Louisiana real estate Study guides, Class notes & Summaries

Real property can be converted to personal property by: severance Legal descriptions using the government survey system are NOT generally used in: the original 13 states Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In...

Louisiana Real Estate Exam Questions and Answers 100% Pass The Commission is comprised of how many members? - Answer- 11 Commission members are appointed by who? - Answer- The governor Each appointment to the Commission shall be for a __ year term. No commissioner may serve more than that. - Answer- 6 The Commission must meet ______. - Answer- quarterly A minimum of __ members is required for a ______ to conduct business. - Answer- 5 quorum The Commission may meet more frequently if suc...

Louisiana Real Estate License Already Verified A+ General Warranty Deed A deed which gives the buyer the MOST protection is: The best form of deed in common law When a seller rejects a prospective purchaser's offer to buy, and makes a new offer of his own, this is known as a(an): Counteroffer Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:01 / 0:15 Full screen Brainpower Read More Counteroffers a rejection of the offer Federal Natio...

Louisiana Real Estate Review Already Graded A+ ("ownership in indivision" in LA): Joint tenancy does not exist in Louisiana. ️tenancy in common A broker handling rentals must open a Rental Trust Account. Select one: True False ️true A broker is responsible for violations of the License Law by his/her agents: Select one: a. At all times b. Only if they work in the main office with him/her. c. If he/she was aware of their actions. d. If he/she was unaware of their act...

Louisiana Real Estate - State Portion License Exam Questions and Answers Graded A+ Primary Purpose of Louisiana License Law is to Protect the public The LA Real Estate Commission consists of 11 (eleven) members Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:14 / 0:15 Full screen Brainpower Read More To confirm commission appointments, the Governor must submit names to The Senate Real Estate Commission members serve 6 (six) year terms...

Louisiana Real Estate - State Portion License Exam/ 185+ Qs & Ans/ . Terms like: How many Commission meetings per month? - Answer: 2 (two) Application by _ members is required for additional meetings - Answer: 3 (three) How much are Commission members paid for attending commission meetings? - Answer: $50 plus actual expenses Where is the commission located? - Answer: Baton Rouge

Louisiana Real Estate Actual Exam/ 95+ Qs & Ans/ . Terms like: Licenses issued by the LREC are classified as? - Answer: Active or Inactive Exemptions from Licensing: ______ engaged in the transfer of real estate interests as part of other services provided for their clients. - Answer: Attorneys A ______, ______, or __________ is a business entity, which has been issued a license by the State to function as a broker. - Answer: Corporate, partnership, or limited liability company broker

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 "_____________",...

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 ...

Louisiana Real Estate Exam Questions and Answers 100% Pass The Commission is comprised of how many members? - Answer- 11 Commission members are appointed by who? - Answer- The governor Each appointment to the Commission shall be for a __ year term. No commissioner may serve more than that. - Answer- 6 The Commission must meet ______. - Answer- quarterly A minimum of __ members is required for a ______ to conduct business. - Answer- 5 quorum The Commission may meet more frequently if suc...