Civil Service practice for Louisiana state Exam 150 Questions with Verified Answers
Which of the following statements is true regarding Purchase
... [Show More] Agreements?
Select one:
a.
They must have a definite expiration date.
b.
They do not have to have an expiration date.
c.
A copy must be filed with the Real Estate Commission.
d.
A copy must be retained by the broker for 10 years. - CORRECT ANSWER They must have a definite expiration date.
Under what conditions may a person or company request a referral fee for the referral of a buyer or seller?
Select one:
A.
The person seeking the referral fee introduced the client to the licensee.
B.
The person seeking the referral fee has a written contractual relationship with the licensee for a referral fee.
C.
The licensee has received the client referral prior to the client contracting to buy or list real estate with the licensee.
D.
All of the above. - CORRECT ANSWER all of the above
To obtain a broker's license you must have held an active salesperson's license for at least:
Select one:
A.
Six months
B.
One year
C.
Four years
D.
Five years - CORRECT ANSWER four years
If a home is sold at sheriff's sale and homestead exemption is claimed which of the following is TRUE?
Select one:
A.
Both spouses must sign.
B.
The mortgagor must not have children.
C.
The mortgagor must not be married.
D.
It is never waived. - CORRECT ANSWER both spouses must sign
The Commission has the power to:
Select one:
A.
issue licenses, registrations, and certificates.
B.
censure licensees, registrants, and certificate holders.
C.
suspend or revoke licenses, registrations, and certificates.
D.
All three of these. - CORRECT ANSWER all of these
What type of lien would take priority over a first mortgage?
Select one:
A.
tax lien
B.
mechanic
C.
both
D.
neither - CORRECT ANSWER both
Islands and sandbars that are not attached to the bank, formed in the beds of navigable rivers or streams belong to:
Select one:
a.
The state
b.
The onwer of the land on the nearest bank.
c.
The Federal Government
d.
The parish - CORRECT ANSWER the state
Which of the following would be an example of "common things"?
Select one:
a.
Air
b.
A home.
c.
A refrigerator.
d.
A plant. - CORRECT ANSWER air
Forced heirs are children of a decedant who are under the age of ___.
Select one:
a.
24
b.
21
c.
18
d.
30 - CORRECT ANSWER 24
Louisiana has how many meridians and baselines?
Select one:
A.
one meridian and two baselines
B.
one baseline and two meridians
C.
one meridian and one baseline
D.
two meridians and two baselines - CORRECT ANSWER one baseline and two meridians
Specific performance gives either party the right to
Select one:
A.
receive damages in the amount of the deposit
B.
cancel the sale
C.
enforce the terms of the contract
D.
none of the above - CORRECT ANSWER enforce the terms of the contract
All rights and actions that apply to immovables are classified as:
Select one:
a.
Incorporeal immovables.
b.
Incorporeal movables.
c.
Corpereal immovables.
d.
Corporeal movables. - CORRECT ANSWER incorporeal immovables
Licensees are required to report to the Commission within 10 days
Select one:
A.
The rendering of a final judgment against the licensee involving a real estate transaction in which he or she was acting as a licensee.
B.
Criminal prosecution against the licensee in a matter involving a real estate transaction in which he or she was acting as a licensee.
C.
Any final conviction of the licensee for forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud, theft, or any other felony, or any crime involving moral turpitude.
D.
All of the above. - CORRECT ANSWER all of the above
To secure a deficiency judgment in the state of Louisiana, all of the following are true EXCEPT
Select one:
A.
The property must go to the sheriff's sale
B.
Bidding must start at 2/3 of the mortgage amount.
C.
Bidding must start at 2/3 of the appraised value
D.
The property must sell for less than all monies due. - CORRECT ANSWER Bidding must start at 2/3 of the mortgage amount.
A licensee must complete all continuing education requirements before transferring to inactive status.
TRUE OR FALSE - CORRECT ANSWER false
Applicants for broker licensing must complete a 30 hour broker responsibility course as part of the 150 hours of education required.
TRUE OR FALSE - CORRECT ANSWER true
When a licensed agency is acquired by another licensed agency, the transfer of funds from the escrow accounts shall not occur without written approval from the commission.
TRUE OR FALSE - CORRECT ANSWER true
Excluding a forced heir from a will is called:
Select one:
A.
exclusion
B.
disinherison
C.
disenfranchisement
D.
