Final Flashcards
How many education hours are required to apply for a salesperson’s licenses?
90 hours
Which of the following is not required for a broker’s license
Associates degree from a two year college
Which of the following statements is false?
A person engaged in the activity of financing real estate is required to have a real estate licenses
You may advertise on the internet without disclosure of licensing jurisdiction
With personal emails
Broker A takes a listing for $275,000. While putting the sign on the property a potential buyer stops and offers the broker $300,000 for the property. Which of the following should the broker do?
Write the offer and present it to the seller
Which of the following is NOT a license?
Qualified broker
Without completing 45-hours post-licensing education requirement, a licensee who has been inactive for four years may not transfer to active status until what education hours requirements are met?
45 hour of post-license education in lieu of the required 40 hours of continuing education.
A licensee may have his license revoked or suspended for
accepting a commission from an unlicensed person
Once the Real Estate Commission pays a claim from the Recovery Fund, the license of the licensee that caused the payment is
revoked
The major purpose of the license law is to do which of the following?
protect the public
A licensee must notify the commission of which of the following within 10 days?
The licensee’s business address has changed.
Jim is representing John, a seller, and Mary, a buyer in a transaction for the sale of property located at 123 East Street. What type of relationship does Jim have in this transaction?
Dual Agency
Broker Mary has branch offices in Metairie, New Orleans, Gretna, and, Mandeville. How many business license does Mary have?
4
A redhibition lawsuit is the result of a
defect in the condition of the property
You are agent meeting a buyer for the first time to show him property. You ask him to sign an Agency Disclosure Form. He says he does not have time for that and he does not sign anything until his lawyer reads it. Which if the following actions are you required to take?
You must download his refusal to sign the form with the reason date and time.
Beth receives her initial license on March 1, 2008. Her license will expire on
December 31st, 2008
A delinquent licensee is given 3 months to renew their expired license
by submitting an application for renewal and the required fees
An authentic act
requires a notary and 2 witnesses
Commissioners are
all of the above
Upon payment of any amount from the recovery fund in settlement of a claim in satisfaction of a judgement against a licensed broker or salesperson, the license of said broker or salesperson shall be
automatically saved
A salesperson changes firms from Broker A to Broker B. Which of the following is true?
Broker A should return the salesperson’s license to the Louisiana Real Estate Commission
A farmer is really happy that a salesperson was able to sell his farm within 3 months. To show his gratitude, he gave the salesperson a bonus check of $500 which the salesperson cashed. Which of the following statements is true regarding this transaction?
This is always illegal
A licensee is working on a real estate sale with both the buyer and the seller. Which of the following is true if the licensee is working with both the buyer and the seller legally?
This is a disclosed dual agency.
A salesperson has 5 Listings with her broker. The salesperson quits her broker and goes to work for a new broker. What happens to the Listings?
The listings remain with the previous broker.
A salesperson may have a license with more than one broker
under no circumstances
A licensee must notify the commission of which of the following within 10 days?
The licensee’s business address has changed
The principal funding for the Real Estate Research and Education Fund is from
licensees fees
Barry, a real estate licensee, has taken a listing where the owner of the property is HIV positive. Is Barry required to disclose this information?
No. This is not a material defect and is not pertinent to the transaction.
Dual Agency is permitted
when both parties agree in writing
Julie transferred her license from AFJ brokerage to ZQI brokerage. After this, a commission was earned on a listing she had at AFJ. How will Julie receive her pay?
AFJ will send her commission to ZQI, who will in turn give it to Julie.
To be an earnest money contract, there must be
both of these
In order to offer real estate for sale as a licensee, which of the following is true?
You must have written permission.
The period for delinquent renewal of an expired license will be limited to how long following the expiration date of the active license?
3 months
Tax rates are always figured as
mileages
The agency relationship a broker has with a seller
must be in writing
When a broker is engaged in property management, he/she should open a
security deposit trust account.
A licensee has his own property for sale under a listing agreement with his broker. The broker advertises the sale in the newspaper. Under these circumstances, which of the following is true?
No disclosure of the licensee being an agent is required because the property is listed with a broker.
A licensee who has submitted his/her license renewal but his/her sponsoring broker has failed to renew by December 31 is
prohibited beginning January 1 from engaging in any activities requiring a real estate license.
The responsibility to renew a salesperson’s license lies with
the salesperson.
An offer is considered irrevocable
if there is a time limit for acceptance within the offer
A person who does not pass both portions of the licensing exam has how long to pass the failed portion before having to retake the past portion?
1 year
For a salesperson or associate broker to be an independent contractor, what condition must be met?
All of these conditions must be met.
A commercial property has land valued at $50,000 and improvements valued at $200,000. What are the property taxes if the tax rate is $14 per $1,000 of value?
$490
New licensees are required to get how many hours of Post Licensing credit within 180 days of
receiving their license
45
Every nondeveloper timeshare sales registrant is to file and maintain with the Louisiana Real Estate Commission a surety bond in the amount of
$10,000.
A corporate officer leases property owned by his firm for 2 years for $10,000 per month. Under Louisiana License Law, which of the following is true?
He is exempt from licensing since he is representing his company.
An agency agreement is between a broker and the
principal
A contractual relationship between a broker and a client is called a
designated agency
Every branch office shall be under the direct supervision of
a licensed individual broker.
When acting as a dual agent, signatures of the client’s consent to representation as such must be obtained
Both A and B.
