Upgrade to remove ads
Only $35.99/year

Louisiana Real Estate - State Portion License Exam

Terms in this set (190)

Primary Purpose of Louisiana License Law is to
Protect the public
The LA Real Estate Commission consists of
11 (eleven) members
To confirm commission appointments, the Governor must submit names to
The Senate
Real Estate Commission members serve
6 (six) year terms
Members of The LA Real Estate Commission must be
Qualified electors of the State of LA
Citizens of the State of LA
In business as a Broker for at least 5 years
How many members of the commission constitute a Quorum?
5 (five)
How many times is the commission REQUIRED to meet?
Quarterly
How many Commissiion meetings per month?
2 (two)
Application by _ members is required for additional meetings
3 (three)
How much are Commission members paid for attending commission meetings?
$50 plus actual expenses
Where is the commission located?
Baton Rouge
The Commission has the power and authority to--
Regulate the issuance of licenses, registrations and certificates

Promulgate the rules and bylaws for the enforcement of the license law

Appoint an executive director
Etc.
What is right of the commission to allow licensees in other states to receive a license in on state if that state allows our licensees the same privilege?
Reciprocity
What is a requirement for out of state broker cooperation?
One copy of the cooperating agreement must be filed with the commission
How long must brokers keep real estate transactions records?
5 (five) years
When can the Commission inspect a Broker's records?
Between 9AM and 4PM, Saturdays, Sundays, and legal holidays excluded.
The commission may, on its own motion investigate licensee or personas acting in such capacity
True
The Commission shall upon verified complaint in writing investigate licensees.
True
The Commission may subpoena a Broker's records
True
Before a hearing the Commission must notify a licensee at least how many days in advance?
20 (twenty) days in advance
The Commission may subpoena unlicensed people?
True
A licensee's license is automatically revoked when money is paid out of the recovery because of the actions of the licensee?
True
A license found guilty at a hearing may have his or her license revoked?
True
A hearing is held and Broker A has his license revoked. Broker A appeals his revocation in court. During the trial Broker A lists a property for sale. Is this Legal?
It is legal if Broker A requested and OBTAINED a stay of enforcement
An appeal of a court's decision to a higher court requires what?
The licensee to put up a suspensive appeal bond.
The Court can fine an individual up to $2000 or imprison them for up to 5 years for a violation of license law?
True
Guaranteeing future profits can--
Get a licensee's license suspended or revoked.
Any final conviction for a felony against a licensee must be reported to the LA Real Estate Commission?
True
A licensee indicted for violating the Fair Housing Act
Will automatically undergo investigation.
The Real Estate COMMISSION can fine up to $5000?
True
An unlicensed person attempts to list several properties for sale in her subdivision. Nobody agreed to list his or her properties for sale. What does this mean?
This is a violation of the license law.
Property managers who work on a commission basis are required to have a license?
True
A person licensed as a broker but not a apart of a partnership or limited liability company is known as a _
Individual Broker
A broker designated by a corporation to be the representative before the commission is known as
The Qualifying Broker
A Broker that work for another broker is called
An associate broker
A licensee that is not called an associate broker that is sponsored by a broker is called a
Salesperson
People who sell timeshares are called
Timeshare Registrants
Does having a criminal record make you ineligible for a license?
No, but depending on your individual criminal record it can be grounds for refusal of a license.
Broker applicants must have been a SALESPERSON for
4 (four) years
A Broker must have how many hours of pre-license education?
150 hours
30 hours of a Brokers 150 hours must be in Broker Responsibilities?
True
Salesperson applicant must have 90 hours of classroom hours
True
Any license not renewed by Jan. 1 of each year is considered
Expired
A broker must have written authority from a home owner to advertise?
True
All printed advertisements for the sale of RESIDENTIAL Real Estate shall indicate the month and year the advertisement is printed, published, or distributed?
True
Independently owned and operated must appear in all advertising for franchises?
True
Before using a trade name or trademark you must be registered with
The Louisiana Secretary Of State
Any licensee who wants to transfer to another broker must
Notify his present broker in writing
All offers that are rejected must be signed as rejected by the owner, or annotated as rejected by the agent at some point?
True
If a sponsoring brokers license is revoked, all salespeople working for the broker will automatically have their license suspended?
True
A licensed broker who accepts deposits on behalf of clients must put the deposits in a deposit escrow account?
True
When is the Agency Disclosure Pamphlet is given to prospective sellers, and or buyers
At the time of substantive contact
A licensee must retain an agency disclosure pamphlet for a period of
5 (five) years
The latest a dual agency disclosure form may be given to all clients is
Before a Purchase agreement is entered into
If a broker is involved in a dispute over escrow money they have HOW MANY DAYS to resolve the dispute or hand the money over to the court with jurisdiction?
90 days
If a broker holding escrow money declares bankruptcy they must
Continue to maintain the escrow accounts
If a broker holding escrow funds has his license revoked he must
Continue to maintain the escrow money
Oil, gas, and minerals are excluded from
The Louisiana License Law definition of real estate
According to License law listing s must
Be in Writing
If a client SIGNS a document, they must be given the document when?
Immediately
A copy of documents that a client SHOULD HAVE but did NOT necessarily sign must be given
Within 5 (five) days
If a client refuses to sign an agency disclosure form then the licensee must
Time, Date, and put the reason for refusal
Confidential Information DOES NOT include
Physical information about the property or information that must be disclosed by law
Confidential Information can be disclosed by a designated agent to his broker for the purpose of seeking advice of assistance?
true
Ministerial Acts
Acts that a licensee may perform that are informative in nature.
In LA Property includes
Things, Corporeal Things, and Incorporeal Things
A COW would be a
Corporeal, animate thing
Things Without a body are said to be
Incorporeal
Things that are owned by individuals are
Private Things
Streets and public squares are
Public Things
Things that cannot be owned by anyone are
Common Things