This is always illegal. - CORRECT ANSWER disinherison
Unless registered in Louisiana with the Louisiana Real Estate Commission as hereinafter specified, no person, partnership, limited liability company, or corporation shall offer for sale, lease, rent, or use in any way, any franchise name to be publicly utilized or used by a licensed Louisiana real estate broker.
TRUE OR FALSE - CORRECT ANSWER true
The Board of Realtors has the power to do which of the following?
Select one:
A.
investigate the licensee
B.
prosecute the licensee
C.
suspend a license
D.
none of the above - CORRECT ANSWER none of the above
How is a power of attorney terminated?
Select one:
a.
When it is revoked.
b.
When the principal or agent dies.
c.
When the agent resigns or renounces.
d.
Any of the above - CORRECT ANSWER any of the above
If a licensee holds any interest in a property involved in a real estate transaction, his or her status as licensee must be disclosed in writing to all parties prior to entereing into any negotiations concerning the execution of a real estate contract.
TRUE OR FALSE - CORRECT ANSWER true
In Louisiana, offers are:
Select one:
A.
revocable until the time they are accepted
B.
irrevocable until the time of acceptance or expiration of the offer
C.
irrevocable only if stated in the contract
D.
not enough information - CORRECT ANSWER irrevocable until the time of acceptance or expiration of the offer
A person who inherits something through a testament is known as a/an
Select one:
A.
heir
B.
legatee
C.
abusus
D.
testator - CORRECT ANSWER legatee
The Commission may impose a civil penalty of no more than _______ upon any unlicensed person found to have engaged in real estate activity.
Select one:
a.
$5000
b.
$3000
c.
$2000
d.
The Commission can only fine licensees. - CORRECT ANSWER $5000
What are the two status classifications of real estate licenses?
Select one:
a.
active and inactive
b.
agent and licensee
c.
active and static
d.
current and inactive - CORRECT ANSWER active and inactive
A person who engages the professional advice and services of a licensee as his agent is known as the
Select one:
A.
client
B.
customer
C.
seller
D.
buyer - CORRECT ANSWER client
If a designated qualifying broker who represents more than one corporation, limited liability company, or partnership is charged with a violation of the license law, who must be notified?
Select one:
a.
Each company for which he is the qualifying broker.
b.
Only the company which is involved in the violation.
c.
Only the broker himself.
d.
Only the client. - CORRECT ANSWER Each company for which he is the qualifying broker.
When a broker appoints one agent from his company to represent a client, that agent is known as the
Select one:
A.
selling agent
B.
designated agent
C.
co-op agent
D.
appointed agent - CORRECT ANSWER designated agent
A right which grants one landowner access across another's is called:
Select one:
A.
personal servitude
B.
predial servitude
C.
easement in gross
D.
easement appurtenant - CORRECT ANSWER predial servitude
In Louisiana, joint tenancy is
Select one:
A.
illegal
B.
the same as co-ownership
C.
the same as community property
D.
legal, but rarely used - CORRECT ANSWER illegal
Louisiana Civil Law does not recognize the Common Law concept of:
a.
Non-freehold estates
b.
Leases
c.
Lessor/Lessee
d.
Eviction - CORRECT ANSWER non-freehold estates
Which of the following is true when a Louisiana broker elects to work with a licensed broker of another state in the sale of property in Louisiana?
Select one:
A.
Any monies collected on behalf of others must be placed in the Louisiana broker's escrow account.
B.
Any advertising must contain the names of both brokers.
C.
Any commissions must be paid to the Louisiana broker, who will then compensate the out of state broker.
D.
All of the above. - CORRECT ANSWER all of the above
Salesman Sam brings an offer to Agent Ann on a house she has listed. Ann positively knows of a better offer that is expected to come in later that day. She should
Select one:
A.
Wait for the better offer to arrive and present them both at the same time.
B.
Not present it since he knows a better offer is coming.
C.
Present Sam's offer immediately.
D.
None of the above. - CORRECT ANSWER present sam's offer immediately
Earnest money is
Select one:
A.
the same as specific performance
B.
used to enforce the sale
C.
liquidated damages
D.
all of the above - CORRECT ANSWER liquidated damages
The period for redeeming property which has been sold at the tax sale for nonpayment of taxes is:
Select one:
A.
2 years
B.
3 years
C.
5 years
D.
3 to 5 years - CORRECT ANSWER 3 to 5 years
If a leased property is sold during the term of the lease, does the new owner have to honor the lease?
