Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate 101 > Topic 12 > Flashcards

Topic 12 Flashcards

You may prefer our related Brainscape-certified flashcards:
Physics 101 flashcards Psychology 101 flashcards Chemistry 101 flashcards Biology 101 flashcards Organic Chemistry 101 flashcards Sociology 101 flashcards
1
Q

a person who holds a broker’s license and who is exclusively affiliated with and sponsored by another licensed real estate broker to participate in any activity described in this Section.

A

associate broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

the Louisiana Real Estate Commission.

A

commission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

an agreement whereby one party, the franchisor, authorizes a real estate broker, the franchisee, to use registered trademarks or other advertising tools to create a common identity among several brokers nationally or regionally for marketing purposes.

A

Franchise agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

an individual person licensed as a real estate broker and does not mean a licensed corporation, limited liability company, or partnership licensed as a real estate broker.

A

Individual real estate broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

the sponsoring broker for a licensed corporation, limited liability company, or partnership and is the individual real estate broker designated by a licensed corporation, limited liability company, or partnership, by resolution, as its representative in all matters relating to its real estate business activities in Louisiana and in administrative and regulatory matters before the commission.

A

Qualifying broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

shall mean and include condominiums and leaseholds, as well as any other interest in land, with the exceptions of oil, gas and other minerals and whether the real estate is situated in this state or elsewhere.

A

real estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

any activity relating to any portion of a real estate transaction performed for another by any person, partnership, limited liability company, association, or corporation, foreign or domestic, whether pursuant to a power of attorney or otherwise, for a fee, commission, or other valuable consideration, or with the intention, in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration:

A

real estate activity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

a person, other than an associate broker, sponsored by a licensed real estate broker to participate in any activity described in this Section.

A

Real estate salesperson

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

an individual, partnership, limited liability company, corporation, or other legal entity, or the successor or assignee thereof, who creates a timeshare plan or who is in the business of making sales of timeshare interests which it owns or purports to own.

A

Timeshare developer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

a person who directly sells or offers to sell any timeshare interest.

A

Timeshare interest salesperson

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

timeshare interest salespersons or timeshare developers registered by the commission.

A

Timeshare registrant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

any place or institution certified by the commission which is open to the public for the instruction or training of individuals to engage in the selling of real estate.

A

Real estate school

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

any individual real estate broker who sponsors associate brokers or real estate salespersons who participate in any activity described in this Section.

A

Sponsoring broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

any school, place, individual, or institution certified by the Louisiana Real Estate Commission which offers courses or seminars in real estate and related subjects to fulfill continuing education requirements for license or certificate renewal purposes.

A

Real estate continuing education vendor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

any person who has been issued a license by the commission to participate in any activity described in this Section.

A

Licensee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

any currently licensed person whose license has not been transferred to inactive status and who is authorized to act in the capacity of a real estate broker or salesperson as provided for in this Chapter.

A

Active licensee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

any currently licensed person whose license has been transferred to inactive status and who is not authorized to act in the capacity of a real estate broker or salesperson as provided for in this Chapter.

A

inactive licensee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

one who, for a fee, commission, or other valuable consideration, manages real estate, including the collection of rents, supervision of property maintenance, and accounting for fees received for another.

A

Property manager

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

the selling, offering for sale, buying, offering to buy, soliciting for prospective purchasers, managing, offering to manage, leasing, offering to lease, renting, or offering to rent any real estate or improvements thereon, or any business or other entity whose assets include real estate or leases of real estate.

A

Real estate transaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

the transferor in a real estate transaction, and includes an owner who lists real estate with an agent, whether or not a transfer results, or who receives an offer to purchase or lease real estate property of which he is the owner from an agent on behalf of another. “Seller” includes a lessor.

A

seller

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

one who engages the professional advice and services of a licensee as his agent and whose interests are protected by the specific duties and loyalties imposed by that relationship.

A

client

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

a licensee acting under the provisions of this Chapter in a real estate transaction.

