LA Real Estate Law
A Commissioner must have an active brokers license for a minimum of _____ years - ANS-five
Which of the following is a reason for denying an applicant a license?
a. being under the age of 18 and not possessing either a high school diploma or a GED
b. committing a felony
c. not being a resident of Louisiana
d. giving false information on an application - ANS-A. being under the age of 18 and not
possessing either a high school diploma or a GED
( All reasons stated in law may or shall be a reason for denial of a license. The only absolute is
being under the age of 18 and/or not possessing a high school diploma or GED)
Which of the following is not a license?
a. qualifying broker
b. sponsoring broker
c. individual real estate broker
d. salesperson - ANS-A. qualifying broker
( the qualifying broker is a designation, not a license. A qualifying broker holds an individual real
estate broker license)
The Real Estate Commission has the power to subpoena which of the following?
a. registrants
b. witnesses
c. licensees
d. all of the above - ANS-D. all of the above
( licensees, registrants, and witnesses are all allowed to be subpoenaed by the Real Estate
Commission)
The Commission consists of how many members? - ANS-11
Every nondeveloper timeshare sales registrant shall file and maintain with the Louisiana Real
estate Commission a bond in the amount of:
Select one:
a. $1,000
b. $5,000
c. $10,000
d. $20,000 - ANS-$10,000
, ( Nondeveloper timeshare registrants are required to maintain a surety bond in the amount of
$10,000)
All applicants for an initial individual real estate broker's license must have been active as a real
estate salesperson for how many years? - ANS-4
Commissioners are... - ANS-- Active real estate brokers for a minimum of five years prior to
appointment to the commission
- qualified electors of the state of Louisiana
- citizens of Louisiana
An individual real estate broker may serve as a qualifying broker for how many corporations,
limited liability companies, or partnerships concurrently? - ANS-More than 1
A licensee in good standing with the commission may place license in an active license status
for how long? - ANS-indefinitely
Matt has been inactive licensee for one and one-half years. To return to active status, Matt must
- ANS-- apply to transfer to active status
- complete twenty hours of continuing education
- pay a $45 transfer fee
A salesperson's or associate broker's license is kept in the custody and control of - ANS-the
sponsoring broker
Julie transferred her license from AFJ brokerage to ZQI brokerage. After this, a commission was
earned on a listing she had at AFJ. How will Julie receive her pay? - ANS-AFJ will send Julie's
commission to ZQI, who in turn will give it to Julie
Broker Mary has her main office in Metairie, with satellite offices in New Orleans, Chalmette,
and Gretna. How many business licenses does Mary have? - ANS-4
When a licensee's principal party signs any document in a real estate transaction, they are to
receive a copy of the document_____ after signing the document. - ANS-immediately
When executed by any real estate licensee, a notice of the availability of access to a statewide
database disclosing the locations of individuals required to register as a sexual offender -
ANS-is required in every residential lease and rental agreement & in every written contract for
the sale of the residential immovable property
Upon determination of guilt by the Louisiana Real Estate Commission, a licensee may - ANS-be
fined up to $5000
A Commissioner must have an active brokers license for a minimum of _____ years - ANS-five
Which of the following is a reason for denying an applicant a license?
a. being under the age of 18 and not possessing either a high school diploma or a GED
b. committing a felony
c. not being a resident of Louisiana
d. giving false information on an application - ANS-A. being under the age of 18 and not
possessing either a high school diploma or a GED
( All reasons stated in law may or shall be a reason for denial of a license. The only absolute is
being under the age of 18 and/or not possessing a high school diploma or GED)
Which of the following is not a license?
a. qualifying broker
b. sponsoring broker
c. individual real estate broker
d. salesperson - ANS-A. qualifying broker
( the qualifying broker is a designation, not a license. A qualifying broker holds an individual real
estate broker license)
The Real Estate Commission has the power to subpoena which of the following?
a. registrants
b. witnesses
c. licensees
d. all of the above - ANS-D. all of the above
( licensees, registrants, and witnesses are all allowed to be subpoenaed by the Real Estate
Commission)
The Commission consists of how many members? - ANS-11
Every nondeveloper timeshare sales registrant shall file and maintain with the Louisiana Real
estate Commission a bond in the amount of:
Select one:
a. $1,000
b. $5,000
c. $10,000
d. $20,000 - ANS-$10,000
, ( Nondeveloper timeshare registrants are required to maintain a surety bond in the amount of
$10,000)
All applicants for an initial individual real estate broker's license must have been active as a real
estate salesperson for how many years? - ANS-4
Commissioners are... - ANS-- Active real estate brokers for a minimum of five years prior to
appointment to the commission
- qualified electors of the state of Louisiana
- citizens of Louisiana
An individual real estate broker may serve as a qualifying broker for how many corporations,
limited liability companies, or partnerships concurrently? - ANS-More than 1
A licensee in good standing with the commission may place license in an active license status
for how long? - ANS-indefinitely
Matt has been inactive licensee for one and one-half years. To return to active status, Matt must
- ANS-- apply to transfer to active status
- complete twenty hours of continuing education
- pay a $45 transfer fee
A salesperson's or associate broker's license is kept in the custody and control of - ANS-the
sponsoring broker
Julie transferred her license from AFJ brokerage to ZQI brokerage. After this, a commission was
earned on a listing she had at AFJ. How will Julie receive her pay? - ANS-AFJ will send Julie's
commission to ZQI, who in turn will give it to Julie
Broker Mary has her main office in Metairie, with satellite offices in New Orleans, Chalmette,
and Gretna. How many business licenses does Mary have? - ANS-4
When a licensee's principal party signs any document in a real estate transaction, they are to
receive a copy of the document_____ after signing the document. - ANS-immediately
When executed by any real estate licensee, a notice of the availability of access to a statewide
database disclosing the locations of individuals required to register as a sexual offender -
ANS-is required in every residential lease and rental agreement & in every written contract for
the sale of the residential immovable property
Upon determination of guilt by the Louisiana Real Estate Commission, a licensee may - ANS-be
fined up to $5000