Select one:
A.
yes
B.
no
C.
yes, if the lease was recorded
D.
only if provided for in the lease - CORRECT ANSWER yes, if the lease was recorded
No person shall at any time, while on the premises of a certified real estate school, discuss the sponsorship of any student by any licensee of the Commission.
TRUE OR FALSE - CORRECT ANSWER true
How long must the licensee retain the signed portion of the agency disclosure pamphlet?
Select one:
A.
until the sale is closed
B.
for 3 years
C.
for 5 years
D.
for 10 years - CORRECT ANSWER for 5 years
Persons signing any document in a real estate transaction which pertains to more than one party should be provided with a copy of the completed document within _____ days after the final signature is affixed to the document.
Select one:
A.
2
B.
3
C.
5
D.
7 - CORRECT ANSWER 5
When the obligor and obligee become one, the obligation is extinguished by:
Select one:
A.
novation
B.
solidary
C.
confusion
D.
substitution - CORRECT ANSWER confusion
If an applicant for licensing does not take the state exam within 90 days after turning in his license application to the Commission what will happen?
Select one:
A.
The applicant must reapply to the Commission.
B.
The applicant must wait six months.
C.
The applicant must re-take the 90 hour course.
D.
Nothing, the applicant has 6 months to take the exam. - CORRECT ANSWER the applicant must reapply to the Commission
The examination authorization shall be valid for one examination and shall expire 90 days after the date it is issued.
TRUE OR FALSE - CORRECT ANSWER true
A _______ may be ordered to determine the existence of any liens or encumbrances both before and after acquisition oa an immovable by a buyer.
Select one:
a.
Mortgage certificate
b.
Priority of liens
c.
Judicial review
d.
Recordation of mortgage - CORRECT ANSWER mortgage certificate
When a licensed agency purchases or acquires another licensed agency, the sponsoring broker of the acquiring agency shall give written notice to all licensees transferred to the acquiring agency within ____ working days following the date of acquisition
Select one:
a.
5
b.
3
c.
2
d.
10 - CORRECT ANSWER 5
What is the maximum amount that the Commission may charge licensees for the research and education fund?
a.
$10 per year
b.
$8 per year
c.
$20 per year
d.
$16 every two years - CORRECT ANSWER $10 per year
If there are two or more children, what is the forced portion of a person's estate?
Select one:
A.
¼
B.
½
C.
¾
D.
all - CORRECT ANSWER 1/2
A person who is named in a will to inherit something is known as a:
Select one:
A.
legatee
B.
heir
C.
testator
D.
testatrix - CORRECT ANSWER legatee
Legatees are testate successors, (those named in a will to inherit).
Heirs are intestate successors, (those who inherit when there is no will.
Upon termination of a qualifying broker's affiliation with a corporation, limited liability company or partnership, the Commission must be notified and a new qualifying broker designated within
Select one:
A.
3 days
B.
5 days
C.
10 days
D.
30 days - CORRECT ANSWER 5 days
How many days notice must be given to evict?
Select one:
A.
3 days
B.
5 days
C.
7 days
D.
10 days - CORRECT ANSWER 5 days
A broker advertising on an internet site or e-mail must include on each page
Select one:
A.
the broker's name
B.
the city and state in which the broker's office is located
C.
Any trade name as registered with the Commission
D.
All of the above. - CORRECT ANSWER all of the above
All printed advertisements for the sale or lease of residential real estate shall indicate the ______ and______ the advertisement is printed, published, or distributed.
Select one:
a.
month, year
b.
day, month
c.
day, year
d.
city, year - CORRECT ANSWER month, year
Who may be named as signatories on escrow accounts?
a.
Individual brokers only.
b.
Individual brokers, associate brokers, salespersons and employees.
c.
Individual brokers and associate brokers only.
d.
Qualifying brokers only. - CORRECT ANSWER Individual brokers, associate brokers, salespersons and employees.
If an investigation by the Commission indicates that a violation of the License Law may have occurred, what happens next?
Select one:
A.
informal adjudicatory proceedings are initiated.
B.
Formal adjudicatory proceedings are initiated.
C.
Both A and B
D.
Either A or B. - CORRECT ANSWER either a or b
A pledge of immovable property which is made to secure a debt is a:
Select one:
A.
mortgage
B.
judgment
C.
privilege
D.
paraph - CORRECT ANSWER mortgage
Agent Sally accepted a deposit from her buyer for the purchase of a home. Since she was not going back to the office until Monday morning, she put the deposit check in her personal checking account. She planned on writing her broker a check on Monday morning. Which of the following statements is true?
Select one:
a.
