Louisiana Real Estate - State Portion License Exam Flashcards

Louisiana Real Estate - State Portion License Exam Flashcards If a client SIGNS a document, they must be given the document when?Immediately How many times is the commission REQUIRED to meet?Quarterly How many members of the commission constitute a Quorum?

• (five)

When one unmarried person owns the entire property with no co-owners this is called Full Ownership An immovable may be classified as movable by Declaration and Registry When one CORPORATION owns the entire property with no co-owners this is called Full Ownership The property benefited by the predial servitude is calledThe dominant estate To confirm commission appointments, the Governor must submit names to The Senate A Vara is also calledA Spanish Yard When Married people own an undivided one half interest in property this is called Community Property As a LINEARmeasurement an Arpent is192.24 feet A Broker that work for another broker is called An associate broker 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 Ministerial ActsActs that a licensee may perform that are informative in nature.Mortgage default terminates a usufruct?True If a broker holding escrow money declares bankruptcy they must Continue to maintain the escrow accounts Salesperson applicant must have 90 hours of classroom hours True An Arpent is also calledA French Acre Predial Servitude requirestwo pieces of land A licensee's license is automatically revoked when money is paid out of the recovery because of the actions of the licensee?True An appeal of a court's decision to a higher court requires what?The licensee to put up a suspensive appeal bond.The latest a dual agency disclosure form may be given to all clients is Before a Purchase agreement is entered into A licensee must retain an agency disclosure pamphlet for a period of

• (five) years

The Commission may subpoena a Broker's records True

Guaranteeing future profits can--Get a licensee's license suspended or revoked.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 Things that cannot be owned by anyone are Common Things Any final conviction for a felony against a licensee must be reported to the LA Real Estate Commission?True If a client refuses to sign an agency disclosure form then the licensee must Time, Date, and put the reason for refusal When is the Agency Disclosure Pamphlet is given to prospective sellers, and or buyers At the time of substantive contact The LA Real Estate Commission consists of 11 (eleven) members How long must brokers keep real estate transactions records?

• (five) years

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 A person licensed as a broker but not a apart of a partnership or limited liability company is known as a _ Individual Broker The Commission has the power and authority to-- Regulate the issuance of licenses, registrations and certificatesPromulgate the rules and bylaws for the enforcement of the license lawAppoint an executive directorEtc.If a sponsoring brokers license is revoked, all salespeople working for the broker will automatically have their license suspended?True A licensee indicted for violating the Fair Housing ActWill automatically undergo investigation.A COW would be aCorporeal, animate thing A charge on real OR personal Property for the benefit of a PERSON is Personal Servitude In LA, the right to collect rent isFructus 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.Application by _ members is required for additional meetings

• (three)

The commission may, on its own motion investigate licensee or personas acting in such capacity True A Usufrcut may be established byLawWillor Agreement of Parties If a broker holding escrow funds has his license revoked he must Continue to maintain the escrow money Any license not renewed by Jan. 1 of each year is considered Expired 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

A broker designated by a corporation to be the representative before the commission is known as The Qualifying Broker A Broker must have how many hours of pre-license education?150 hours A licensed broker who accepts deposits on behalf of clients must put the deposits in a deposit escrow account?True 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 Any licensee who wants to transfer to another broker mustNotify his present broker in writing Things that are owned by individuals are Private Things 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.The Commission may subpoena unlicensed people? True Before using a trade name or trademark you must be registered with The Louisiana Secretary Of State A broker must have written authority from a home owner to advertise?True Under the law an immovable is freed from a building restriction when no one sues to stop the noticeable violation after two years Buildings and Standing timber owned by someone other than the owner of the land are Separate Immovables Real Estate Commission members serve6 (six) year terms How many Commissiion meetings per month? 2 (two) All printed advertisements for the sale of RESIDENTIAL Real Estate shall indicate the month and year the advertisement is printed, published, or distributed?True Rights of support, projection, view, light, and passage would most commonly be created by Contract Broker applicants must have been a SALESPERSON for4 (four) years When one MARRIED person owns the entire property as SEPARATE property it is called Full Ownership All offers that are rejected must be signed as rejected by the owner, or annotated as rejected by the agent at some point?True Before a hearing the Commission must notify a licensee at least how many days in advance?20 (twenty) days in advance Confidential Information DOES NOT include Physical information about the property or information that must be disclosed by law 30 hours of a Brokers 150 hours must be in Broker Responsibilities?True Where is the commission located?Baton Rouge Unharvested crops and ungathered fruits that belong to a party other than the land owner are Movables by anticipation

Confidential Information can be disclosed by a designated agent to his broker for the purpose of seeking advice of assistance?true RIGHTS and obligations that apply to MOVABLE thingsIncorporeal Movables When two or more people own the same thing in UNEQUAL shares this is called Co-Ownership A Vara is33.33 inches When can the Commission inspect a Broker's records?Between 9AM and 4PM, Saturdays, Sundays, and legal holidays excluded.In LA Property includesThings, Corporeal Things, and Incorporeal Things The Court can fine an individual up to $2000 or imprison them for up to 5 years for a violation of license law?True Stocks bonds, and annuities areIncorporeal Movables Sections with more or less than 640 acres are Irregular Sections A person that only has usus and fructus has Usufruct An Arpent is5/6 of an acre or .8507 of an acre How much are Commission members paid for attending commission meetings?$50 plus actual expenses Things Without a body are said to beIncorporeal A licensee that is not called an associate broker that is sponsored by a broker is called a Salesperson According to License law listing s mustBe in Writing The Commission shall upon verified complaint in writing investigate licensees.True Oil, gas, and minerals are excluded from The Louisiana License Law definition of real estate The Louisiana Civil Law term for Real Estate is Immovable People who sell timeshares are calledTimeshare Registrants What two Meridians are in LouisianaThe St. Helena MeridianThe La. Meridian Members of The LA Real Estate Commission must be Qualified electors of the State of LACitizens of the State of LAIn business as a Broker for at least 5 years Streets and public squares arePublic Things Independently owned and operated must appear in all advertising for franchises?True What is a requirement for out of state broker cooperation?One copy of the cooperating agreement must be filed with the commission A license found guilty at a hearing may have his or her license revoked?True A copy of documents that a client SHOULD HAVE but did NOT necessarily sign must be given Within 5 (five) days Primary Purpose of Louisiana License Law is to Protect the public The Real Estate COMMISSION can fine up to $5000? True Property managers who work on a commission basis are required to have a license?True