The Louisiana Civil Law term for Real Estate is
Immovable
An immovable may be classified as movable by
Declaration and Registry
RIGHTS and obligations that apply to MOVABLE things
Incorporeal Movables
Buildings and Standing timber owned by someone other than the owner of the land are
Separate Immovables
Unharvested crops and ungathered fruits that belong to a party other than the land owner are
Movables by anticipation
An Arpent is
5/6 of an acre or .8507 of an acre
As a LINEARmeasurement an Arpent is
192.24 feet
An Arpent is also called
A French Acre
A Vara is
33.33 inches
A Vara is also called
A Spanish Yard
What two Meridians are in Louisiana
The St. Helena Meridian
The La. Meridian
Sections with more or less than 640 acres are
Irregular Sections
Stocks bonds, and annuities are
Incorporeal Movables
Predial Servitude requires
two pieces of land
The right that confers on a person's direct immediate, and exclusive authority over a thing to use it, enjoy it, and dispose of it.
Ownership
In LA, the right to collect rent is
Fructus
A person that only has usus and fructus has
Usufruct
A charge on real OR personal Property for the benefit of a PERSON is
Personal Servitude
A Usufrcut may be established by
Law
Will
or Agreement of Parties
Mortgage default terminates a usufruct?
True
The property benefited by the predial servitude is called
The dominant estate
Rights of support, projection, view, light, and passage would most commonly be created by
Contract
If a noticeable violation of abuilding restriction occurs and nobody stops it after a period of time the right to stop the violator no longer exists, this is known as
Liberative Prescription
Under the law an immovable is freed from a building restriction when
no one sues to stop the noticeable violation after two years
When one unmarried person owns the entire property with no co-owners this is called
Full Ownership
When one MARRIED person owns the entire property as SEPARATE property it is called
Full Ownership
When one CORPORATION owns the entire property with no co-owners this is called
Full Ownership
When two or more people own the same thing in UNEQUAL shares this is called
Co-Ownership
When Married people own an undivided one half interest in property this is called
Community Property
In a Co-Ownership a co-owner may sell/lease/or mortgage his or interest in a property to another without he consent of the other co-owners?
true
When two or more people own the same thing each has
Undivided Interest
System or principles and rules that govern the ownership and management of the property of married persons or between themselves and toward third parties
Matrimonial Regime
When spouses own in community each spouse owns
An Undivided 1/2 interest
Limited Partnerships in LA are called
Partnerships in Commendam
Death, Divorce, or contractual agreement can end a community
True
Condominiums are governed by the
La. Condominium Act
There is NO specific law governing townhouses in LA
true
In LA an offer that has a period open for acceptance may be withdrawn before acceptance?
false
In OTHER states an offer CANNOT be withdrawn before the period of acceptance has passed?
true
In LA Contracts may be
Oral, Implied, or in Writing
In LA rendering of performance in an obligation may be
Doing Something
Giving Something
Or Not doing Something
When a party obtains an advantage in exchange for his obligation this is called an
Onerous Contract
When the performance of either party's obligation depends on an uncertain event, this is called an
Aleatory Contract
A contract in which a party is obligated for the benefit of the other but receives no advantage in return is a
Gratuitous contract
A contract in which the party who accepts the obligation of the other but does not require a reciprocal obligation is called a
Unilateral Contract
A Bilateral Contract is also called a
Synallagmatic Contract
Extinguishing of an existing obligation by the substitution of another is called
Novation
Extinguishment of an existing obligation by the obligor and the obligee becoming the same person is called
Confusion
An offer with a termination date for the offer is said to be
Irrevocable
An offer without a termination date for the offer in Louisiana is said to be
Revocable
An offer with a termination date for acceptance but also a clause that states that the offer may be withdrawn before the termination date is said to be
Revocable
By law a counteroffer is
An entirely new offer
The LA term similar to consideration is
Cause
A Contract based on fraud is
Relatively Null (or Voidable)
A contract that violates a public order is
Absolutely Null (or illegal)
UNINTENTIONAL mistakes by one party makes a contract
Relatively Null (or Voidable)
A contract with no deposit of money is a
specific performance contract
In an earnest money contract there can be no
Specific Performance
The remedy for default in an earnest money contract is
Loss of the deposit
In a specific performance contract remedy for a default can be
Return of the double
Payment for Actual Damages
A purchase agreement is called
A contract to sell
Conveyance, Cash Sale, and Credit Sale are all
Written documents that transfer title in LA
An instrument that transfers title in which one sells real estate for a price is called
Conveyance
To transfer title in LA there must be a description sufficient enough for a person to locate and identify the property?
True
In LA a verbal sale is legal against a party if the immovable has been actually delivered, and the party confesses to it under oath?
True
An Act executed and signed by each party before a notary public is called an
Authentic Act
A Conveyance signed by the parties but not before a notary is called a
Act under private signature
The seller may rescind a sale when the price paid is less than 1/2 (half) the value of the property under a law known as ...
Lesion beyond Moiety
The seller's legal promise that nobody has rights in the property other than those disclosed at the time of sale is known in LA as
Implied Warranty
In LA how long does a buyer have to rescind a contract because of a defect
One Year
The avoidance of a sale on account of some vice is called
Redhibition
Peaceable Possession, No Hidden Defects, Delivery are all
Seller Warranties in LA
A buyer does not get the right Redhibition if the defects are easily noticed by visual inspection?
True
In a Bond For Deed
The seller keeps legal title and the buyer takes possession while the buyer makes payments
A contract in which the parties give to each other a thing other than money is an
Exchange
The prescription period under Redhibiton is
One year from discovery of the defect
In an exchange each party is considered a seller and a buyer?
True
There are usually favorable tax laws in an exchange?
True
A bond for deed may be canceled for default by filling a notice in the legal record after
45 days of default
Privilege
A right which the nature of a debt gives to a creditor and which entitles him to be preferred over other creditors, possibly even over those who have mortgages.

