Real Estate Final Exam (Louisiana Portion)
pt.3
The Commission has the full power and authority by law to do which of the following? -
ANS-Fine violators up to $2000. (not correct)
The Commission is required by law to meet: - ANS-Quarterly.
Which of the following is NOT a requirement to be appointed to the Louisiana Real Estate
Commission? - ANS-A real estate broker for at least 5 years with a minimum of 100 transactions
in experience.
Which of the following is NOT a sanction possible by the disciplinary action of the LREC? -
ANS-A fine of $5000 and a prison term of 2 years.
Commission member appointments are confirmed by the - ANS-State House of
Representatives. (not correct)
The transfer fee for switching license status to inactive is: - ANS-$35. (not correct)
If a licensee fails to pay all applicable renewal fees to the LREC by December 31, her status on
January 1 is: - ANS-inactive. (not correct)
If a real estate sales license is not renewed within 3 months of expiration, the licensee must: -
ANS-Pay the renewal fee, complete 12 hours of continuing education, and pay late renewal
penalties. (not correct)
Which of the following statements is true? - ANS-Licensees need 12 hours of continuing
education each year (except the first).
How can an expired license be reactivated? - ANS-It can be re-issued if the former licensee
pays all fees and completes all continuing education by March 31.
Which of the following statements is true? - ANS-The commission can grant a license to a
convicted felon. (not correct)
Fees to non-licensees for finding clients are: - ANS-Always a violation of the regulations
During the course of a real estate transaction, a buyer who is not the client of Bob the Broker
hands Bob an offer for one of his listings along with a money order for the deposit amount. What
should Bob do with this money order, since this potential buyer is not his client? - ANS-Hold the
money order until his client, the seller, decides on what to do with the offer. (not correct)
, In regards to sales deposits which are related to the real estate transaction: - ANS-Deposits are
retained by the seller until the Act of Sale. (not correct)
Which of the following is(are) true? - ANS-A. All brokers must have a Rental Trust Account
B. Upon opening an escrow account, an affidavit about the account must be sent to the
Commission at least 10 days prior to opening the account
C. Both of the above are true
D. Neither of the above are true
Broker Bob plans to open an additional real estate office in his home. He will use the office to
meet prospects and do occasional computer work. The Louisiana license law will require him to:
- ANS-Apply for a branch office license.
If a broker is involved in obtaining deposits in property management, the broker must -
ANS-open an account titled "Security Deposit Trust Account".
When must a Dual Agency form be presented? - ANS-Before a purchase agreement is
accepted. (not correct)
Where must the required advertising disclosures be included on an e-mail message? - ANS-On
every page. (not correct)
A licensee distrubuting a mold informational pamphlet: - ANS-Must ensure the pamphlet is
signed by the appropriate parties and retained with regular real estate records. (not correct)
If a broker's license is revoked due to a violation of the License Law, what happens to her
salespeople? - ANS-They are allowed to close pending business. (not correct)
Salespeople cannot accept a commission or valuable consideration for the performance of any
act under the license law from any person, except their - ANS-Sponsoring broker.
If a real estate licensee advertises his own property for sale - ANS-he is not required to have
"agent/owner" or "licensed agent" in the ad if he lists it through his broker.
A broker using E-mail must include which of the following on each page of his E-mail? - ANS-A.
The broker's name as registered with the Commission
B. The city, state and country in which the broker's main office is located
C. The regulatory jurisdiction(s) in which the broker holds a real estate brokerage license
D. All of the above
If you wish to pay a fee or part of a fee earned to an unlicensed person for finding you business,
you: - ANS-may not do so. It is illegal to pay an unlicensed person for finding you business.
pt.3
The Commission has the full power and authority by law to do which of the following? -
ANS-Fine violators up to $2000. (not correct)
The Commission is required by law to meet: - ANS-Quarterly.
Which of the following is NOT a requirement to be appointed to the Louisiana Real Estate
Commission? - ANS-A real estate broker for at least 5 years with a minimum of 100 transactions
in experience.
Which of the following is NOT a sanction possible by the disciplinary action of the LREC? -
ANS-A fine of $5000 and a prison term of 2 years.
Commission member appointments are confirmed by the - ANS-State House of
Representatives. (not correct)
The transfer fee for switching license status to inactive is: - ANS-$35. (not correct)
If a licensee fails to pay all applicable renewal fees to the LREC by December 31, her status on
January 1 is: - ANS-inactive. (not correct)
If a real estate sales license is not renewed within 3 months of expiration, the licensee must: -
ANS-Pay the renewal fee, complete 12 hours of continuing education, and pay late renewal
penalties. (not correct)
Which of the following statements is true? - ANS-Licensees need 12 hours of continuing
education each year (except the first).
How can an expired license be reactivated? - ANS-It can be re-issued if the former licensee
pays all fees and completes all continuing education by March 31.
Which of the following statements is true? - ANS-The commission can grant a license to a
convicted felon. (not correct)
Fees to non-licensees for finding clients are: - ANS-Always a violation of the regulations
During the course of a real estate transaction, a buyer who is not the client of Bob the Broker
hands Bob an offer for one of his listings along with a money order for the deposit amount. What
should Bob do with this money order, since this potential buyer is not his client? - ANS-Hold the
money order until his client, the seller, decides on what to do with the offer. (not correct)
, In regards to sales deposits which are related to the real estate transaction: - ANS-Deposits are
retained by the seller until the Act of Sale. (not correct)
Which of the following is(are) true? - ANS-A. All brokers must have a Rental Trust Account
B. Upon opening an escrow account, an affidavit about the account must be sent to the
Commission at least 10 days prior to opening the account
C. Both of the above are true
D. Neither of the above are true
Broker Bob plans to open an additional real estate office in his home. He will use the office to
meet prospects and do occasional computer work. The Louisiana license law will require him to:
- ANS-Apply for a branch office license.
If a broker is involved in obtaining deposits in property management, the broker must -
ANS-open an account titled "Security Deposit Trust Account".
When must a Dual Agency form be presented? - ANS-Before a purchase agreement is
accepted. (not correct)
Where must the required advertising disclosures be included on an e-mail message? - ANS-On
every page. (not correct)
A licensee distrubuting a mold informational pamphlet: - ANS-Must ensure the pamphlet is
signed by the appropriate parties and retained with regular real estate records. (not correct)
If a broker's license is revoked due to a violation of the License Law, what happens to her
salespeople? - ANS-They are allowed to close pending business. (not correct)
Salespeople cannot accept a commission or valuable consideration for the performance of any
act under the license law from any person, except their - ANS-Sponsoring broker.
If a real estate licensee advertises his own property for sale - ANS-he is not required to have
"agent/owner" or "licensed agent" in the ad if he lists it through his broker.
A broker using E-mail must include which of the following on each page of his E-mail? - ANS-A.
The broker's name as registered with the Commission
B. The city, state and country in which the broker's main office is located
C. The regulatory jurisdiction(s) in which the broker holds a real estate brokerage license
D. All of the above
If you wish to pay a fee or part of a fee earned to an unlicensed person for finding you business,
you: - ANS-may not do so. It is illegal to pay an unlicensed person for finding you business.
