Midterm Flashcards
Any person signing any document in a real estate transaction which pertains to more than one party are to be given a copy of the completed document with the signatures of all parties affixed to the transaction _______ after the documents final signature is obtained.
Within five days
Beth receives her initial license on March 1, 2011. Her license will expire on
December 31, 2011
When acting as a dual agent, a license shall do all of the following except
Not provide information about the property to the buyer or tenant.
Dual agency is permitted
When both parties agree in writing
The agency relationship a broker has with a seller
Must be in writing
Bonnie Broker dies January 14, 2008. The LREC was notified and Julie was appointed to handle the pending business of the company. Julie must
Notify the sponsored licensees of Bonnie’s death, advise the sponsored licensees no to initiate new business, return the licenses of all sponsored licensees within five days.
Mary is with her client, Jane, who is signing a purchase agreement form. When must Mary supply a copy of the document?
Immediately
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
Jeanne has just ended an agency relationship with Seller Joan. Jeanne is obligated to
Keep all confidential information confidential.
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
How many education hours are required to apply for a salesperson’s license?
90 hours
The major purpose of the license law is to do which of the following?
Protect the public
The Real Estate Commission has the power to subpoena which of the following?
Registrants, Licensees, Witnesses
Commissioners are
Qualified electors of the state of Louisiana, active real estate broker for a minimum of five years prior to appointment to the commission.
A delinquent licensee is given 3 months to renew their expired license
By submitting an application for renewal and the required fees
When you get the buyer to sign the agency disclosure form?
At the first face to face contact
A licensee may have his license revoked or suspended for
Accepting a commission from an unlicensed person
The minimum and maximum balance of the real estate recovery fund is
$400,000
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
Payments from the real estate recovery fund for claims arising from the same transaction shall be limited in the aggregate to
$20,000
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 violation of the law.
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 to Julie.
When executed by any real estate licensee, a notice of the availability of access to a statewide database disclosing the location of individuals required to register as a sexual offender
Is required in every lease and rental agreement and every written contract for the sale of residential immovable property
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
Which of the following is a reason for denying an applicant a license?
Being under the age of 18 and not possessing either a high school diploma or a GED
An agency agreement is between a broker and the
Principal
Dual agency is permitted
When both parties agree in writing
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.
A license is working on a real estate sale with both the buyer and the seller. Which of the following is true if the license is working with both the buyer and the seller legally?
This is a disclosed dual agency
The principal funding for the Real Estate Research and Education Fund is from
licensees fees
Tim, the qualifying broker for QMR Corporation, was released from the company on January 10th. QMR must return Tim’s license to the Commission
Within five working days.
The commission shall obtain errors and omissions insurance coverage to insure all licensees at a cost for coverage not to exceed
$500
A salesperson’s or a associate broker’s license is kept in the custody and control of
The sponsoring buyer
The major purpose of the license law is to do which of the following?
Protect the public
The revocation of the broker’s license will cause which of following
automatic suspension of all salespeople’s license
New licensee are required to get how many hours of Post Licensing credit within 180 days of receiving their license?
45
The commission, at its discretion, may use any and all monies in the education fund to
Establish real estate chairs at Louisiana institutions of higher learning.
Brad Broker is responsible to retain records for all real estate transaction he or any of his sponsored licensees have appeared in a licensed capacity for
Five years
When acting as a dual agent, signatures of the client’s consent to representation as such must be obtained
At any time before the licenses acts as a dual agent, at the time the brokerage agreement is entered into.
All applicants for an initial individual real estate broker’s license must have been active as a real estate salesperson for how many years?
4
Every nondeveloper timeshare sales registrant is to file and maintain with the Louisiana Real Estate Commission a surely bond in the amount of
$10,000
A license must notify the commission within ten days by registered or certified mail or by hand delivery of all of the following actions except
The institution of criminal prosecution of him/her 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.
Brain’s license has just been suspended. In the eyes of the commission, Brain is
An unlicensed person
A licensee’s duties when representing a client include
Seeking a transaction at the price and terms stated in the brokerage agreement or at a price and upon terms otherwise acceptable to client, timely presenting all offers to and from the client, unless the client has waived this duty, perform the terms of the brokerage agreement between a broker and the client.
All real estate licenses that are not renewed expired on which date?
December 31st of the year issued
Which of the following is not required for a broker’s license
associate degree from a 2 year college
A ministerial act is
An act that is informative in nature.
Subagency can only be created by
Written agreement
Which of the following is not a license?
Qualifying broker
All real estate license that are not renewed expire on which date?
December 31st of the year issued
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
Matt has been an inactive licensee for one and one-half years. To return to active status, Matt must
Pay a $45 transfer fee, complete twenty hours of continuing education, apply for transfer to active status.
Bob’s sponsoring broker, John, has had his license revoked by the commission. What happens to Bob’s license?
It is suspended
Licensees at initial issuance of his/her licenses and every annual renewal is charged ___ that is dedicated to the Louisiana Real Estate Research and Education Fund.
$10
Examinations for a real estate licenses are to be conducted by
A national testing service, the department of state civil service
Upon determination of guilt by the Louisiana Real Estate Commission, a licensee may be
neither imprisoned up to five years or fined up to $2,000
Once the real estate commission pays a claim from the recovery fund. the license of the licensee that caused the payment is
Revoked
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.
