How much time is given to pass the Louisiana salesperson exam?
A. 2 hours
B. 3 hours
C. 4 hours
D. 5 hours - CORRECT ANSWER B. 3 hours
How many contin... [Show More] uing education hours are required?
A. 10 hours
B. 12 hours
C. 15 hours
D. 18 hours - CORRECT ANSWER B. 12 hours
In order to obtain a Louisiana Real Estate License you must have a high-school diploma.
A. True
B. False - CORRECT ANSWER A. True
How often must you renew your sales agent license?
A. Every year
B. Every two years
C. Every three years
D. Every four years - CORRECT ANSWER A. Every year
**[As a Real Estate Sales Agent, you must renew your license every year. A renewal notice will
be sent out about 90 days before your expiration date.]
How old do you have to be in Louisiana to obtain a Real Estate License?
A. 25 years old
B. 21 years old
C. 20 years old
D. 18 years old - CORRECT ANSWER D. 18 years old
**[You must be at least 18 years of age. You must either be a U.S. citizen or a lawfully admitted
alien. Meet TREC's qualification for honesty, trustworthiness, and integrity]
What information would be unethical for a listing agent to share with a potential buyer?
A. "The neighbors next door are really great and have two young children about the age of your
kids
B. The community association fees are 800 this year, but they will be going up to 1200 next year
C. The roof might need to be replaced in the next year or two
D. The seller is very eager for an offer because he lost his job and found a new one in a different
state - CORRECT ANSWER D. "The seller is very eager for an offer because he lost his job and
found a new one in a different state."
**[It is inappropriate for a listing agent to tell a prospective buyer personal information about the
seller, even if it may encourage a sale. The only exception would be in the case of a seller
instructing the agent to do so. Doing so would be a confidentiality breach on the part of the
listing agent.
The broker should answer all questions related to the property honestly.]
A subdivision has a rule that each home in the neighborhood be at least 2,500 square feet. This is
an example of which concept?
A. cooperative ownership
B. Fair Housing Laws violation
C. restrictive covenant
D. homestead laws - CORRECT ANSWER C. restrictive covenant
**[Restrictive covenants are created by neighborhood developers or associations to ensure that
the neighborhood maintains certain standards. Examples include minimum housing size,
restrictions on architectural style, or mandated underground sprinkling.]
Which of the following describes a transaction brokerage?
A. The broker represents the seller in the transaction.
B. The broker represents both the buying and selling parties.
C. The broker represents the buyer in the transaction.
D. The broker does not represent either party but provides general info and services to each. -
CORRECT ANSWER D. The broker does not represent either party but provides general info
and services to each.
**[In a transaction brokerage, the broker may help with general information or services, but she
is not looking out for the specific interests of either the buying or selling party.]
Who takes the biggest risk in an open listing?
A. the buyer
B. the agent
C. the seller
D. the lending institution - CORRECT ANSWER B. the agent
**[In an open listing, the seller will only pay the agent if the agent finds the buyer. Because the
seller can have many agents in an open listing, only agent who finds the buyer will be
compensated. This means the agents who do not produce a buyer will receive no compensation.]
An agency contract is being terminated. In which scenario might there be damages owed to one
of the parties?
A. The owners discharge the agent because she was not acting in their best interest.
B. The agency files for bankruptcy.
C. The property owner discovers another claim on the title of the house.
D. The agent resigns from the contract because he is overloaded with homes to sell. - CORRECT
ANSWER D. The agent resigns from the contract because he is overloaded with homes to sell.
**[Agents and owners may resign from a sale, but they may be liable for damages due to breach
of contract. However, if there is a legally sound reason for resignation, such as the owners
requesting the agent do something illegal or the agent not acting in the sellers best interest, there
is no penalty for resignation. "being overloaded with homes to sell" would not be considered a
justifiable reason to end the contract, so the agent may owe the sellers some type of damages.
Bankruptcy, death. legal incompetence, am multiple claims on the title all automatically
terminate the agency relationship by law.]
Foreclosure occurs when a _____ seizes and sells a borrower's _____ after the borrower has
failed to ____ the lender.
A. bank, personal property, appreciate
B. lender, home, alert
C. lender, collateral, repay
D. bank, property, notify - CORRECT ANSWER C. lender, collateral, repay
**[A lender requires collateral for a loan if the buyer defaults on the terms of the loan agreement,
usually through failure to make payments in a timely manner, the lender can and will seize the
collateral, usually the home and/or property.]
A buyer agrees to purchase a home once the sale on her current home is completed. Legally, this
is known as _______ ?
A. contingency
B. specific performance
C. option agreement
D. negotiation - CORRECT ANSWER A. contingency
**[Contingencies or contingency clauses are a part of the contract of sale that allows a buyer or
seller to get our of the contract without penalty in the case of certain specified events.]
Mr. and Mrs. Cox make Mr. and Mrs. Green an offer on their home, but they have not hear back
from them on whether or not the offer has been accepted. In the meantime, they have found
another home they would like to purchase instead. What is their best option?
A. Withdraw their offer penalty.
B. Modify their offer to one they are confident Mr. and Mrs. Green will not accept.
C. Withdraw their offer with no penalty.
D. Wait for Mr. and Mrs. Green's response. If they accept the offer, pay the withdraw fee
outlined in the contract. - CORRECT ANSWER C. Withdraw their offer with no penalty.
**[Before an offer has been accepted, the buyers have the right to withdraw their offer with no
penalty. However, if the seller has already accepted the offer, the offer now becomes a contract
that carries with it legal obligations.] [Show Less]
