Louisiana Real Estate - State Portion License Exam Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Louisiana Real Estate - State Portion License
Institution
Louisiana Real Estate - State Portion License
How long must brokers keep real estate transactions records? - 5 (five) years
What is right of the commission to allow licensees in other states to receive a license in on state if that
state allows our licensees the same privilege? - Reciprocity
Subject-to - The buyer acknowledges the debt and ...
Louisiana Real Estate - State Portion
License Exam
How long must brokers keep real estate transactions records? - 5 (five) years
What is right of the commission to allow licensees in other states to receive a license in on state if that
state allows our licensees the same privilege? - Reciprocity
Subject-to - The buyer acknowledges the debt and agrees to pay the debt, but if the buyer
defaults, the seller is liable for repayment of the debt.
Real Estate Commission members serve - 6 (six) year terms
Members of The LA Real Estate Commission must be - Qualified electors of the State of LA
Citizens of the State of LA
In business as a Broker for at least 5 years
How many members of the commission constitute a Quorum? - 5 (five)
How many times is the commission REQUIRED to meet? - Quarterly
How many Commissiion meetings per month? - 2 (two)
Application by _ members is required for additional meetings - 3 (three)
How much are Commission members paid for attending commission meetings? - $50 plus actual
expenses
,To confirm commission appointments, the Governor must submit names to - The Senate
Where is the commission located? - Baton Rouge
The Commission has the power and authority to-- - Regulate the issuance of licenses, registrations
and certificates
Promulgate the rules and bylaws for the enforcement of the license law
Appoint an executive director
Etc.
What is a requirement for out of state broker cooperation? - One copy of the cooperating
agreement must be filed with the commission
When can the Commission inspect a Broker's records? - Between 9AM and 4PM, Saturdays,
Sundays, and legal holidays excluded.
The commission may, on its own motion investigate licensee or personas acting in such capacity -
True
Primary Purpose of Louisiana License Law is to - Protect the public
The Commission shall upon verified complaint in writing investigate licensees. - True
The Commission may subpoena a Broker's records - True
Before a hearing the Commission must notify a licensee at least how many days in advance? - 20
(twenty) days in advance
, The Commission may subpoena unlicensed people? - True
A licensee's license is automatically revoked when money is paid out of the recovery because of the
actions of the licensee? - True
A license found guilty at a hearing may have his or her license revoked? - True
A hearing is held and Broker A has his license revoked. Broker A appeals his revocation in court. During
the trial Broker A lists a property for sale. Is this Legal? - It is legal if Broker A requested and
OBTAINED a stay of enforcement
An appeal of a court's decision to a higher court requires what? - The licensee to put up a
suspensive appeal bond.
The Court can fine an individual up to $2000 or imprison them for up to 5 years for a violation of license
law? - True
Guaranteeing future profits can-- - Get a licensee's license suspended or revoked.
Any final conviction for a felony against a licensee must be reported to the LA Real Estate Commission? -
True
A licensee indicted for violating the Fair Housing Act - Will automatically undergo investigation.
The Real Estate COMMISSION can fine up to $5000? - True
An unlicensed person attempts to list several properties for sale in her subdivision. Nobody agreed to list
his or her properties for sale. What does this mean? - This is a violation of the license law.
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