to obtain sales person license 90 hours coursework, 45 additional hours within 6 months

Louisiana Real Estate Laws Flashcards powers of the commissionregulate, censure licenses, suspend or revoke licenses, impose continuing ed., right to subpoena hypothecateto pledge as collateral while retaining the thing pledged to obtain sales person license90 hours coursework, 45 additional hours within 6 months or 180 days of licensure, 12 hours per year of continuing education inactive licenseenot required to fulfill the continuing ed requirements. if they remain inactive 1-5 years shall complete 20 hours of continuing ed, 3-5 years complete 40 hours designated agentA licensee authorized by a broker to act as the agent for a specific principal in a particular transaction.terminationsponsoring broker shall send the associate broker's or saleperson's license to the commission within 5 days inactive licenseelicensee not affiliated with or employed by a broker and may not engage in acts of brokerage or earn compesation, including referral fees. The license is maintained by the REB license shall be granted topersons who bear good reputation., over 18, high school graduate failure to renew after 3 month grace period results in forfeiture of renewal rights, and will require licensee t apply as an initial applicant and meet all requirements of an initial applicant eminent domainright or power of the government to take private property for public use upon paying just compensation redhibitionreturn of defective product and cancellation of sale transfer of depositif the lessor sells the leased premises during the term of lease, the deposit should be turned over to the purchaser property managerone who, for a fee, commission, or other consideration, manages real estate disposable portionbalance of the decedents estate. 3/4- one forced heir, 1/2 two or more forced heirs sales escrow checking accountmust be in Louisiana, funds received from a sale shall be deposited in this account (non interest bearing) qualifying brokersame as sponsoring broker donation mortis causaanother name for will clientone who engages the professional advice and services of a licensee as his agent Louisiana meridian91st west of the Mississippi river, called if a broker transfers to inactiveshall maintain all accounts for the limited and specific purpose of completing pending transaction and disbursing all deposits contained within

immovable consist ofland, and its component parts such as buildings, timber, and unharvested fruits and crops. they belong to the owner of the land ministerial actslicensee may perform for a person that are informative in nature. for a customer specific performance depositif a deposit is not designated as "earnest money" then it is considered to be a specific performance contract causean obligation in Louisiana can not exist without a lawful cause vendor's liengranted to a seller for an unpaid sales price application for license should includename and address of applicant forced portion or legitimeportion of the property of the descendent that his forced heirs must receive upon his death donationsa person may dispose of or receive property separate immovablesinclude buildings and standings when they belong to a person other than the owner of the ground. only buildings and standing timber confusionthe same person acquires both the dominant the servient estates, the predial servitude ceases to exist.

delinquent feesin addition to renewal fee, not renewed by dec 31: jan 1 -

Feb 15 $50, Feb 16- march 31 $200.corporeal thingstangible, can see, touch, feel verbal leaselease not in writing, civil code articles will govern accessionAn addition to property through the efforts of man or by natural forces.naked ownershipowner of the remaining right, the abusus, is called the usufructperson who owns both the usus and the fructus owns the usufructary. most common personal servitude used in la agencya relationship in which a real estate broker represents a client by the client's consent withdrawals from checking accountsupon mutual written consent of all parties, upon court order, to deposit funds for court proceedings, return at time of closing, payment of service charges, approval by commission real estate activitythe promise of receiving or collecting a fee, commission or other valuable consideration st Helena meidian90th east of the Mississippi river building restrictionsare enforced by landowner in the subdivision filing suit in court to obtain an injunction evictionlessor must give 5 days notice to vacate active licenseeany currently licensed person whose license is active month to month leaseif no time is specified in the lease. 10 day notice required to terminate lease

• forms of donationsdonations inter vivos, donations mortis causa

designated agencyAn agency relationship where a licensee is assigned by a broker to represent a buyer or seller in a transaction, usually in an in-company dual agency situation.personal servitudesa charge on a thing in favor of a person. can be compared to the common law easement in gross movables by anticipationunharvested fruits and crops when they belong to a person other than the owner of the lan listing agreements includeswritten document, signed by all owners, authorizes a broker to offer or advertise, fee and price, defined period of time bond for deedif buyer defaults, seller may cancel the bond for deed after 45 days notice.market value assessments10% for land, 10% for residential improvements, 15% for commercial buildings kinds of leaseslease for rent (non farm lease), farm lase purpose of the LRECto protect the public, consists of 11 members, who are appointed by the governor associate brokera person who holds a broker's license and who is exclusively affiliated with and sponsored by another licensed real estate broker base lineone line which transects the state of Louisiana at its center failure to renew licensedelinquent renewal shall be limited to the three month period immediately following the expiration date of active license corporeal movables, component by incorporation, component by attachment, component by declaration and registry are fixtures customera person who is not being represented by a licensee... 3rd party forced heirschildren who at the time of death of the decedent are 23 or younger, any age if some mental incapacity authentic actone executed and signed by each party and 2 witnesses before a notary comminglingMixing the money of the agent and the principal together effective transferdocument transfers title from seller to buyer (constructive notice) license shall showname of the license, name of sponsoring broker, name of corp, partnership or llc to become a brokermust have 4 years as an agent, complete 45 additional hours within 6 months of licensure usurycharging more than the legal interest rate novationsubstitution of parties, releasing the original parties prescriptionpeaceable and uninterrupted possession f the right for 10 years in good faith and with just title or by uninterrupted possession for 30 years without good faith, just title.

grounds for license refusalconvicted of forger, embezzlement, extortion, theft, false statement of material fact, trust checking account (security deposit trust account)broker whom collects rental security deposits in connection with property management (non interest bearing)

• requirements for a perfect salething sold, price, consent of both parties

acquisitive prescriptiongood faith possession is 10 years, bad faith possession 30 years deedA document that transfers ownership of property from one party to another.penalty for usuryforfeiture of the entire interest predial servitudesa charge on a servient estate for the benefit of a dominant estate.

• categories of ownershipusus, fructus, abusus

incorporealintangible, can not see, touch or feel rental trust accountaccount used for property managed by someone who does not own the property (non interest bearing)