A

agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

a licensee, other than a listing agent or a buyer’s agent, who acts in cooperation with a listing agent in a real estate transaction.

A

subagent

24
Q

a licensee who has obtained a listing of real estate to act as an agent for compensation.

A

listing agent

25
Q

a licensee who is employed by and represents only the buyer in a real estate transaction, regardless of whether such agent’s compensation is paid by the buyer directly or by the seller through a commission split with the listing agent.

A

buyer’s agent

26
Q

the transferee in a real estate transaction, and includes a person who executes an offer to purchase or lease real estate from a seller, whether alone or through an agent, or who seeks the services of an agent with the object of entering into a real estate transaction. “Buyer” includes a lessee.

A

buyer

27
Q

putting personal funds and funds belonging to other persons in one mass or mixing the funds together so the y cannot be identified or differentiated.

A

commingling

28
Q

a person, firm, partnership, limited liability company, association, or corporation directly or indirectly taking, obtaining, or using an option to purchase, exchange, rent, or lease real property or any interest therein with the intent or for the purpose of buying, selling, exchanging, renting, or leasing said real property or interests therein to another or others, whether or not said option is in his name and whether or not title to said property passes through the name of said person, firm, partnership, limited liability company, association, or corporation in connection with the purchase, sale, exchange, rental, or lease of such real property in interest.

A

dealing in options

29
Q

a written document signed by all owners of real estate or their authorized attorney in fact authorizing a broker to offer or advertise real estate described in such document for sale or lease on specified terms for a defined period of time.

A

listing agreement

30
Q

the marketing, leasing, or overall management of real property for others for a fee, commission, compensation, or other valuable consideration.

A

property management

31
Q

a licensed real estate broker performing activities as an individual real estate broker, a sponsoring broker or designated qualifying broker, or a corporation, partnership, or limited liability company which has been granted a real estate license through a designated qualifying broker.

A

broker or real estate broker

32
Q

any form of multicellular fungi that live on plant or animal matter and in indoor or outdoor environments. Types of mold often found in water-damaged building materials include but are not limited to cladosporium, penicillium, alternaria, aspergillus, fuarim, trichoderma, memnoniella, mucor, and strachybotrys chartarum.

A

mold

33
Q

§1432. Louisiana Real Estate Commission; qualifications; terms of office

A

A. The Louisiana Real Estate Commission is hereby created within the office of the governor. The commission shall consist of eleven members appointed by the governor. One member shall be appointed from each of the seven supreme court districts. Two members shall be appointed at large. Two members shall be appointed from the following districts: one appointee from either the Fourth Congressional District or the Fifth Congressional District and one appointee from either the First, Second, Third, Sixth or Seventh Congressional District. Each appointment by the governor shall be submitted to the Senate for confirmation.

B. Each appointment to the commission shall be for a six-year term. No commissioner shall serve more than one six-year term.
C. Members of the commission shall be citizens and qualified electors of this state. Each member shall have actively engaged in the real estate business as a broker for at least five years next preceding the date of appointment.
D. A vacancy caused by any reason except the expiration of the term shall be filled by appointment by the governor for the remainder of the unexpired term.
E. The governor may remove any member of the commission for cause.

34
Q

§1433. Officers; quorum; meetings

A

A. The commission shall elect from its members a chairman and a secretary and shall select a vice-chairman to serve in the absence of the chairman.

B. (1) Five members of the commission shall constitute a quorum for all business. The commission shall meet quarterly or more often if necessary.
(2). Members of the Louisiana Real Estate Commission shall be compensated at a rate of not more than fifty dollars a day for each meeting or for attending to commission business, however, a member attending two meetings on the same day shall not be compensated for more than one meeting on that day. Members shall also be reimbursed for their actual expenses covering travel, meals, lodging and other incidental expenses incurred while attending commission meetings or attending to commission business.

35
Q

§1434. Domicile

A

The domicile of the commission shall be in the city of Baton Rouge.