This is a violation of the license law.
b.
This is perfectly legal.
c.
Since Sally is representing the buyer, as long as she accounts for the money by the time of the closing there is no violation.
d.
As long as the money is put in the broker's escrow account within 5 days there is no violation. - CORRECT ANSWER this is a violation of the license law
After an offer is made, it is _________ up until the time it is accepted or the time for acceptance expires.
Select one:
a.
Irrevocable
b.
Revocable
c.
Amendable
d.
Withdrawable - CORRECT ANSWER irrevocable
To perfect a sale in Louisiana there are three requirements. They are (1) the thing sold, (2) the price, and:
Select one:
a.
Consent of the parties.
b.
The deed.
c.
An oath of conveyance.
d.
A power of attorney. - CORRECT ANSWER consent of the parties
If during an investigation, it becomes apparent that violations have been committed by licensees, registrants, or certificate holders other than the one named in the original complaint, what happens?
Select one:
A.
An additional complaint must be filed.
B.
They may be added as respondents to the investigation.
C.
They may be added only if a written request is attached to the original complaint.
D.
Nothing. - CORRECT ANSWER They may be added as respondents to the investigation.
The fruits of separate property, unless specifically reserved as otherwise, are:
Select one:
A.
community property
B.
separate property
C.
separate revenues
D.
marital property - CORRECT ANSWER community property
A licensee representing a client does not breach a duty or obligation to the client by showing alternative properties to prospective buyers or tenants or by showing properties in which the client is interested to other prospective buyers or tenants.
TRUE OR FALSE - CORRECT ANSWER true
No cause of action shall arise on behalf of any person against a dual agent for making disclosures allowed or required, and the dual agent does not terminate any agency relationship by making the allowed or required disclosures
TRUE OR FALSE - CORRECT ANSWER true
All funds collected as rental payments from or on behalf of clients in connection with the management of properties owned by other persons shall be deposited into what type of account?
Select one:
a.
Rental Trust Account
b.
Security Deposit Trust Account
c.
Sales Escrow Account
d.
Operating Accoun - CORRECT ANSWER rental trust account
A seller tells his agent that the roof was replaced one year ago. The buyer later learns that the roof is actually 10 years old. Who is liable?
Select one:
a.
The seller
b
The agent
c.
The seller and the agent
d.
No one - CORRECT ANSWER the seller
When should an agent present the agency disclosure pamphlet to a party to a real estate transaction?
Select one:
A.
at the first substantive meeting
B.
at the closing
C.
any time before the closing
D.
at the time that the contract is signed. - CORRECT ANSWER at the first substantive meeting
A donation in the chain of title, then, is a potential title problem because of the possibility of revocation.
TRUE OR FALSE - CORRECT ANSWER true
Any final conviction by a court of competent jurisdiction for forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud, theft, or any other felony, or any crime involving moral turpitude shall be reported to the commission within:
Select one:
a.
3 days
b.
7 days
c.
10 days
d.
20 days - CORRECT ANSWER 10 days
When a corporation, limited liability company or partnership is dissolved, the licenses of the qualifying broker and other sponsored licensees must be returned to the Commission within ____ days.
Select one:
A.
3
B.
5
C.
10
D.
30 - CORRECT ANSWER 5
What is the minimum amount of funds that must be maintained in the recovery fund?
Select one:
a.
$400,000
b.
$200,000
c.
$100,000
d.
$40,000 - CORRECT ANSWER $400,000
All of the following are required to have errors and omissions insurance EXCEPT:
Select one:
a.
inactive licensees.
b.
active salespersons.
c.
active brokers.
d.
new licensees. - CORRECT ANSWER inactive licensees
Upon termination of the association of an associate broker or salesperson with his sponsoring broker, the broker shall return the license to the Commission within
Select one:
A.
24 hours
B.
3 days
C.
5 days
D.
10 days - CORRECT ANSWER 5 days
Mineral rights do not transfer with the land unless stated in the contract. TRUE or FALSE?
TRUE OR FALSE - CORRECT ANSWER false
When the sudden action of water carries away an identifiable piece of ground and unites it with other land on the same or opposite bank, the owner does not lose the property, if he claims it in writing within a year, or if over a year, he may claim the land if another owner has not taken possession.
TRUE OR FALSE - CORRECT ANSWER true
There are two types of successors. They are:
Select one:
a.
Legatees and Heirs
b.
Testate and Intestate
c.
Devise and Devisee
d.