The same as a lien
Vendor's Privilege
Granted to a seller for an unpaid sales price.
Workman's privilege
The privelege granted who persons contract for the improvement or modifications of an immovable
After-Acquired Doctrine
La. Law states that if acquire assests after a general lien is filed, the lien aaffects the after aqcuired assets as well.
In Rem
Limits the seller's liability to the thing being sold. The thing being sold is the only collateral that may be repossessed upon default
Ne Varietuer
A notary writes on a note to indicate a recorded note is without change and is the same note described in the mrotgage.
Conventional Mortgage
A mortgage created by contract between parties
Legal (tacit) Mortgage
A mortgage stipulated by law.
Judicial Mortgage
A mortgage created by monetary court judgement
Pact de non Alienado
Means a sale does not affect the mortgage.
Non-Alienation (or Due On Sale)
If you sell without paying off the loan, the mortgaged property is in default and foreclosure is permissible
Assumption
Buyer takes over payment but both the seller and buyer are liable for repayment
Subject-to
The buyer acknowledges the debt and agrees to pay the debt, but if the buyer defaults, the seller is liable for repayment of the debt.
Ordinary Process (or Foreclosure with Appraisement)
States that in a Foreclosure sale the property must be appraised and sell for 2/3 of the appraised value.
Executory Process (or Foreclosure without Appraisement)
Morgator signs a confession of judgement
Trial is skipped
'Property sold quickly by the sherrif w/o appraisal
Usury Laws
Laws that set the maximum rate of interest
What is the penalty for overcharging interest over the usury rate
Forfeiture of the entire interest
In La. there are NO State Property Taxes?
True
In LA Property Taxes are charged by
Parishes and Cities
Taxes are due when
Tax Roles are filed
When do taxes become delinquent?
After Dec. 31 of each year
Assessed value percentage for a commercial property is
10% Land
15% Building
Homestead redemption from taxes is
$7500
When a property is sold at a tax sale the purchaser gets a
Tax Certificate (Does not yet own the property)
The Tax Redemption Period is
Three Years
In Lease agreements can be
Oral or written with no regard to length of term
A Lease is what type of contract?
A synallagmatic or Bilateral Contract
A Lease for Rent is also called a
Non-farm Lease
A lease for rent without a definite term is said to be
Month to Month
In a non-farm lease a tenant that stay one week into a month without opposition may stay
A month
A FARM lease without a definite terminate date is said to be
For a Year
A farmer that stays on a farm lease for one month without opposition after expiration is allowed to remain on the farm for another
Year
By La. Law in both farm and non-farm leases a landlord must give how many days notice before terminating a lease?
10 days
A landlord must give at least how many days before eviction due to non-payment?
5 (five) days
If a tenant abandons a property prior to the termination of a lease.....
The landlord is allowed to keep the deposit.
Community Property does not allow for Dower, and curtesy to exist in La?
true
Forced Heirship rules out join tenenacy in La?
True
Louisiana does not subscribe to Uniform Vendor and Purchase Risk Act?
True
In a sales contract La. also requires the time of day along with dated signatures?
True
Louisiana does not subscribe to Pro Tenant Legislation?
True
Students also viewed