Louisiana Real Estate Exam Test Questions With Well Elaborated Solutions

Louisiana Real Estate Exam Test Questions With Well Elaborated Solutions Can an attorney perform the duties of a real estate agent or broker without being licensed as a real estate salesperson or broker? - ...ANSWER Yes, if it is required in the normal course of other legal representation Corporate, limited liability company, and partnership brokers must retain copies of all real estate transactions for a period of: - ...ANSWER 5 years Does a licensee owe any duty to a customer? - ...ANSWER Yes, to be fair and honest Does Louisiana require written leases? - ...ANSWER No Errors and Omissions insurance is considered which type of insurance? - ...ANSWER Malpractice Insurance Escrow accounts should be: - ...ANSWER Non-interest bearing, unless all parties otherwise agree Highways, state parks, running water, territorial seas, and seashores are all examples of what kind of things? - ...ANSWER Public How are members of the Real Estate Commission selected? - ...ANSWER They are appointed by the Governor and confirmed by the Senate How long does a sponsoring broker have to return the license of any licensee who has a suspended or revoked license? - ...ANSWER 72 hours How many hours of continuing education is required for renewal of a real estate license? - ...ANSWER 12 hours How many total hours of instruction must a candidate for a broker license complete prior to submitting the application for licensure? - ...ANSWER 150 How much time is allowed for delinquently renewing a real estate license? - ...ANSWER 3 months If a licensee is indicted for something that involves a real estate transaction that the licensee was involved in, the licensee must report it to the Commission: - ...ANSWER within 10 days In designated agency, a licensee is: - ...ANSWER Designated by a broker to represent a particular client In Louisiana we often use which of the following terms to refer to real estate? - ...ANSWER Immovables In Louisiana, sub agency is - ...ANSWER Allowed only by a contractual agreement In order for a person or entity to engage directly in the business of selling timeshare interests, they must register with: - ...ANSWER The Louisiana Real Estate Commission In the event of the death of a sponsoring broker, the appointed associate broker or salesperson must notify all licensees of the deceased broker: - ...ANSWER immediately In the event that the potential client refuses to sign the agency disclosure pamphlet, the licensee should: - ...ANSWER Note the refusal to sign and the reason of the client for not signing Is showing a property to an appraiser who is writing an appraisal on the property a ministerial act? - ...ANSWER Yes