Louisiana real - Study guides, Class notes & Summaries

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

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 ...

Enacting real estate laws in Louisiana is the job of the: Select one: a. Louisiana Board of Realtors b. Louisiana State Legislature c. Louisiana Real Estate Commission d. Louisiana Real Estate License Bureau -:- B Applicants have how long to find a sponsoring broker after passing the State exam? Select one: a. Must have broker before taking exam. b. Six months c. 90 days d. 60 days -:- c 2 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 Excel! 2 0 2 4 /2025 | © copyright | Th...

Principles of Louisiana Real Estate Unit 1 National Portion. Exam Questions With 100% Verified Answers. Land - answerEarth's surface extending downward to the center of the earth real estate - answerAlso called "real property," it is land and anything permanently attached to the land, such as buildings, fences and items that are attached to the buildings. improvements - answerChanges or additions made to a property, such as walls or roads, and so on. These typically increase the value ...

Louisiana Real Estate Practice Exams (National) Questions With 100% Verified Answers. Real property can be converted to personal property by: - answerseverance Legal descriptions using the government survey system are NOT generally used in: - answerthe 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...

Louisiana Real Estate - State Portion License Exam/ 190 Qs & Ans/ . Terms like: Primary Purpose of Louisiana License Law is to - Answer: Protect the public The LA Real Estate Cojommission consists of - Answer: 11 (eleven) members To confirm commission appointments, the Governor must submit names to - Answer: The Senate

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 "_____________",...

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...

An applicant for a real estate license may continue to attempt to pass the licensing exam for a period of -:- 1 year In Louisiana, sub agency is -:- Allowed only by a contractual agreement No associate broker or salesperson license may be renewed until -:- The license of their sponsoring broker has been renewed All written offers to purchase real estate should be presented -:- Immediately Corporate, limited liability company, and partnership brokers must retain copies of all real ...

When a licensee is appointed to represent two clients in the same transaction, for example, the buyer and the seller, this is called: - Dual agency When a broker determines that a dispute exists regarding the funds held on deposit in an escrow account, the broker must - Notify all parties of the dispute Which of the following statements is NOT true regarding an individual real estate broker? - The individual broker may be licensed as a qualifying broker for one corporation only No associat...