LREC Questions Units 1-14 Midterm Exam Questions With Complete Verified Solutions.
0 view 0 purchase
Course
Lrr louisiana
Institution
Lrr Louisiana
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
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 or Stuvia-credit 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 $10.09. You're not tied to anything after your purchase.
