STATE PRACTICE QUESTIONS - BURK BAKER Flashcards

STATE PRACTICE QUESTIONS - BURK BAKER Flashcards

BThe last date to renew your license delinquently is:a.

December 31b. March 31c. February 15d. June 30 DThe term "real estate activity" includes which of the following?a. Selling or purchasingb. Listing property for salec. Managingd. All of the above DThe Commission may impose a civil penalty of no more than _______ upon any unlicensed person found to have engaged in real estate activity.a. $3000b. $2000c. The Commission can only fine licenseesd. $5000 AUpon termination of a qualifying broker's affiliation with a corporation, limited liability company or partnership, the Commission must be notified and a new qualifying broker designated withina. 5 daysb. 30 daysc. 3 daysd. 10 days DWhat is the maximum amount that any claimant may receive from the Recovery Fund?a. $50,000b. $10,000c.$30,000d. $20,000 BThe legal age for entering into a valid contract in Louisiana isa. 20b. 18c. 17d. 21 BA licensee is selling his own property and representing the buyer. Which of the following statements is true?a. The license law does not apply when an agent is selling his own propertyb. As long as he discloses his interest in the property, this is not considered a dual agencyc. He cannot represent the buyer in this transactiond. He must have the buyer sign a dual agency " disclosure form CHow long does the agent have to provide his principle with a copy of a document which the principle has signed?a.Within one weekb. Within 3 daysc. It should be done immediatelyd. Within 5 days BAn application for rehearing, reopening or reconsideration of a finding the Commission after an investigation, must be postmarked or received at the office of the commission within ______ from the date of entry of the order rendered by the commission.a. 30 daysb. 10 daysc. 6 monthsd. 15 days BHow many days does a respondent have in which to file a petition for judicial review of the findings of the Commission resulting from an investigation?a. 60b. 30c. 90d. 10

CIf a broker's license is revoked:a. the salespersons licenses

are also revokedb. any salespersons may transfer their license to another broker upon paying a $25 transfer feec.

any salespersons may transfer their license to another sponsoring broker and the transfer fee is waivedd. the salespersons licenses are not affected BA licensed person whose license has been transferred to

inactive status is:a. an active licensee.b. not authorized to

sell real estatec. not licensedd. this is illegal

BIf a licensee is charged with a felony he must:a. do

community serviceb. report it to the Commission only if convictedc. turn in his license to the Commissiond. report it to the Commission CAn associate broker or salesperson advertising on an

internet site or email must include on each page:a. his or

her name and name of sponsoring brokerb. the city and state in which the sponsoring broker's office is locatedc. all of the above CHow many branch offices may a sponsoring broker be designated as the managing broker?a. noneb. threec. one or mored. one APeople who engage in the selling of timeshare interests or developing timeshare property who are registered with the

Real Estate Commission are known as:a. timeshare

registrantsb. timeshare licenseesc. timeshare agentsd.timeshare salespersons DAny licensee who is the custodian of any client funds must report the institution of bankruptcy proceedings to the

Commission within:a. 3 daysb. 7 daysc. 5 daysd. 10 days

BLouisiana licensees may automatically become licensed

in:a. states which border Louisianab. states with which

Louisiana has a reciprocal agreementc. no other statesd.states in the southeastern section BLicensees and their spouses who are on active military status and are transferred out of the state may renew their

licenses without penalty for up to:a. 3 months following

honorable dischargeb. 6 months following honorable dischargec. 1 year following honorable discharged. 9 months following honorable discharge DIf a designated qualifying broker who represents more than one corporation, limited liability company, or partnership is charged with a violation of the license law, who must be notified?a. Only the company which is involved in the violation.b. Only the clientc. Only the broker himselfd. Each company for which he is the qualifying broker

DThe Commission has the power to:a. issue licenses,

registrations, and certificatesb. censure licensees, registrants, and certificate holdersc. suspend or revoke licenses, registrations, and certificatesd. All three of these ASalesman Sam brings an offer to purchase to the listing agent, Andy. Andy knows a better offer is coming in later that day. What should Andy do?a. Present the offer immediatelyb. Wait and present both offers to the seller at the same timec. Not present the offerd. Wait and present