Before censuring, suspending, or revoking any license, or imposing continuing education requirements, the LREC must notify the licensee in writing of any charges at least ____ days prior to the date set for the hearing.
20
A farmer has a 3 year lease on a piece of land. After the lease expires, he stays another 2 months and pays rent. The owner of the property does nothing but accepts the rent. Under these conditions which of the following is true?
The farmer may remain for an additional year as long as he pays rent.
Dual Agency is permitted
when both parties agree in writing
A vendor pays money to a property manager for work performed by the property manager on a client’s property that had been paid by the property manager out of his own pocket. This is legal as long as
the transaction is disclosed to the principal
Lesion beyond moiety requires the
buyer to sue within 1 year
The La. Matrimonial Regime is known as
community property
You are a licensee and an officer of a corporation that buys a property listed with your brokerage firm. Which of the following is true?
You are required to disclose you are a licensee on the sales contract.
Bonnie Broker dies January 14, 2008. The LREC was notified and Julie was appointed to handle the pending business of the company. Julie must
All of the above
You are an agent meeting a buyer for the first time to show him some property. You ask him to sign an Agency Disclosure Form. He says he does not have time for that and he does not sign anything until his lawyer reads it. Which of the following actions are you required to take?
You must document his refusal to sign the form with the reason date and time.
A riparian owner of land on the bank of a navigable river marks the boundary of his land as
the midway point between the high and low water mark
A seller tells a broker in confidence that she will take less for the property if she gets a 20% down payment. The broker tells the agent to tell potential buyers that the seller is willing to take less for the property. Is that legal?
No, it is a violation of the law.
When must you get the buyer to sign the agency disclosure form?
at the first face to face contact
All real estate agents are to complete a __________ when making an offer to buy or sell residential real property.
Purchase Agreement Form
An offer to purchase real estate is made to the seller for $250,000. The offer is not accepted. Along with the offer is a $25,000 deposit. What is done with the deposit?
The deposit is given back to the buyer.
At the time of the sale, George paid $45,000 for a property valued at $120,000. This is known as
lesion beyond moiety.
A property manager owes a bill for $5600. He has an account for one client that has $10,000 in it and the account for the client that owes the money has $450. The property manager pays the bill out of the other client’s account with the intention of repaying the money once it is available in the appropriate client’s account. This is
an improper use of the rental trust account
Frank J. Reynolds has been operating his real estate brokerage under the trade name FJR Realty, LLC for the past year. This practice is
legal
A personal servitude includes which of the following?
usufruct, habitation and right of use
Jeanne has just ended an agency relationship with Seller Joan. Jeanne is obligated to
keep all confidential information confidential.
An agent lists a home for sale in which a suicide took place. Under these conditions, the agent is required to
do nothing, the suicide is not considered a material fact for the sale
Which of the following does an agent still owe to his principal when the agency relationship is over?
confidentiality and accounting for money and property
Brian’s license has just been suspended. In the eyes of the commission, Brian is
an unlicensed person.
Which of the following in not exempt from license transfer fees if a request is submitted within 60 days of the event?
The license of the salesperson has been suspended or revoked.
An associate broker or salesperson may be sponsored by how many sponsoring brokers?
1
All real estate licenses that are not renewed expire on which date?
December 31st of the year issued
The parties to a real estate transaction want the deposit in an interest bearing CD. Which of the following statements is true regarding this transaction?
The agent must get all parties to agree in writing to this arrangement.
The commission, at its discretion, may use any and all monies in the education fund to
all of the above.
Payments from the real esate recovery fund for claims arising from the same transaction shall be limited in the aggregate to
$20,000
Agent Andy has been working with Buyer Brad in a transaction. No compensation was promised to Andy if a sale is made. Does an agency relationship exist?
Yes. Agency can exist even without payment or promise of compensation.
The exercising of Eminent Domain in Louisiana is know as
expropriation
When executed by any real estate licensee, a notice of the availability of access to a statewide database disclosing the locations of individuals required to register as a sexual offender
both A and B.
The revocation of the broker’s license will cause which of the following
automatic suspension of all salespeople’s licenses
A lessor of property keeps the deposit at the termination of the lease. This is permissible under which of the following conditions?
The lessor gives reasons for the retaining of the deposit.
When must you get the buyer to sign the agency disclosure form?
at the first face to face contact
Bob’s sponsoring broker, John, has had his license revoked by the commission. What happens to Bob’s license?
It is suspended.
A is occupying and living on property that A does not have a title right to live on and A knows that he does not own the property. A may in fact end up with legal title if A stays on the property for
30 years
A licensee has his own property for sale under a listing agreement with his broker. The broker advertises the sale in the newspaper. Under these circumstances, which of the following is true?
No disclosure of the licensee being an agent is required because the property is listed with a broker.
A ministerial act is
an act that is informative in nature.
Brad Broker is responsible to retain records for all real estate transactions he or any of his sponsored licensees have appeared in a licensed capacity for
five years.
A donation at death is known as a
donation mortis causa
A licensee must be notified of a hearing at least how many days in advance
20
A salesperson candidate passes the national exam but not the state exam. How long does the candidate have to pass the state exam before having to take them both again?
1 year
An offer is made to buy property for $175,000. The seller looks at the offer and decides to change the offer to read that the seller is willing to accept $200,000 for the property. Which of the following is true?
The counteroffer voids the buyer’s offer and represents a new contract
