Page 1
Louisiana Real Estate Course Unit 1
Questions and Correct Answers By
Expert
Describe the necessary qualifications for becoming a
commissioner on the Louisiana Real Estate Commission.
Ans: A person must be an American citizen, reside in
Louisiana, be registered to vote, and have worked as a
licensed real estate broker for at least 5 years.
How many members of the Louisiana Real Estate
Commission are there, where do they reside, and how long
do they serve?
Ans: One from each of the seven Supreme Court
Districts
Two at large
One from either the 4th or 5th Congressional District
One from either the 1st, 2nd, 3rd, 6th, or 7th
Congressional District.
Nicholas Mwololo
, Page 2
They serve one term of 6 years.
Compare the duties of the executive director with those of
the commissioners.
Ans: The executive director runs the Real Estate
Commission on a daily basis and directs its staff. The
commissioners are volunteers with their own
businesses who merely supervise the Commission's
activities, when they meet at least once every 3 months
and no more than twice every month, if necessary.
What is the difference between what is covered by Errors
and Omissions Insurance and what is covered by the
Recovery Fund?
Nicholas Mwololo
, Page 3
Ans: The Errors and Omissions Insurance covers
damages from unwitting mistakes or omitted required
actions, but nothing illegal. The Recovery Fund covers
damages resulting from fraudulent or illegal activities
of licensees.
How much is in the Recovery Fund? Where do the monies
come from and where do excess funds go?
Ans: The Fund contains $400,000, no more, no less.
Any surplus goes to the Education Fund. Applicants for
real estate licenses or those renewing their licenses
must each pay $10 into the Fund, which is then
invested and dividends rolled back into it.
What is the first requirement for the eligibility of a claim
against the Recovery Fund?
Nicholas Mwololo
Louisiana Real Estate Course Unit 1
Questions and Correct Answers By
Expert
Describe the necessary qualifications for becoming a
commissioner on the Louisiana Real Estate Commission.
Ans: A person must be an American citizen, reside in
Louisiana, be registered to vote, and have worked as a
licensed real estate broker for at least 5 years.
How many members of the Louisiana Real Estate
Commission are there, where do they reside, and how long
do they serve?
Ans: One from each of the seven Supreme Court
Districts
Two at large
One from either the 4th or 5th Congressional District
One from either the 1st, 2nd, 3rd, 6th, or 7th
Congressional District.
Nicholas Mwololo
, Page 2
They serve one term of 6 years.
Compare the duties of the executive director with those of
the commissioners.
Ans: The executive director runs the Real Estate
Commission on a daily basis and directs its staff. The
commissioners are volunteers with their own
businesses who merely supervise the Commission's
activities, when they meet at least once every 3 months
and no more than twice every month, if necessary.
What is the difference between what is covered by Errors
and Omissions Insurance and what is covered by the
Recovery Fund?
Nicholas Mwololo
, Page 3
Ans: The Errors and Omissions Insurance covers
damages from unwitting mistakes or omitted required
actions, but nothing illegal. The Recovery Fund covers
damages resulting from fraudulent or illegal activities
of licensees.
How much is in the Recovery Fund? Where do the monies
come from and where do excess funds go?
Ans: The Fund contains $400,000, no more, no less.
Any surplus goes to the Education Fund. Applicants for
real estate licenses or those renewing their licenses
must each pay $10 into the Fund, which is then
invested and dividends rolled back into it.
What is the first requirement for the eligibility of a claim
against the Recovery Fund?
Nicholas Mwololo
