Real Estate Final Exam Louisiana Portion Flashcards

Real Estate Final Exam (Louisiana Portion) Flashcards Subdivision regulations (private deed restrictions) may be modified by those affected within what time period?After 10 years if both (a) owners representing 2/3 of the land and (b) 2/3 of the owners of the land agree Which of the following is true about customers? Licensees shall treat all customers honestly and fairly The amount of commission charged a client is established:In negotiations between broker and seller Which of the following statements are true? It is legal to pay unlicensed people finder's fees for bringing a licensee clients. (not correct) A broker with a great deal of business needs help from sales agents as soon as possible. He makes a deal with a license applicant to go ahead and knock on doors and turn all leads over to the broker. The broker suggests that any listings generated by this system will be turned over to the salesperson when he gets his license. Which of the following statements is true?This is illegal under the Louisiana License Law.Buying subject to a mortgage:Makes the buyer personally liable for the obligation, and the lien remains with the property after sale.(not correct) What is the minimum age required to receive a real estate license in Louisiana?18 Which of the following is true about dual agency? If two different salespeople work for the same firm and one represents the seller and the other the buyer in the sale of the same house this is dual agency. (not correct) 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.Conducting an open house and responding to questions about the property

• can be legally done by your unlicensed assistant.B. is a

Ministerial Act.C. both of the above are true.D. neither 1 nor 2 are true. (not correct) 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?

• The broker's name as registered with the LREC.B. City

and State where the main office is located.C. The license jurisdiction(s) held by the broker.D. All of the above.Which of the following is true about duties of licensees representing clients A licensee shall not be liable to a client for providing false information to the client if the false information was provided to the licensee by a customer unless the licensee knew or should have known the information was false In dual agency in Louisiana,the licensee must disclose all information he is actually given.(not correct) If a client refuses to sign an agency disclosure, the licensee must

• sign the client's name to the refusal.B. put the time and

date on the disclosure.C. keep it on file for 3 years.D. All of the above.(not correct) Licensees are required to furnish to their clients a copy of any document which the client has signed pertinent to a

real estate transaction:

Within 10 calendar days. (not correct)

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.Acceptance of an irrevocable offer under Louisiana Civil

Law is best defined as:

When the offer is signed and dated by the offeree.(not correct) If one client does not consent to dual agency in a Louisiana transaction, the licensee must withdraw from the transaction.(not correct) If a property is sold by the lessor during the term of the

lease, the deposit should be turned over to the:

Broker.(not correct) 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:

Immediately.(not correct) A right granted to a seller for the unpaid sales price is

called the:

Vendor's privilege Considering the following circumstances, when should the agency disclosure informational pamphlet be provided to persons by a licensed real estate agent?By the time a purchase agreement is signed.(not correct) A nonfarm lease that has expired is presumed to have been continued for another month if the tenant holds over

without opposition for:

One month.(not correct) If your sponsoring broker has their license revoked, which of the following is true?Each licensee will be granted 60 days to transfer with the transfer fee being waived.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.According to the license law, Listings must be in writing Broker Bob has decided to close his escrow account and open another one in a new bank. What is the rule on Broker Bob and his requirement to notify the LREC?Within 10 days of opening the new account, and within 90 days after closing the old account. (not correct) The broker's name; city,state, and country of the broker's main office; and the jurisdiction of his license must appear

if he advertises on a website:

On every page.A salesperson advertising or marketing on a site on the Internet must include the following data on each page of the site on which the licensee's advertisement or

information appears:

The salesperson's name, city and state of broker's office, sponsoring broker's name, and license jurisdiction.If a broker holding escrow funds declares bankruptcy, the broker must do which of the following?Return all escrow money to the buyer or seller. (not correct) Which of the following is true about Ministerial acts?They may be performed by licensees or nonlicensees. (not correct) For a lessee to get a security deposit back, he must:Send a request to the landlord within 30 days of vacating the property. (not correct) A Louisiana lease must be in writing to be valid: At no time, since written leases are not required in Louisiana When a contract is an earnest money contract: The earnest money is held by the selling broker. (not correct)

If a Sponsoring Broker's license is revoked, all salespeople

working for the broker will have their license automatically:

Transferred with no charge within 60 days.(not correct) Which of the following statements is(are) true? Written offers must be presented within 5 days of receipt.(not correct) 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?

• (not correct)

To secure a deficiency judgment in the state of Louisiana,

all of the following are true EXCEPT:

The property must sell for less than all monies due. (not correct) Which of the following is not a Ministerial act? Showing property and responding to questions about the property from a person Appeals of Louisiana Real Estate Commission findings are reviewable by the 19th Judicial District Court.A seller recently received $40,000 for a house worth

$100,000. He would have 1 year to claim:

Lesion beyond moiety 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:

Community property.A foreclosure may be followed by a deficiency judgement

only if there was a (an):

Foreclosure with appraisement.

In Louisiana, the closest term to consideration is:Cause.

Providing the Residential Property Condition Disclosure Document relieves the listing agent of the responsibility of providing any additional information to the buyer. (not correct)

A limited partnership in Louisiana is called: Partnership in commendam

"Ministerial acts" in Louisiana law do not includewriting an offer to purchase real estate.Your buyer client specifically tells you about some negative information about his past as a sex offender. He specifically requests you not divulge this information. You are concerned that the neighbors and seller would want to be aware. The information is spread by someone else and the seller asks you directly if you know that this is true. You acknowledge the truth. According to the Louisiana Law of Agency you have violated the requirement to keep confidential information of your client confidential.The information was confidential because the client requested you keep it confidential and its disclosure was not required by law. (not correct) 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 licensee is found guilty at a Real Estate Commission hearing and has his license suspended. The licensee appeals the decision in court. Which of the following is true?The licensee can list and sell during the appeal, but only if a stay of enforcement is granted.Any corporation or partnership operating as a broker in the

state of Louisiana must have a(an):

• Charter in the state of LA.B. Qualifying broker.C.

$100,000 bond with the Louisiana Real Estate Commission.D. All of the above. (not correct) In order to sell, exchange, purchase, or lease real estate

for another, for compensation, you must be a (an):

Active Licensee.

The Louisiana Real Estate Commission is comprised of11 members appointed by the Governor Which of the following is NOT true about LREC investigations?licensees are only investigated if a written complaint is filed with HUD Which of the following is NOT a power of the Louisiana Real Estate Commission?Creation and editing rights to the Louisiana Law of Agency