1
Louisiana Real Estate Course Unit 1
Questions with Correct Answers for
Specific Exam Mail
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.
They serve one term of 6 years.
Pretest - Stuvia US
, 2
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?
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?
Pretest - Stuvia US
Louisiana Real Estate Course Unit 1
Questions with Correct Answers for
Specific Exam Mail
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.
They serve one term of 6 years.
Pretest - Stuvia US
, 2
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?
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?
Pretest - Stuvia US