Heirs and Devises - CORRECT ANSWER legatees and heirs
A type of servitude which is a charge on a thing in favor of a person is called a:
Select one:
A.
personal servitude
B.
predial servitude
C.
general servitude
D.
impersonal servitude - CORRECT ANSWER personal servitude
The deadline to renew your license without being delinquent is
Select one:
A.
your birthday.
B.
December 1st.
C.
December 31st.
D.
January 1st. - CORRECT ANSWER December 31st
The period to file for lesion is:
Select one:
A.
90 days
B.
180 days
C.
1 year
D.
4 years - CORRECT ANSWER 1 year
A franchise agreement allows a real estate broker to use registered trademarks and other advertising tools to create a common identity among several brokers nationally or regionally for marketing purposes.
TRUE OR FALSE - CORRECT ANSWER true
The right of the government to take private property for public use with just compensation is called:
Select one:
A.
Eminent domain
B.
Expropriation
C.
Appropriation
D.
Acquisitive prescription - CORRECT ANSWER eminent domain
Question text
The Louisiana term for Deed in Lieu of Foreclosure is:
Select one:
a.
Dation en paiment
b.
Ordinary process
c.
Executory process
d.
Confession of judgment - CORRECT ANSWER Dation en paiment
Which of the following duties would be MOST difficult to perform as a dual agent?
Select one:
a.
Loyalty
b.
Accounting
c.
Honesty
d.
Disclosure - CORRECT ANSWER loyalty
If you are acting as a dual agent you must get verbal permission from both parties.
TRUE OR FALSE - CORRECT ANSWER false
The fee for renewing your license after December 31st but before February 16th is:
Select one:
a.
$50
b.
$75
c.
$100
d.
$150 - CORRECT ANSWER $50
When a licensee is acting as a principal in a real estate transaction, he must disclose the fact that he is licensed. Which of the following would be considered as being a principal to a transaction?
Select one:
a.
When selling property which he owns or has an ownership interest.
b.
When acting as a listing agent.
c.
When acting as the buyer's agent.
d.
When acting as a dual agent. - CORRECT ANSWER when selling property which he owns or has an ownership interest
A person owning both the rights of usus and fructus is said to own the:
Select one:
A.
whole thing
B.
abusus
C.
usufruct
D.
title - CORRECT ANSWER usufruct
Who can receive a commission payment from a broker?
Select one:
A.
a licensed agent.
B.
The seller
C.
The buyer
D.
An unlicensed friend of the seller or buyer who refers them to the broker. - CORRECT ANSWER a licensed agent
Real Estate Activity includes:
Select one:
a.
negotiating sales or leases for a commission.
b.
listing property for sale or lease for compensation.
c.
selling or leasing of real estate for a fee.
d.
All of the above. - CORRECT ANSWER all of the above
Except as otherwise provided in these rules and regulations all fees submitted to the commission are non-refundable.
TRUE OR FALSE - CORRECT ANSWER true
Any multi-cellular fungi living on plant or animal matter either indoors our outdoors is known as:
Select one:
a.
mold.
b.
spores.
c.
radon.
d.
asbestos. - CORRECT ANSWER mold
What types of loans are exempt from the 12% usury limit?
Select one:
A.
FHA and VA loans
B.
Owner-financed loans
C.
Wrap-around loans
D.
All of the above. - CORRECT ANSWER all of the above
When must written offers and counter offers for the purchase of real estate be presented to buyers and/or sellers?
Select one:
A.
within 24 hours
B.
immediately
C.
within 72 hours
D.
within 5 days - CORRECT ANSWER immediately
In the event that the seller is not available, does the listing broker have the authority to reject an offer or counter offer on his behalf?
Select one:
A.
Yes, if the broker knows that the seller would not want to accept it.
B.
No, only the seller can reject an offer.
C.
Yes, if the seller gives permission to the broker.
D.
Only if the seller is incapacitated. - CORRECT ANSWER Yes, if the seller gives permission to the broker.
The taking of private property for public use without compensation is called:
Select one:
A.
eminent domain
B.
expropriation
C.
appropriation
D.
acquisitive prescription - CORRECT ANSWER appropriation
If a broker and a licensee who is sponsored by the broker choose to terminate their relationship, how many days does the broker have in which to return to the Commission the licenses of the sponsored agent?
Select one:
A.
3 days
B.
5 days
C.
7 days
D.
