Louisiana Real Estate Exam Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Module
Louisiana Real Estate
Institution
Louisiana Real Estate
The Commission has power to require brokers to maintain and retain records of all real estate
transactions in which they were involved for up to ___ years. - 5
Persons who ARE NOT eligible for Recovery fund compensation include: - -The spouse of the
judgement debtor or personal rep of each spous...
The Commission has power to require brokers to maintain and retain records of all real estate
transactions in which they were involved for up to ___ years. - 5
Persons who ARE NOT eligible for Recovery fund compensation include: - -The spouse of the
judgement debtor or personal rep of each spouse.
-A licensed broker or salesperson who acted as a principal or an agent in the transaction which is the
subject of the claim.
All sales escrow accounts shall include the wording "_____________", in their title in addition to the
name of the broker as licensed by the commission to do business. - Sales Escrow Account
Brokers are not to commingle their own funds with deposits received from or on behalf of principals to a
transaction, except that the broker may deposit up to $____ of his personal money in an escrow account
to avoid bank charges. - $2,500
Under state licensing law, fully executed purchase or listing agreements must be delivered to all parties
within ___ days of all signatures being obtained on the document. - 5
Before applying for a broker's license, the applicant must show evidence of completion of ___ hours of
current educational instruction in real estate courses approved by the real estate commission. At least
___ of those hours must be in courses emphasizing broker's responsibilities. - 150
30
Furthermore, upon dissolution of or termination by the corporation or partnership, the broker must
return the licenses of every associate broker and salesperson sponsored by the corporation or
partnership within ___ days of the dissolution or termination. - 10
Commission members are appointed by who? - The governor
, Each appointment to the Commission shall be for a __ year term. No commissioner may serve more than
that. - 6
The Commission must meet ______. - quarterly
A minimum of __ members is required for a ______ to conduct business. - 5
quorum
The Commission may meet more frequently if such meetings are deemed necessary and requested by a
minimum of __ members. - 3
Licenses issued by the LREC are classified as? - Active or Inactive
Exemptions from Licensing:
______ engaged in the transfer of real estate interests as part of other services provided for their clients.
- Attorneys
A ______, ______, or __________ is a business entity, which has been issued a license by the State to
function as a broker. - Corporate, partnership, or limited liability company broker
To be eligible to apply for a broker's license, the applicant must hold an active salesperson license for a
minimum of __ years prior to application. - 4
The Commission is comprised of how many members? - 11
Before applying for a broker's license, anyone accruing time prior to January 1, 2009, shall have to serve
as a salesperson for only __ years. - 2
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