Louisiana practice exam real estate Flashcards

Louisiana practice exam real estate Flashcards How long does a sponsoring broker have to return the license of any licensee who has a suspended or revoked license?72 hours48 hours36 hours24 hours 72 hours The word things is used in Louisiana to refer

to:PropertyLakesRunning waterState borders

property

In Louisiana, sub agency is:Allowed only by a contractual

agreementPracticed in most real estate transactionsPermitted only in cases of dual agencyThe most common method of representation Allowed only by a contractual agreement The individual who represents a client is referred to as

a(n):agentcustomerprincipaldual agent

agent When a document in a real estate transaction must be signed by more than one party, each party signing must

receive a copy of the completed document:within 5 days

after the final signaturewithin 48 hours after the final signaturewithin 36 hours after the final signaturewithin 24 hours after the final signature within 5 days after the final signature All written offers to purchase real estate should be

presented:ImmediatelyWithin 24 hoursWithin 36

hoursWithin 72 hours immediately

An olographic will is one that is:Handwritten and signed by

the testatorPrepared by an attorney or notaryCertified by the Secretary of StateRecorded at the court house Handwritten and signed by the testator Corporate, limited liability company, and partnership brokers must retain copies of all real estate transactions for

a period of:5 years10 years12 years15 years

• years

A real estate broker advertising or marketing on the Internet must include all of the following data on each page of the site on which the advertisement appears

EXCEPT:An expiration dateThe name of the broker as

registered with the LRECThe city, state, and country in which the main office of the broker is locatedThe regulatory jurisdiction(s) in which the broker holds a real estate brokerage license an expiration date Every written lease or rental agreement shall contain notice of where to obtain information from a statewide database

regarding the location of:sex

offendersschoolshospitalspolice stations sex offenders Which of the following is a ministerial act?Referral to another brokerTaking a listing agreementShowing a home to a prospective buyerAgreeing to write an offer on behalf

of a buyer Referral to another broker How often must a licensee renew his/her inactive license?On a yearly basisEvery 6 monthsEvery 2 yearsIt is

not necessary to renew the inactive license on a yearly basis

Errors and Omissions insurance is considered which type of insurance?Malpractice InsuranceWorkers Compensation InsuranceHazard InsuranceProfessional Quality Insurance malpractice insurance Which of the following statements is NOT true regarding an individual real estate broker?The individual broker may be licensed as a qualifying broker for one corporation onlyThe individual broker may be licensed concurrently as a qualifying brokerThe individual broker may be a qualifying broker for one or more corporationsThe individual broker may not concurrently conduct real estate activities as an associate broker exclusively affiliated with another real estate broker The individual broker may be licensed as a qualifying broker for one corporation only How many hours of continuing education is required for renewal of a real estate license?12 hours4 hours2 hours6 hours 12 hours How many total hours of continuing education is required for renewal each year?124106 12 If a licensee was taking a listing on a house and asked the seller to point out his corporeal movables, the licensee would expect which of the following to be identified by the seller?The dining room tableThe two car garageThe stairwayThe front door The dining room table To qualify for a deficiency judgment, a lender must sell the property at foreclosure for what potion of its value?2/3 of the appraised value2/3 of its mortgage amount1/2 of its original value2/3 of its loan value 2/3 of the appraised value How many escrow accounts may a resident broker have at one time?One or moreOnly oneNo more than twoNo more than three one or more In Louisiana, liens are also referred to

as:PrivilegesDeficienciesCollateralJudgments

priviledges In the event that the potential client refuses to sign the

agency disclosure pamphlet, the licensee should:Note the

refusal to sign and the reason of the client for not signingRefuse to work with the clientReport it to the CommissionCharge a higher commission rate Note the refusal to sign and the reason of the client for not signing Licensees must provide copies of any documents signed by their principal in a real estate

transaction:immediatelywithin 24 hourswithin 48

hourswithin 5 days immediately If an applicant does not pass the licensing exam within the

required time, the applicant must:Re-apply for the exam

and receive a new exam authorizationGet permission from their sponsoring broker to take the exam at a later dateRequest a refund for the licensing and exam fees