10 days - CORRECT ANSWER 5 days
The natural flow of surface water from one property to another is called a:
Select one:
A.
natural servitude
B.
legal servitude
C.
conventional servitude
D.
water servitude - CORRECT ANSWER natural servitude
Which of the following would NOT be subject to the laws and rules of the Commission?
Select one:
A.
a licensee selling his own property
B.
an unlicensed owner selling his own property
C.
an associate broker
D.
a timeshare registrant - CORRECT ANSWER an unlicensed owner selling his own property
If a licensee is a director of a corporation, and the corporation is buying property that is listed by his sponsoring broker, the licensee must
Select one:
A.
withdraw as director of the corporation
B.
defer the buyer to another firm
C.
disclose to the buyer that he is a licensee
D.
do nothing - CORRECT ANSWER disclose to the buyer that he is a licensee
An applicant for a Louisiana license may not receive full credit for coursework which was taken over
Select one:
A.
3 years ago
B.
5 years ago
C.
7 years ago
D.
10 years ago5 - CORRECT ANSWER 5 years ago
The tear off part of the agency disclosure form must be retained for
Select one:
A.
3 years
B.
4 years
C.
5 years
D.
7 years - CORRECT ANSWER 5 years
What are the two types of leases used in Louisiana?
Select one:
A.
lease for rent and farm
B.
lease for years and farming
C.
farm lease and predial lease
D.
periodic tenancy and tenancy for years - CORRECT ANSWER lease for rent and farm
A property manager needs to have unit 3 painted, but there is currently not enough money in the account for that unit, however there is more than enough money in the account for unit 10. The two units are owned by different clients. Can the property manager temporarily use money from unit 10's account to have unit 3 painted if she returns the money later?
Select one:
A.
this is okay as long as it is properly documented and the funds are repaid.
B.
this is okay as long as her broker is notified.
C.
this would be improper use of rental trust account funds.
D.
this is not addressed by the laws or rules. - CORRECT ANSWER this would be improper use of rental trust account funds.
If a licensee chooses to appeal a finding of the Commission with the Nineteenth Judicial District Court, any application for review must be filed within ______ days after the final decision of the Commission.
Select one:
A.
30
B.
1 year
C.
60 days
D.
45 days - CORRECT ANSWER 30
If a licensee is charged with a violation of the license laws or rules, they must be notified how many days before the hearing?
Select one:
A.
10 days
B.
20 days
C.
30 days
D.
60 days - CORRECT ANSWER 20 days
If a broker's license is revoked, what happens to the licenses of his sponsored agents?
Select one:
A.
they are automatically revoked
B.
they are returned to the licensee
C.
they are automatically suspended and must be returned to the commission within 72 hours
D.
they are automatically placed on inactive status - CORRECT ANSWER they are automatically suspended and must be returned to the commission within 72 hours
When advertising on the internet, a broker must include his
Select one:
A.
name
B.
city and state
C.
license number
D.
both A and B - CORRECT ANSWER both A and B
The Commission must be notified in 10 days of which of the following?
Select one:
A.
change of licensee's address
B.
closing an escrow account
C.
change of licensee's phone number
D.
all of the above - CORRECT ANSWER all of the above
The fact or suspicion that a property may be psychologically impacted
Select one:
A.
is a material fact
B.
must be disclosed to prospective buyers
C.
can not be disclosed to buyers
D.
is not a material fact - CORRECT ANSWER is not a material fact
The definition of a qualifying broker is
Select one:
A.
the sponsoring broker for a brokerage firm
B.
the sponsoring broker for a corporation, limited liability company, or partnership
C.
an associate broker
D.
a broker who is state certified - CORRECT ANSWER the sponsoring broker for a corporation, limited liability company, or partnership
The Louisiana Real Estate Commission has the power to
Select one:
A.
issue real estate licenses
B.
censure, suspend, or revoke licensees
C.
impose fines for violations
D.
all of the above - CORRECT ANSWER all of the above
Every applicant for a real estate license shall submit a sworn statement that
Select one:
A.
he has knowledge of the fair housing laws
B.
he has knowledge of the license laws
C.
he is a resident of the state
D.
he is a resident of the country - CORRECT ANSWER he has the knowledge of the fair housing laws
A licensee who has been on inactive status for one to three years must complete how many hours of continuing education to activate his license?
Select one:
A.
8
B.
20
C.
30
D.
40 - CORRECT ANSWER 20
Which of the following does not need a license to sell real estate?
Select one:
A.
an individual selling his own property
B.
a builder selling homes he has built
C.
an attorney acting on behalf of a client
D.
all of the above - CORRECT ANSWER all of the above
If a broker has more than one office, how many licenses must he have?
