Burk Baker Real Estate Practice Test- Louisiana Laws and Rules

Burk Baker Real Estate Practice Test- Louisiana Laws and Rules Flashcards A broker's records of deposit money which he has received mustA. be available for inspection by agents of the Real Estate CommissionB. contain a complete and accurate record of receipts and disbursementsC. be retained for the statutory length of timeD. all of the above D A broker's license may be issued to a corporation provided thatA. all of it's officers are licensed as brokersB. one active officer, at least, is licensed as a brokerC. bothD.neither B A broker shall report any changes of his business address

to the Commission:A. within 5 daysB. within 7 daysC.

within 10 daysD. within 15 days C A licenseeA. must notify the Commission within 10 days of a change of his residential phone numberB. is required to notify his broker of a change of his residential address and phone number within 10 daysC. must send $10 address change fee to CommissionD. must have business cards changed within 30 days A If a broker has his license revoked, can a salesman who license he holds still work?A. yesB. only for a period of 180 daysC. noD. only if he has listings B

A person applying for a salesman's license must be:A. 18

years of ageB. 21 years of ageC. a resident of Louisiana for a period not less than 6 monthsD. both b and c A A person must be licensed as a real estate broker or sales

person to:A. appraise real property for a feeB. negotiate a

mortgage loanC. sell raw land for a commissionD. none of the above C Salesman Boots brings an offer to John Sloan on a house Sloan has listed. Sloan positively knows of a better offer

that is expected to come in later that day. Sloan should:A.

present the offer immediatelyB. wait for the better offer to arrive and present both at the same timeC. present the offer immediately but inform the principal of the other offer that is expected laterD. none of the above C A real estate saleman accepts an offer of $18,000 for a property listed for $20,000. The seller mayA. acceptB.rejectC. counter-offerD. all of the above D Before licenses can have his license revoked, he is entitled

to:A. hearing before the Real Estate CommissionB.

hearings before the Board of RealtorsC. conference with panel of 5 impartial brokers who will make their recommendations to the Real Estate CommissionD.receive notification in wiring 60 days prior to hearing A

A person is awaiting the initial real estate license may be

rejected due to:A. information that he had knowledge of

pending litigation against him, which he did not disclose on his applicationB. direct lies stated on his applicationC.bothD. neither B

The Real Estate Commission has the power to:A. suspend

or revoke a licenseB. issue subpoenasC. take testimony by depositionD. all of the above D If a salesman should fail to remit an earnest money depositA. legal action could be taken against his brokerB.this would be a violation of licensing lawC. bothD. neither C If a broker in Louisiana has agreed to act as a cooperating broker with an out-of-state broker, what is the minimum commission he may accept according to the Louisiana

Licensing Law:A. 35%B. 40%C. 50%D. negotiable

D Active real estate salespeople mayA. be an officer in a broker corporationB. be a director in a broker corporationC.be a stockholder in a broker corporationD. all of the above C Cowboy Joe, salesman is licensed in Texas. Tom Town, the broker, is licensed in LA. Town offers Joe a commission for helping on brokerage deal. Which of the following statements is TRUE?A. Cowboy Joe can't accept commission from broker Town because Joe isn't his brokerB. Broker Town can pay Joe's sponsoring broker who, in turn , takes his share and pays JoeC. Broker Town can pay Joe is Joe is presnt at closingD. Broker Town can pay Joe B Broker Baker decides to offer a turkey to anyone who purchases his listing during the months of November and

December. Which of the following statements is TRUE:A.

prizes given in this way are definitely illegalB. cant because giving prizes is against the Board of Realtor's rulesC. ok if prizes are a regular part of the broker's advertisingD. okay if the prizes are given only in conjunction with the sales of residental real estate A A licensee must account for all monies recievd on real estate transactions according to theA. Board of RealtorsB.Licensning LawC. Code of EthicsD. all of the above B Who can not sell real estate for a fee without a license?A.attorneyB. Clerk of CourtC. executorD. certified public accountant D Jane received her license on November 21, 1981. Her

license must be renewed by:A. November 21, 1982B.

December 31, 1981C. November 21, 1983D. January 1, 1983 B

Both a salesperson and a broker are involved in a transaction. Who can sue for commission?A. brokerB.salesmanC. bothD. neither A When a salesperson transfers from one broker to another,

the new broker must:A. return the salesperson's license to

the Board of Realtors by certified mail within 10 daysB. pay the transfer feeC. advertise the transfer in local newspaperD. none of the above D How long long after becoming licensed does a licensee have to complete his post licensing hours?A. 30 daysB.180 daysC. 1 yearD. 2 years B A person wants to become a licensed real estate salesperson in Louisiana. He mustA. be sponsored by a sponsoring brokerB. have a clean record with the lawC.have at least 2 years of collegeD. have resided in Louisiana for at least 6 months A The Real Estate Commission may make awards to a person from the Recovery Fund, in any one judgment, in

the aggergate amount not to exceed:A. $10,000B.

$20,000C. $30,000D. none of the above B Broker Gary decides to offer 50 lbs. of smoked sausage to anyone who purcahses his listings during the month of April. Which of the following statements is TRUE?A. ok if prices are given only in connection with the sales of residential real estateB. of if prizes are a regular part of brokers' advertisingC. can't because giving prizes is against the local Board of Realtor's rulesD. all prizes given in this manner are illegal D When a sponsoring broker gets his license revoked, the

salesman:A. gets his license suspendedB. also gets his

license revokedC. is not affectedD. must get out of the real estate business A Salesman Jim Banes has a disagreement with his sponsoring broker, Dan Tillman. Mr. Banes informs Broker Tillman in wiring by certified mail to return his license to the Commission. Which of the following statements is TRUE?A. Broker Dan Tillman must comply within 5 daysB.Broker Dan Tillman must have a new salesperson firstC.Salesman Jim Banes can go straight to work for another brokerD. all of the above A Upon transferring to another sponsoring broker, a salesperson must do which of the following before leaving?A. give broker all listings obtained while thereB.leave all keysC. bothD. neither C