36
Q

§1435. Powers of commission

A. The commission shall have the full power and authority to:

A

(1) Regulate the issuance of real estate licenses, registrations, and certificates.
(2) To censure licensees, registrants, and certificate holders.
(3) Suspend or revoke licenses, registrations, and certificates.
(4) Impose additional continuing education requirements on licensees, registrants, or certificate holders.

37
Q

§1435. Powers of commission

A

B. The commission shall adopt a seal by which it shall authenticate its proceedings.

D. In addition to its general powers as above provided by way of extension and not of limitation, the commission is expressly granted the right to require any real estate broker or timeshare developer registrant to keep records as specified in this Chapter of all real estate or timeshare transactions. The commission is authorized to inspect such records at the offices of those licensees or registrants by its duly authorized representatives between the hours of 9:00 A.M. and 4:00 P.M., Saturdays, Sundays, and legal holidays excluded, and to subpoena any of the said records.

E. The commission shall have the right to subpoena any licensee, registrant, or witness for the purpose of holding any hearing or in furtherance of an authorized investigation. Failure by a licensee or registrant to comply with a subpoena or subpoena duces tecum shall be punishable by the commission as provided under the provisions of R.S. 37:1455.

F. The commission may also require that all real estate brokers and timeshare developer registrants shall deposit all monies or things of value received on behalf of clients in a separate banking account or accounts in a legally chartered financial institution. Said monies so received are not to be commingled with the personal funds of such licensees or registrants.

G. The commission shall appoint an executive director, who shall have such powers, authority, and responsibilities as the commission shall delegate. The commission shall establish the salary of the executive director, and ma y remove the executive director for cause.

H. The commission shall establish, through the adoption and promulgation of rules and regulations in accordance with the Administrative Procedure Act, procedures by which a determination may be made as to whom a disputed escrow deposit should be released.

38
Q

§1435. Powers of commission

the commission may:

A

(1) Adopt all necessary rules and bylaws for the enforcement of this Chapter;
(2) Require any satisfactory proof it may desire in reference to the honesty, truthfulness, reputation, and knowledge of any applicant for a real estate broker, or salesperson’s license or registration as a timeshare interest salesperson or of any of the officers or members of any such applicant prior to the issuance of any license, or registration; and
(3) Promulgate and enforce rules and regulations relative to applications for licenses or registrations necessary to administer and enforce the provisions of this Chapter.

39
Q

Licenses issued by the commission shall be classed as ______

A

active and inactive

40
Q

It shall be unlawful for any person or entity, directly or indirectly, to engage in or conduct, or to advertise or hold himself out as engaging in or conducting the business, or acting in the capacity, of a real estate broker or real estate salesperson within the state without first obtaining…

A
  1. ) a license as such broker or salesperson, and be classed as an active licensee, as provided in this Chapter, unless he is exempted from obtaining a license as specified herein.
  2. ) a registration as such a timeshare interest salesperson or timeshare developer, as provided in this Chapter, unless he is exempted from obtaining a registration as specified therein.
41
Q

Any person desiring to act as a real estate broker or as a real estate salesperson, or any corporation, partnership, limited liability company, or any other legal entity desiring to conduct real estate activity in this state, shall file an application for a license with the commission. The application shall be in such form and detail as the commission shall prescribe, setting forth the following:

A
  1. ) Name & address of the applicant and the name under which the applicant intends to conduct business
  2. ) The place or places, including the city/village with the street and street number, if any, where the business is to be conducted
  3. ) Such other info the commission shall require
42
Q

License is only granted to…

A

persons with a good reputation and proof of qualifications

43
Q

License can be refused if…

A
  1. ) Convicted of crime
  2. ) False statement on app
  3. ) License previously been revoked or suspended
44
Q

No real estate broker or salesperson’s license should be issued unless person is…

A
  1. ) 18 +

2. ) high school graduate

45
Q

Applicants for an initial individual real estate broker’s license shall have…

A
  1. ) actively served for four years as a real estate salesperson
  2. ) can show evidence satisfactory to the commission that they have satisfactorily completed at lease 150 hrs. or its equivalent of instruction in real estate courses approved by the commission prior to the licensure. Includes passage of examination on course contents
46
Q

At least ____ of the broker educational requirement shall be obtained in coursework emphasizing broker responsibilities

A

30 hrs.