Select one:
A.
one for the main office only
B.
one for each office
C.
no licenses are required for offices
D.
one main office license and one branch office license - CORRECT ANSWER one for each office
Penalties imposed by the Real Estate Commission for violations of the license law may include all of the following EXCEPT
Select one:
A.
censure, suspension, or revocation of license
B.
continuing education requirements
C.
fines
D.
imprisonment - CORRECT ANSWER imprisonment
The maximum penalty that can be imposed by the state of Louisiana on a licensee for a violation of the licensee is
Select one:
A.
$1000 and one year in prison
B.
$2000 and five years in prison
C.
revocation of license
D.
$500 fine - CORRECT ANSWER $2000 and five years in prison
The minimum amount of funds that must be kept in the Recovery Fund is
Select one:
A.
$100,000
B.
$200,000
C.
$300,000
D.
$400,000 - CORRECT ANSWER $400,000
The maximum amount that may be paid from the Recovery Fund for claims based upon judgments against any one licensed real estate licensee is?
Select one:
A.
$10,000
B.
$20,000
C.
$30,000
D.
$50,000 - CORRECT ANSWER $50,000
A person who is not being represented by a licensee, but for whom the licensee is performing ministerial acts is a
Select one:
A.
client
B.
principal
C.
customer
D.
agen - CORRECT ANSWER customer
A licensee named by his broker as representing a client is the
Select one:
A.
designated agent
B.
listing agent
C.
qualifying agent
D.
sponsoring agent - CORRECT ANSWER designated agent
If the seller gives false information to the agent, and the agent has no knowledge that the information is false, who may be held liable by the buyer?
Select one:
A.
the seller
B.
the agent
C.
the seller and the agent
D.
no one - CORRECT ANSWER the seller
When acting as a dual agent, which of the following is the agent prohibited from disclosing?
Select one:
A.
the lowest price the seller will take
B.
the highest price the buyer will take
C.
confidential information about either client
D.
all of the above - CORRECT ANSWER all of the above
An arpent is
Select one:
A.
one square mile
B.
slightly less than a section
C.
about 5/6 of an acre
D.
slightly larger than an acre - CORRECT ANSWER about 5/6 of an acre
In Louisiana, joint tenancy is
Select one:
A.
the same as co-ownership
B.
illegal
C.
the same as condominium ownership
D.
the same as community property - CORRECT ANSWER illegal
Ownership along navigable waterways extends
Select one:
A.
10 feet from the banks
B.
to the banks
C.
to the center of the waterway
D.
to the point of high tide - CORRECT ANSWER to the banks
The Louisiana Real Estate Commission has the right to revoke or suspend a license for
Select one:
A.
having been convicted of a felony
B.
misuse of escrow funds
C.
lying on your license application
D.
all of the above - CORRECT ANSWER all of the above
What is the disposable portion of his estate if a man dies leaving a wife and two children?
Select one:
A.
one fourth
B.
one half
C.
three fourths
D.
all - CORRECT ANSWER one half
If a buyer makes an offer to purchase accompanied by a deposit of $2000, but does not specify what type of deposit it is, the deposit will be considered
Select one:
A.
earnest money
B.
specific performance
C.
good faith deposit
D.
just compensation - CORRECT ANSWER specific performance
An offer is made on Monday morning and is good until Wednesday at 5pm. During this time the offer is
Select one:
A.
voidable
B.
revocable
C.
irrevocable
D.
equitable - CORRECT ANSWER irrevocable
Things which are permanently attached to a building and can not be removed without damaging the structure are
Select one:
A.
movables
B.
personal property
C.
immovable by anticipation
D.
components by attachment - CORRECT ANSWER components by attachment
The use of the right of eminent domain is
Select one:
A.
expropriation
B.
redhibition
C.
rescission
D.
doctrine of prior appropriation - CORRECT ANSWER expropriation
Under a Bond for Deed, the seller may take back the property in the case of default after
Select one:
A.
30 days
B.
45 days
C.
60 days
D.
foreclosure at the sheriff - CORRECT ANSWER 45 days
The transmission of a decedent's estate is through:
Select one:
A.
probate
B.
legate
C.
succession
D.
testate - CORRECT ANSWER succession
If a tenant is allowed to remain on the property for an additional period of time after the end of the term of the lease, this is called
Select one:
A.
redhibition
B.
rescission
C.
recondition
D.
reconduction - CORRECT ANSWER reconduction
If a broker is convicted of a felony, what disciplinary action must the Commission take?
