LOUISIANA LICENSE EXAM PREP QUESTIONS AND ALL CORRECT ANSWERS.
0 view 0 purchase
Module
Lrr louisiana
Institution
Lrr Louisiana
How many hours of post licensing course work are required of brokers?
12
0
45
30 - Answer C. 45
45 hours of post licensing course work are required of brokers.
A buyer and seller have agreed on the sale of a home, however, the buyer does not have enough cash for the down payment....
LOUISIANA LICENSE EXAM PREP
QUESTIONS AND ALL CORRECT
ANSWERS.
How many hours of post licensing course work are required of brokers?
12
0
45
30 - Answer C. 45
45 hours of post licensing course work are required of brokers.
A buyer and seller have agreed on the sale of a home, however, the buyer does not have enough cash for
the down payment. The seller and buyer, along with their agents, agree to increase the selling price of
the home and then give the difference to the buyer for his down payment. This would be
okay since all parties agreed.
Okay as long as the proper paperwork is completed
A violation of license law in the state of Louisiana.
A violation of finance law - Answer C. A violation of license law in the state of Louisiana.
A buyer and seller have agreed on the sale of a home, however, the buyer does not have enough cash for
the down payment. The seller and buyer, along with their agents, agree to increase the selling price of
the home and then give the difference to the buyer for his down payment. This would be a violation of
real estate license law.
,Is a client considered to be liable for acts or omissions of his real estate agent?
Yes.
It depends on the situation.
No.
Real estate agents don't have clients. - Answer C. No.
Clients are generally not held liable for acts or omissions of a real estate agent.
Can a corporation be granted a real estate broker's license?
No, licenses can only be issued to individuals.
No, they would be issued a business license.
Yes, as long as it is not a foreign company.
Yes, if it has been granted a certificate of authority to do business in Louisiana. - Answer D. Yes, if it has
been granted a certificate of authority to do business in Louisiana.
A corporation be granted a real estate broker's if it has been granted a certificate of authority to do
business in Louisiana.
Which of the following is considered a material fact or defect requiring disclosure to potential buyers?
a leaky roof
a person was murdered on the property
,the property is haunted
an occupant of the property has AIDS - Answer A. a leaky roof
A leaky roof is considered a material fact or defect requiring disclosure to potential buyers. A material
fact in real estate is defined as a fact that, if known, might have caused a buyer or seller of real estate to
make a different decision with regards to remaining in a contract, or to the price paid or received.
A licensed person whose license has been transferred to inactive status is:
not licensed.
an active licensee.
not authorized to sell real estate.
this is illegal. - Answer C. not authorized to sell real estate.
A license that is current (renewed), suspended or unrevoked, and is not affiliated with a broker,
developer, or real estate company is an "Inactive" license. The Inactive status does not allow the
individual to conduct any real estate transactions until the license is placed on "active" status.
How long may a licensee remain on inactive status?
Only until the end of the renewal period.
No more than 5 years.
The time is unlimited.
Only until he/she finds a new broker. - Answer C. The time is unlimited.
, A license that is current (renewed), unsuspended or unrevoked, and is not affiliated with a broker,
developer, or real estate company is an "Inactive" license. The Inactive status does not allow the
individual to conduct any real estate transactions until the license is placed on "active" status.
What are the two status classifications of real estate licenses?
agent and licensee
active and static
current and inactive
active and inactive - Answer D. active and inactive
A license that is current (renewed), unsuspended or unrevoked, and is not affiliated with a broker,
developer, or real estate company is an "Inactive" license. The Inactive status does not allow the
individual to conduct any real estate transactions until the license is placed on "active" status.
Who can receive a commission payment from a broker?
An unlicensed friend of the seller or buyer who refers them to the broker.
licensed agent.
The seller
The buyer - Answer B. licensed agent.
A licensed agent can receive a commission payment from a broker.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestSolver9. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.48. You're not tied to anything after your purchase.
