LREC Questions Units 1-14 Midterm Exam Questions With Complete Verified Solutions.
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If a licensee wishes to put his or her license on inactive status, what must he or she do? - Answer Complete the LREC's prescribed transfer form and pay the transfer fee.
ABC Realty is a licensed corporation. It has a designated qualifying broker, an associate broker, and four salespersons. I...
LREC Questions Units 1-14 Midterm
Exam Questions With Complete Verified
Solutions.
If a licensee wishes to put his or her license on inactive status, what must he or she do? - Answer
Complete the LREC's prescribed transfer form and pay the transfer fee.
ABC Realty is a licensed corporation. It has a designated qualifying broker, an associate broker, and four
salespersons. If the designated qualifying broker leaves the company, what will happen? - Answer The
corporation and all of the licensees will have to cease real estate activities until a new qualifying broker is
registered with the LREC.
How long can a Louisiana license remain in inactive status? - Answer Indefinitely
When an association between a salesperson or associate broker and a sponsoring broker is terminated,
how soon must the sponsoring broker send the licensee's license back to the LREC? - Answer Within 5
days
Licenses for companies_____ - Answer must remain on active status.
Which of the following is NOT exempt from the license transfer fee? - Answer A request for a license
transfer after the sponsoring broker and licensee agree to terminate their association.
When a new broker purchases the real estate company of an old broker, the NEW broker must do all of
the following EXCEPT - Answer return the licenses of the sponsored licensees to the LREC.
Inactive licenses - Answer must be renewed on an annual basis.
An individual broker who becomes an associate broker - Answer must work under a sponsoring broker.
,Philip Hawthorne has had an inactive license for 3 years. How much longer can he continue to remain in
this status? - Answer As long as he chooses
If a broker decides to work exclusively under a sponsoring broker, he or she - Answer becomes an
associate broker.
What changes when licensees allow their licenses to become inactive? - Answer Louisiana licensees
with inactive licenses cannot conduct any real estate business requiring a license.
When a broker terminates a licensee, that broker must - Answer return the licensee's license to the
LREC within 5 days of termination.
There are exemptions to the license transfer fee, but which of the following would NOT be exempt? -
Answer A request for a license transfer after the sponsoring broker and licensee agree to terminate
their association
The Real Estate Commission has no regulatory power over - Answer professors of real estate in
Louisiana colleges and universities.
The Recovery Fund reimburses - Answer persons adjudged to have lost money by the unlawful actions
of Louisiana licensees.
The Recovery fund is funded by - Answer license fees and fees levied by the Commission.
Real estate education providers cannot be - Answer members of the Commission or immediate family
members of members of the Commission.
The Rules and Regulations are best characterized as - Answer means adopted by the Real Estate
Commission for the enforcement of the License Law.
When the Commission summons an individual to appear at a hearing, it is exercising its right of - Answer
subpoena.
,How often are the LREC commissioners required to meet? - Answer Once every 3 months
Where is the Real Estate Commission's office located? - Answer Baton Rouge
What power, if any, does the Commission have over continuing education providers in Louisiana? -
Answer The Commission has the authority to certify, regulate and discipline continuing education
providers.
How does the Real Estate Commission get its chairman? - Answer The Commission elects one of its
own members.
When the ownership of escrowed funds is disputed, the question will be resolved by - Answer
procedures established by the Real Estate Commission.
The Real Estate Commission is merely exercising its legally-granted powers if it - Answer fires its
executive director.
What is the purpose of the Real Estate Recovery Fund? - Answer To reimburse persons harmed by the
illegal actions of a real estate licensee
An education provider cannot be certified by the Commission if the provider - Answer is an immediate
family member of a commissioner.
What is the maximum the Recovery Fund will pay to an injured party? - Answer $20,000
The source of funding for the Recovery Fund is - Answer license fees and other fees established by the
Commission.
What are brokers required to do with clients' funds entrusted to their care? - Answer Put them in an
escrow account in a legally chartered bank
, A person may become a real estate commissioner in the State of Louisiana without - Answer having
been a licensed broker for 10 years.
Who is responsible for issuing real estate licenses in Louisiana? - Answer The Real Estate commission
In regards to rules and regulations which of the following is TRUE? - Answer The Commission may make
rules and regulations to enforce the law.
How many members are there on the LREC? - Answer 11 members
If a real estate commissioner dies - Answer the governor names a replacement.
Any person desiring to become a real estate commissioner must have been - Answer an active broker
in Louisiana for 5 years.
If a single broker has four judgments awarded against him for four separate transactions, and each
judgment is for $20,000, how much will the Fund pay to the four injured parties? - Answer $50,000 in
total divided between the four principals
Following a judgment against a licensee, how long does the injured party have to file a claim with the
Recovery Fund? - Answer Within 180 days from the date of the judgment
Which of the following is one of the Real Estate Commission's prerogatives? - Answer Revoking or
suspending licensees' real estate licenses
Commissioners are compensated for attending Commission meetings. How much is the commissioners
compensation? - Answer $50 per day
Licensees are required to keep records of what by the Real Estate Commission? - Answer All copies of
real estate related documentation
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