Select one:
A.
none
B.
suspend his license
C.
revoke his license
D.
revoke his license only if the conviction involved misuse of funds - CORRECT ANSWER revoke his license
A broker offers a bonus of $500 to any agent who sells a specific property before a designated deadline. A salesperson from another company sells the property. Is this legal?
Select one:
A.
this is legal if the bonus is paid to the broker
B.
this is legal if the bonus is paid directly to the salesperson
C.
this is legal if the seller agrees
D.
this is not legal - CORRECT ANSWER this is legal if the bonus is paid to the broker
The physical use and enjoyment of a property is called
Select one:
A.
good faith possession
B.
corporeal possession
C.
abusus
D.
alienation - CORRECT ANSWER corporeal possession
Once money is paid from the recovery fund for a judgment against a licensee, what happens?
Select one:
A.
the licensee suffers no consequences.
B.
the licensee's license is suspended
C.
the licensee's license is revoked
D.
the licensee is fined - CORRECT ANSWER the licensee's license is revoked
If a broker has 3 branch offices he must
Select one:
A.
be able to oversee all 3 offices himself
B.
appoint a designated agent to be in charge of 2 of them
C.
appoint a secretary to manage 2 of them
D.
appoint a supervising broker for each one - CORRECT ANSWER appoint a supervising broker for each one
All of the following are personal servitudes EXCEPT
Select one:
A.
usufruct
B.
license
C.
habitation
D.
right of ingress and egress - CORRECT ANSWER right of ingress and egress
Subdivision restrictions can be changed by
Select one:
A.
agreement of 2/3 of the property owners
B.
a vote of the board of directors at the annual meeting
C.
special election
D.
never - CORRECT ANSWER agreement of 2/3 of the property owners
The names of the two meridians in Louisiana are the Louisiana and the
Select one:
A.
St. Tammany
B.
St. Helena
C.
prime meridian
D.
Mississippi - CORRECT ANSWER St. Helena
Lesion beyond moiety occurs when a property sold for less than
Select one:
A.
1/4 of the market value at the time of sale
B.
1/2 of the market value at the time of sale
C.
2/3 of the market value at the time of sale
D.
3/4 of the market value at the time of sale - CORRECT ANSWER 1/2 of the market value at the time of the sale
If a salesperson transfers his license to a new broker, what happens to his current listings?
Select one:
A.
they automatically transfer to the new broker
B.
they remain with the original broker
C.
the seller can choose which broker gets the listings
D.
the Commission determines which broker gets the listings - CORRECT ANSWER they remain with the original broker
When can an agent have more than one broker?
Select one:
A.
never
B.
for the purpose of finishing up current transactions when transferring from one broker to another
C.
when the agent is licensed in more than one state
D.
any time - CORRECT ANSWER when the agent is licensed in more than one state
f a salesperson advertises one of his listings, he must include
Select one:
A.
his phone number
B.
his license number
C.
his broker's name and phone number
D.
none of the above - CORRECT ANSWER his broker's name and phone number
If a salesperson includes his name on a "for sale" sign it must:
Select one:
A.
be subordinate to his broker's name
B.
larger than his broker
C.
also include his phone number
D.
include his broker - CORRECT ANSWER be subordinate to his broker's name
An owner wishes to list a house "as is". The agent should:
Select one:
A.
tell him he can not be held liable for any latent material defects in the property
B.
tell him he must disclose any material defects to any prospective buyers
C.
tell him it is illegal to sell d"as is"
D.
list the property as instructed by the seller and assume he does not want to disclose any material defects - CORRECT ANSWER tell him he must disclose any material defects to any prospective buyers
A partnership buys a property. How is the property owned?
Select one:
A.
by the partners as joint tenants
B.
by the partnership if the articles are in writing
C.
by the partnership if the articles are recorded
D.
by the partnership whether the articles are in writing or not - CORRECT ANSWER by the partnership if the articles are in writing
Which of the following would not be considered an encumbrance?
Select one:
A.
a mortgage
B.
a garage built over the property line
C.
party walls
D.
an easement - CORRECT ANSWER party walls
How does the disposition of a naked owner affect the usufruct?
Select one:
A.
It has no effect.
B.
It ends the usufruct.
C.
It extends the usufruct beyond remarriage.
D.
It extends the usufruct to other relatives of the usufructuary. - CORRECT ANSWER it has no effect [Show Less]