estate transaction.

Real Estate Activity includes:

Select one:

a. negotiating sales or leases for a commission.

b. listing property for sale or lease for compensation.

c. selling or leasing of real estate for a fee.

d. All of the above.

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.

D. All of the above.

D. having been convicted of a misdemeanor.

Which of the following is NOT cause for censure, suspension, or revocation of a license, registration, or certification by the Commission?

Select one:

A. representing to a lender an amount greater than the actual sale price.

B. failure to reduce a bona fide offer to writing when requested by a purchaser.

C. violation of the Fair Housing Act

D. having been convicted of a misdemeanor.

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.

Select one:

A. 10

B. 20

C. 30

D. 60

What is the source of funds for the Recovery Fund?

Select one:

A. license fees

B. fees from penalties

C. the state

D. sale of real estate publications

Licensees shall have the option of obtaining errors and omissions insurance independently, provided that the coverage contained in such policy complies with the minimum requirements established by the commission.

Select one:

True

False

Which of the following is considered a material fact or defect requiring disclosure to potential buyers?

A. a leaky roof

B. an occupant of the property has AIDS

C. a person was murdered on the property

D. the property is haunted

D. suggesting an offering price for a property

Ministerial acts could include all of the following EXCEPT

Select one:

A. responding to phone inquiries concerning price or location

B. setting an appointment to view a property

C. responding to phone inquiries concerning brokerage fees

D. suggesting an offering price for a property

The payment or promise of payment of compensation to a broker determines whether an agency relationship has been created.

Select one:

A. True

B. False

Is a client considered to be liable for acts or omissions of his real estate agent?

Select one:

A. yes

B. no

Applicants for broker licensing must complete a 30 hour broker responsibility course as part of the 150 hours of education required.

Select one:

true

false

A. Yes, if it has been granted a certificate of authority to do business in Louisiana.

Can a corporation be granted a real estate broker's license?

Select one:

A. Yes, if it has been granted a certificate of authority to do business in Louisiana.

B. Yes, as long as it is not a foreign company.

C. No, licenses can only be issued to individuals.

D. No, they would be issued a business license.

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

Select one:

A. 24 hours

B. 3 days

C. 5 days

D. 10 days

What are the requirements for obtaining a real estate license in Louisiana?

Select one:

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.

D. All of the above.

Applicants for broker licensing must complete a 30 hour broker responsibility course as part of the 150 hours of education required.

Select one:

True

False

Question

A licensee may remain on inactive status indefinitely.

Select one:

True

False

To obtain a broker's license you must have held an active salesperson's license for at least:

Select one:

A. Six months

B. One year

C. Four years

D. Five years

New licensees must complete ___ hours of post licensing coursework within ___ months after becoming licensed.

Select one:

a. 30, 6

b. 30, 12

c. 45, 6

d. 45, 12

If a licensee has been in the inactive status for one to three years, how many hours of continuing education will be required to activate his license?

Select one:

A. 8

B. 12

C. 20

D. 40

When a corporation, limited liability company or partnership is dissolved, the licenses of the qualifying broker and other sponsored licensees must be returned to the Commission within ____ days.

Select one:

A. 3

B. 5

C. 10

D. 30

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

Select one:

A. 72 hours

B. 3 days

C. 5 days

D. 10 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

Select one:

A. 24 hours

B. 3 days

C. 5 days

D. 10 days

Applicants for broker licensing must complete a 30 hour broker responsibility course as part of the 150 hours of education required.

Select one:

True

False

Which of the following may be considered grounds for refusing to issue a real estate license?

Select one:

A. a felony conviction

B. making a false statement on the license application

C. being under the age of 18.

D. All of the above.

All licensees are required to complete ____ hours continuing education each year.

Select one:

A. 6

B. 8

C. 10

D. 12

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

Select one:

A. 3 days

B. 5 days

C. 10 days

D. 30 days

Who may engage in the sale of real estate without being a licensed real estate agent?

Select one:

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.

D. All of the above.

New licensees must complete ___ hours of post licensing coursework within ___ months after becoming licensed.

Select one:

a. 30, 6

b. 30, 12

c. 45, 6

d. 45, 12

If a licensee has been in the inactive status for one to three years, how many hours of continuing education will be required to activate his license?

Select one:

A. 8

B. 12

C. 20

D. 40

A. They must renew their inactive license each year

Which of the following is true regarding licensees who have placed their license on inactive status?

Select one:

A. They must renew their inactive license each year.

B. They are not required to renew each year.

C. They may not transfer to active status until the end of the year.

D. In order to transfer to active status they must take an exam.

The broker’s license is required to show

Select one:

A. name of business

B. address of business

C. name of agents

D. Both A and B

B. He is required to have a branch office license for each place of business.

f a real estate broker conducts business from more than one place of business, which of the following is true?

Select one:

A. He is required to have one license for his main office only.

B. He is required to have a branch office license for each place of business.

C. No license is required.

D. None of the above.

A real estate license is issued for a period of

Select one:

A. one calendar year

B. two years

C. three years

D. five years

The fee for renewing your license after December 31st but before February 16th is:

Select one:

a. $50

b. $75

c. $100

d. $150

Under what conditions may a person or company request a referral fee for the referral of a buyer or seller?

Select one:

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.

D. All of the above.

In order for a salesperson to be considered an independent contractor, he or she must:

Select one:

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.

d. All of the above.

Who can receive a commission payment from a broker?

