LA 90-Hour Course Exam Prep: Louisiana Real Estate Commission, License Law, and Agency Exam Questions And Correct Answers.
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Module
Lrr louisiana
Institution
Lrr Louisiana
Louisiana Real Estate Commission (LREC) - Answer Regulates real estate licensing and education and protects the public through regulation, examination, and licensing
LREC membership - Answer 11 members who have been actively licensed as brokers for at least five years and are Louisiana cit...
LA 90-Hour Course Exam Prep:
Louisiana Real Estate Commission,
License Law, and Agency Exam
Questions And Correct Answers.
Louisiana Real Estate Commission (LREC) - Answer Regulates real estate licensing and education and
protects the public through regulation, examination, and licensing
LREC membership - Answer 11 members who have been actively licensed as brokers for at least five
years and are Louisiana citizens and qualified state electors; appointed by the governor and serve one
six-year term
Duties and Powers of the LREC - Answer Issue, suspend, or revoke licenses; investigate consumer
complaints; and hold disciplinary hearings and issue penalties
Louisiana Real Estate Recovery Fund - Answer Provides reimbursement to people who suffer monetary
damages as a result of any license law violations
Louisiana Real Estate Research and Education Fund - Answer Supports and promotes the real estate
profession, institutes real estate chairpersons, and develops real estate-related research projects
Common license law violations - Answer Acting without a license, demonstrating untrustworthiness,
dishonesty, falsifying paperwork, and disclosure violations
Adjudicatory hearing - Answer A hearing the LREC may hold to determine if the evidence discovered in
an investigation against a licensee is true or false
Number of members needed for a quorum - Answer Six
Nineteenth Judicial District Court - Answer Court of appeals for any commission decision following an
adjudicatory hearing
, Louisiana license types - Answer Salesperson and broker
Louisiana licensee designations - Answer Salesperson, associate broker, and broker
License applicant requirements - Answer 18 years of age or older, have a high school diploma or
equivalent, be a U.S. citizen or a legal alien/permanent resident, submit to a background check, pass the
licensing exam, carry errors and omissions (E&O) insurance, and pay the licensing fees
Real estate license statuses in Louisiana - Answer Active, inactive (voluntary or involuntary),
suspended, or revoked
Benefits of broker sponsorship - Answer Training, shared costs, administrative support, brand
recognition, and professional surroundings
Louisiana states of reciprocity - Answer Alabama, Arkansas, Colorado, Georgia, Mississippi, North
Carolina, Oklahoma, Pennsylvania, and Tennessee
Louisiana post-licensing requirements - Answer 45 hours of PLE within 180 days of initial licensing date
Louisiana continuing education requirements - Answer 12 hours each year, including four hours in
LREC's designated mandatory topic for the year
Broker - Answer A licensed real estate broker who engages in real estate as a sole proprietor, a
sponsoring broker or designated qualifying broker; may also be a corporation, partnership, LLC, etc. that
has been granted a real estate license through a designated qualifying broker
Sponsoring/qualifying broker responsibilities - Answer - Supervise/train all associated licensees
- Provide licensees with written policies/procedures
Louisiana recordkeeping requirements - Answer - Must keep records for at least five years
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