LA Real Estate Chain of Commands
Governor --> Legislature --> The Louisiana Real Estate Commission --> Sales Licensees and Brokers
has the authority to appoint Commissioners to serve on the Real Estate Commission
elected Representatives and Senators enact laws that regulate the Real Estate industry in Louisiana.
Louisiana Real Estate Commission
-Enforces laws concerning real estate and establishes rules and regulations for licensees
-grants licenses and can revoke them
-primary purpose is to protect the public.
Sales Licensees and Brokers
-must follow LA real estate laws and the law passed by the Real Estate Commission
A licensee who is a member of the local Board of Realtors, affiliated with the State Board of Realtors and the National Association of Realtors. Members are expected to conduct themselves under a Code of Ethics.
Individual Real Estate Broker
an individual person licensed as a real estate broker and does not mean a corporation, limited liability company, or partnership licensed as a real estate broker.
sponsoring broker for a corporation, limited liability company, or partnership and is the individual real estate broker designated by a 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 matters before the commission
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
Real estate salesperson
a person, other than an associate broker, sponsored by a licensed real estate broker to participate in any activity described in this Section
means 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
real estate activity
activity relating to real estate performed by any person, partnership, limited liability company, association, or corporation, foreign or domestic, who for another, 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
6 categories of real estate activity
a. Sells, exchanges, purchases, manages, rents, or leases or negotiates the sale, exchange, purchase, rental, leasing or auctioning of real estate.
b. Offers or attempts or agrees to negotiate the sale, exchange, purchase, management, rental, or leasing of real estate.
c. Lists or offers or attempts or agrees to list for sale or lease any real estate or the improvement thereon.
d. Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate or the improvements thereon.
e. Advertises or holds himself, or themselves out as engaged in the business of selling, exchanging, purchasing, managing, renting, or leasing real estate
f. Assists or directs in the procuring of prospects or the negotiation or closing of any transaction, other than mortgage financing, which results or is calculated to result in the sale, exchange, managing, leasing, or renting of any real estate, other than a provider of information, ideas, and materials to guide homeowners in the sale of their own property.
Timeshare interest salesperson
a person who directly sells or offers to sell any timeshare interest
Real estate school
includes 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
any individual real estate broker who sponsors associate brokers or real estate salespersons who participate in any activity described in this Section
any person who has been issued a license by the commission to participate in any activity described in this Section
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
Real estate transaction
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
usually the seller (vendor) or buyer (vendee) in a transaction