Select one:

A. a licensed agent.

B. The seller

C. The buyer

D. An unlicensed friend of the seller or buyer who refers them to the broker.

C. his or her sponsoring broker

Question text

Who can a salesperson receive a commission payment from?

Select one:

A. the seller

B. the buyer

C. his or her sponsoring broker

D. the listing broker

C. The sponsoring broker has 72 hours to return all licenses to the Commission.

What happens to the licenses of salespersons or associate brokers when their sponsoring broker’s license is suspended or revoked?

Select one:

A. They are transferred to another broker until they secure a new sponsoring broker or until their broker

B. Their licenses are also suspended or revoked.

C. The sponsoring broker has 72 hours to return all licenses to the Commission.

D. Nothing, they can continue to practice real estate.

Louisiana licensees are required to use the Purchase Agreement Form prescribed by the Louisiana Real Estate Commission.

Select one:

True

False

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

Select one:

a. 3 days

b. 5 days

c. 7 days

d. 10 days

Any licensee who is the custodian of any client funds must report the institution of bankruptcy proceedings to the Commission within

Select one:

A. 3 days

B. 5 days

C. 7 days

D. 10 days

It is illegal to place a For Sale sign in the seller's yard without his permission.

Select one:

True

false

A licensee must be notified of charges made against him by the Commission by what means?

Select one:

A. in person

B. by registered mail

C. by certified mail

D. Any of the above.

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.

Select one:

A. 10

B. 20

C. 30

D. 60

B. Nineteenth Judicial District Court

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

Select one:

A. Board of Realtors

B. Nineteenth Judicial District Court

C. Fifth Circuit Court of Appeals

D. There is no option for review.

What is the maximum amount of payments that can be made for claims based upon judgments against any one licensee?

Select one:

A. $20,000

B. $30,000

C. $50,000

D. There is not limit.

C. Any claimant who has received final judgment in court against a licensee in a real estate transaction.

Who is eligible to receive payment from the Recovery Fund?

Select one:

A. only licensees

B. only brokers

C. Any claimant who has received final judgment in court against a licensee in a real estate transaction.

D. Any person who is not an employee of the state

B. errors and omissions insurance

Licensees are required by the Commission to have:

Select one:

A. homeowner

B. errors and omissions insurance

C. flood insurance

D. broker

A. To promote the advancement and more efficient administration of the real estate industry and thereby serve to protect the public.

What is the purpose of the Real Estate Research and Education Fund?

Select one:

A. To promote the advancement and more efficient administration of the real estate industry and thereby serve to protect the public.

B. To provide funds for pre-licensing courses

C. To provide funds for payment of Commission employees

D. To provide funds for payment of claims against licensees.

A. at the first face to face meeting

When should an agent present the agency disclosure pamphlet to a party to a real estate transaction?

Select one:

A. at the first face to face meeting

B. at the closing

C. any time before the closing

D. at the time that the contract is signed.

No cause of action shall arise against an owner of real estate or his or her agent for the failure to disclose to the transferee that the transferred property was psychologically impacted as defined in Subsection A.

Select one:

True

False

C. notice of statewide database of location of registered sex offenders

Which of the following is required in every written lease, rental agreement, or contract for sale?

Select one:

A. marital status of lessee

B. street address of seller or lessor

C. notice of statewide database of location of registered sex offenders

D. all of the above

Acts that a licensee may perform for a person that are informative only in nature are called

Select one:

A. ministerial acts

B. informational acts

C. legislative acts

D. representative acts

A person who is not represented by the licensee but for whom the licensee is performing ministerial acts is the

Select one:

A. client

B. principle

C. buyer

D. customer

B. This is not a violation of License Law.

Which of the following statements is true concerning a licensee who unknowingly gives false information to a client that was given to the licensee by the customer?

Select one:

A. This is a violation of License Law.

B. This is not a violation of License Law.

C. This is negligent misrepresentation.

D. This is fraudulent misrepresentation.

D. with regard to leases of three years or less when no sale of the subject property is anticipated.

When is agency disclosure NOT required?

Select one:

A. with regard to leases

B. with regard to dual agency transactions

C. with regard to single agency transactions

D. with regard to leases of three years or less when no sale of the subject property is anticipated.

The payment or promise of payment of compensation to a broker determines whether an agency relationship has been created.

Select one:

A. True

B. False

How is sub-agency created in Louisiana?

Select one:

A. by written agreement

B. by membership in MLS

C. by acting as a co-op agent

D. Both B and C

B. only with the informed written consent of all clients.

A licensee may act as a dual agent

Select one:

A. when it is in the best interest of the parties involved.

B. only with the informed written consent of all clients.

C. whenever the agent is the listing agent.

D. when the agent is the designated agent.

Is a client considered to be liable for acts or omissions of his real estate agent?

Select one:

A. yes

B. no

D. Confidential information about buyer or seller

Which of the following CAN NOT be disclosed by the licensee when acting as a dual agent?

Select one:

A. material defects

B. Confidential information about the seller

C. Confidential information about the buyer

D. Confidential information about buyer or seller

D. Confidential information about buyer or seller

Which of the following CAN NOT be disclosed by the licensee when acting as a dual agent?

Select one:

A. material defects

B. Confidential information about the seller

C. Confidential information about the buyer

D. Confidential information about buyer or seller

How do I terminate a sponsorship?

What does it mean to be sponsored by a broker?

How do I leave a broker in Texas?

Who must use the mandatory purchase agreement prescribed by the Louisiana Real Estate Commission?