47
Q

Each person obtaining a real estate broker’s license shall complete ____ additional hrs. w/in the 1st 6 mos of licensure, which additional hrs. shall satisfy the required continuing education requirements for that yr, except for the 4 hr. mandatory course.

A

45

48
Q

Licensees remaining in the inactive status from one to five years shall complete the number number of hours of continuing education specified for the period of inactivity indicated:

A

a. One to three years of inactive status - twenty hours of continuing education
b. Three to five years of inactive status - forty hours of continuing education.

49
Q

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

A
  1. ) Owner of the property
  2. ) an attorney on behalf of his client
  3. ) A receiver, trustee in bankruptcy, administrator, executor, tutor, or civl sheriff for any parish of this state
  4. ) A trustee selling under a deed of trust or a mortgage
  5. ) Any individual, corporation, partnership, trust, limited liability company, joint venture, or other entity which sells, exchanges, leases, or manages its own property, except those in the business of selling timeshare interests
  6. ) Anyone employed by a licensed real estate broker for and on behalf of the owner of any real estate which the licensed broker has contracted to manage for the owner.
50
Q

Any person licensed by the LA Real Estate Commission as a real estate broker

A

broker

51
Q

An agreement for brokerage services to be provided to a person in return for compensation or the right to receive compensation from another

A

brokerage agreement

52
Q

Those acts that a licensee may perform for a person that are informative in nature

A

ministerial acts

1.) Responding to phone inquiries by persons as to the availability an pricing of brokerage services
2.) Responding to phone inquiries from a person concerning the price or location of a property
3.) Conducting an open house and responding to questions about the property from a person
4.) Setting an appt. to view property
5.) Responding to questions from persons walking into a licensee’s office concerning brokerage services offered or particular properties
6.) Accompanying an appraiser, inspector, contractor, or similar 3rd party on a visit to a property
7.) Describing a property of the property’s condition in response to a person’s inquiry.
…see pages for more…

53
Q

individuals and any and all business entities, including but not limited to corporations, partnerships, trusts, and limited liability companies, foreign or domestic

A

person

54
Q

A licensee representing a client shall:

A
  1. ) Perform the terms of the brokerage agreement b/t a broker and the client
  2. ) Promote the best interests of the client by:
    - seeking a transaction at the price and terms stated in the brokerage agreement or at a price and upon terms otherwise acceptable to the client
    - Timely presenting all offers to and from the client, unless the client has waived this duty
    - Timely accounting for all money and property received in which the client has, may have or should have had an interest
    - Exercise reasonable skills and care in the performance of brokerage services
55
Q

What a licensee shall do for clients when acting as a dual agent:

A
  1. ) Treat all clients honestly
  2. ) Provide info about the property to the buyer or tenant
  3. ) Disclose all latent material defects in the property that are known to the licensee
  4. ) Explain real estate terms
  5. ) Disclose financial qualification of the buyer or tenant to the seller or landlord
  6. ) Help the buyer or tenant to arrange for property inspections
  7. ) Explain closing costs and procedures
  8. ) Help the buyer compare financing alternatives
  9. ) Provide info about comparable properties that have sold so both clients may make educated decisions on what price to accept or offer
56
Q

A licensee shall not disclose to clients when acting as a dual agent:

A
  1. ) Confidential info that the licensee may know about either of the clients, without that client’s permission
  2. ) The price the seller or landlord will take other than the listing price without the permission of the seller or landlord
  3. ) The price the buyer or tenant is willing to pay without the permission of the buyer or tenant

Real Estate 101 (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions