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REAL ESTATE PART 2
Terms in this set (97)
Appeals of Louisiana Real Estate Commission findings are reviewable by
the 19th Judicial District Court.
The Commission is required by law to meet:
Which of the following is NOT a sanction possible by the disciplinary action of the LREC?
A fine of $5000 and a prison term of 2 years. Correct
An individual person licensed as a real estate broker and not a corporation or partnership is known as a (an):
Individual real estate broker Correct
What is the minimum age required to receive a real estate license in Louisiana?
If a licensee fails to pay all applicable renewal fees to the LREC by December 31, her status on January 1 is:
Which of the following best describes the education requirements for a broker applicant?
150 hours of education excluding the salesperson hours, in courses specified by the LREC. Correct
The renewal fee charged by the LREC for a salesperson license is what amount?
If a broker cannot resolve a dispute over a sales deposit
he must give the money to the court or commission or to the proper party upon a clear interpretation of the contract within 90 days.
According to the license law, Listings must be
If a broker's license is revoked due to a violation of the License Law, what happens to her salespeople?
When the association of an associate broker or salesperson is terminated with their firm for any reason, the broker must return the license to the LREC:
Within 5 days.
George sold a house but the closing was delayed until after renewal time and George decided not to renew his license. Which of the following is true?
George is allowed by license law to be paid his commission
Every licensee must sign a sworn statement on their application attesting that they shall not induce any person to sell or rent any dwelling by representations regarding the entry of any person to the area due to that person's race, color, religion, or national origin. This prohibited practice is known as:
If you wish to pay a fee or part of a fee earned to an unlicensed person for finding you business, you:
may not do so. It is illegal to pay an unlicensed person for finding you business.
Fees to non-licensees for finding clients are:
Always a violation of the regulations
The amount of commission charged a client is established:
In negotiations between broker and seller
A broker using E-mail must include which of the following on each page of his E-mail?
All of the above
A system of principles and rules governing the ownership and management of the property of married persons or between themselves and toward third persons is called:
A seller recently received $40,000 for a house worth $100,000. He would have 1 year to claim:
Lesion beyond moiety
The donation of property while living is called
Donation Inter Vivos
The buyer in a contract is called the:
A nonfarm lease that has expired is presumed to have been continued for another month if the tenant holds over without opposition for:
In Louisiana, the closest term to consideration is:
A buyer who has put up $10,000 earnest money on a sales contract for a $200,000 property decides to default. The seller may keep the $10,000 as:
A limited partnership in Louisiana is called:
Partnership in commendam
A right granted to a seller for the unpaid sales price is called the:
Lesion beyond moiety has as its basis that:
Property has been sold for less than 1/2 of its value
If one client does not consent to dual agency in a Louisiana transaction,
the licensee must give a written disclosure to both clients to receive a referral fee for the one withdrawing
In dual agency in Louisiana,
each client and licensee only know the information they were actually given.
Which of the following is true about Ministerial acts?
They are acts that are considered informative in nature and do not cause an agency to be formed
A buyer notices that the roof does not seem quite right and asks their agent if the roof leaks. The agent responds that upon asking the seller about the roof he was told that there is no seepage and no leaks. However, it is discovered that there is a seepage problem with the roof. Which of the following best describes the agent's position in this situation?
nothing was done improper in this situation
Which of the following is not true about confidential information?
All information told to a licensee in confidence by a client is considered confidential and cannot be disclosed by the licensee
"Ministerial Acts" do not include
showing a potential buyer through your listing.
If another agent is representing a buyer and is showing your listing and you tell him that your seller is eager and may accept a lower price if they make an offer right away, this is
undisclosed dual agency
A licensee engaged in any real estate transaction shall be considered to be representing the person with whom he is working as a designated agent unless
Both 1 and 2 are true
Which of the following is true about customers?
Licensees shall treat all customers honestly and fairly
The Louisiana Real Estate Commission is comprised of
11 members appointed by the Governor
Which of the following statements is true?
The commission can grant a license to a convicted felon.
The commission can grant a license to a person who has had their license suspended or revoked in the past.
The commission can grant a license to a person who had made a false statement on their application.
All of the above.
Which of the following statements is true regarding broker applicants?
All of the above
If a broker is involved in obtaining deposits in property management, the broker must
open an account titled "Security Deposit Trust Account"
A real estate broker advertising or marketing on a site on the Internet must include which of the following on each page of the site on which the advertising appears?
All of the above.
Salespeople cannot accept a commission or valuable consideration for the performance of any act under the license law from any person, except their
Which of the following statements is(are) true?
All offers that are rejected must be signed as rejected by the owner at some point.
A lessee can be expelled if he has not paid rent, not waived notice in writing, and the lease does not provide otherwise with how many days notice?
An offer that specifies no time for acceptance or if the offeror has not manifested an intent to give the offeree a delay, the offer may:
Be revoked before it is accepted.
A lawsuit based on lesion beyond moiety must be filed within:
An undivided interest in real property is best defined in Louisiana Civil Law as:
The property is owned by more than one person who share the same thing.
When one party is obligated for the benefit of the other, but receives no return advantage this is called a (an):
A dual agency disclosure form must be signed
Both 1 and 2
In Louisiana, a licensee cannot be a legal dual agent without a dual agency disclosure signed:
before the licensee acts as a dual agent.
A relationship in which a real estate broker or licensee represents a client by the client's consent in an immovable property transaction is referred to as
Conducting an open house and responding to questions about the property
is a Ministerial Act.
A licensee represents a seller who has just accepted an offer on his property. Without any discussion on the possibility of additional offers, the licensee receives another offer. He must
present the offer immediately.
Which of the following would be required to have a real estate license?
A person referring real estate business to licensees for a fee.
Upon death of your sponsoring broker, which of the following best describes your rights and responsibilities as a salesperson?
You are provided 180 days to close pending business, no new business may be started.
In order to sell, exchange, purchase, or lease real estate for another, for compensation, you must be a (an):
The Louisiana Research and Education Fund was established to
promote the advancement and more efficient administration of the real estate industry and thereby serve the public.
If a licensee wishes to advertise property in which they have an interest, which of the following is true concerning advertising the property?
Although no disclosure needs to be on the yard sign, it is still necessary for the agent to disclose if they are a principal in the transaction.
During the course of a real estate transaction, a buyer who is not the client of Bob the Broker hands Bob an offer for one of his listings along with a money order for the deposit amount. What should Bob do with this money order, since this potential buyer is not his client?
Place the money order deposit in his sales escrow account as soon as possible.
Which of the following information must appear on every page of an email advertisement:
None of the above
If a licensee purchases a property listed with his company
he must make his position with the company known in writing to the seller and put it in writing that he is a licensed agent before the seller accepts the offer on the property.
In printed advertising placed by an associate broker or salesperson
the associate broker or salesperson's name may appear.
Providing the Residential Property Condition Disclosure Document
is not intended to be part of any contract between the buyer and the seller.
All persons have legal capacity to contract except:
All of the above.
The avoidance of a sale on account of some vice or defect in the thing sold is called:
If two or more persons own the same piece of property, each as an undivided share, this is referred to as a (an):
A charge on one property for the benefit of another property is
a predial servitude
Under which of the following circumstances may a salesperson lawfully refuse to show a home to a minority prospect who has specifically asked to see it?
When the owner is out of town and has instructed the agent that no showings may be made in her absence
Which of the following is true about dual agency?
A dual agency relationship shall not be construed to exist in a circumstance in which the licensee is working with both landlord and tenant as to a lease which does not exceed a term of three years and the licensee is the landlord
How much are Commission members compensated for attending to Commission business?
$50 plus actual expenses
The primary purpose of the Louisiana Real Estate Commission is to
protect the public.
If a real estate sales license is not renewed within 3 months of expiration, the licensee must:
Re-apply as an initial applicant.
Broker Bob plans to open an additional real estate office in his home. He will use the office to meet prospects and do occasional computer work. The Louisiana license law will require him to:
Apply for a branch office license.
Considering the following circumstances, when should the agency disclosure informational pamphlet be provided to persons by a licensed real estate agent?
At first face-to-face contact, or whenever substantive information is solicited or received.
A deposit in a typical real estate sales transaction:
Must be maintained by the broker in the broker's designated escrow account.
In regards to sales deposits which are related to the real estate transaction:
Deposits must be held in the broker's escrow account.
Where must the required advertising disclosures be included on an e-mail message?
On the first or last page.
Bill Jones is a partner in a partnership in commendam. This means:
He is part of a limited partnership
Buying subject to a mortgage:
Keeps the seller personally liable for the loan, although the lien remains with the property after sale.
A contract to sell real property that requires the purchase price to be paid in installments and title is to be delivered to the buyer only after a stipulated sum has been paid or the terms met is a(an)
Bond for Deed.
A foreclosure may be followed by a deficiency judgement only if there was a (an):
Foreclosure with appraisement.
Which of the following statements concerning branch offices is correct?
The broker needs a branch office license for each office he opens regardless of proximity to others.
Which of the following MUST be included on an internet advertisement, but not on a printed advertisement for residential real estate?
The associate broker or salesperson's name and contact information.
When selling her own home, a salesperson must inform the buyer of her ownership at which of the following times?
At the time she offers it for sale
Lack of legal capacity makes the contract:
A vendor who wishes to keep a life interest and convey the remainder to a relative may best do this by which of the following methods?
Prepare a conveyance and reserve the right of usufruct
A relationship in which a real estate broker or licensee represents
a client by the client's consent in an immovable property transaction is referred to as
A servitude requiring a property owner to maintain and not prevent the natural flow of water across his property is an example of
a natural predial servitude
The act of redhibition is not available if:
All of the above.
The transfer fee for switching license status to inactive is:
Which of the following is always illegal?
Failure to disclose known material defects to buyers.
In the event of a dispute between the potential buyer and seller regarding the return of the earnest money, the real estate broker may do any of the following EXCEPT:
Retain the money as part of the broker's commission, ensuring proper payment of all real estate fees in a timely manner.
Acceptance of an irrevocable offer under Louisiana Civil Law is best defined as:
When the offer is signed and received by the offeror.
When the performance of the obligation of each party is correlative to the performance of the other this is called a (an):
When a contract is an earnest money contract:
Neither party can sue for specific performance
If a licensee sells a property he/she owns without another licensee involved and writes the terms of the agreement accepted by the purchaser
is not a dual agent.
This set is often in folders with...
FINAL REAL ESTATE ( STATE)
REAL ESTATE PART 1
Real Estate State Portion Practice Exam (Louisiana)
Louisiana Civil Law Real Estate Terms
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