LOUISIANA REAL ESTATE STANDARD EXAMS
ANSWERS AND QUESTIONS SET A+
✔✔Effective _________, all sellers are required to provide a Property Condition
Disclosure Form to the buyer of residential real estate. A copy is attached. - ✔✔July 1,
2004
✔✔Louisiana License Law now specifically requires licensees to use a state mandated
Purchase Agreement beginning when? - ✔✔January 1, 2008
✔✔Louisiana Civil Law now specifically states that a licensee engaged in any real
estate transaction shall be considered to be representing the person with whom he is
working as a designated agent unless their is a written agreement between the broker
and the person providing that there is a different relationship or the licensee is providing
only ministerial acts on behalf of the person. This is not withstanding any other
provisions of the Civil Code dealing with agents. The new section of the license law
overrides the old law. - ✔✔
✔✔The licensee must notify the commission within __ days of change of address. -
✔✔10
✔✔The law requires that the licensee provide the party with whom he is working in a
real estate sales or lease transaction with an ______________. This is prescribed by
the commission and must be given to the party at the time of the face to face contact
when performing any real estate related activity involving the sale or lease of real
property other than a ministerial act. The client must sign this ______________, which
must be kept by the agent for __ years. - ✔✔agency disclosure informational pamphlet
acknowledgment of receipt
5
, ✔✔The agency law requires the use of a ________ agent on behalf of the Seller and
the Buyer. The broker is no longer the agent in a transaction, the licensee working with
that buyer or seller is the agent! - ✔✔designated
✔✔May be animate or inanimate, but they can be seen, felt or touched, such as land or
buildings. - ✔✔Corporeal things
✔✔May be understood or comprehended by the mind or thinking.
Ex-Rights of Inheritance, servitudes, and obligations. - ✔✔Incorporeal things
✔✔May not be owned by anyone. These include the air and the high seas. -
✔✔Common things
✔✔Are owned by individuals, other private entities such as corporations, limited liability
companies, limited liability partnerships, or by the state or the government. - ✔✔Private
things
Some private things may be subject to public use, such as river banks or sidewalks. If
there is a levee then the levee is considered to be the bank of the river, if not, the bank
is the land lying between the natural high and low points of the water.
✔✔Are those things owned by the state or the local government. Ex-Running water,
navigable waters, the seashore, streets, and parks. Available to the public for use, such
as fishing, boating, driving, etc. May be subject to police powers of municipality. -
✔✔Public things
✔✔In Louisiana, real property is divided into what two categories? - ✔✔movables and
immovables
✔✔Consist of land and its component parts, such as, buildings, timber, and
unharvested fruits and crops when they belong to the owner of the land. -
✔✔immovables
✔✔Include ONLY buildings and standing timber when they belong to a person other
than the owner of the ground. - ✔✔separate immovables
✔✔Include unharvested fruits and crops when they belong to a person other than the
owner of the land. - ✔✔movables by anticipation
✔✔All rights and actions that apply to immovables;
The right of ownership.
Predial servitudes such a natural, legal, or conventional servitudes.
ANSWERS AND QUESTIONS SET A+
✔✔Effective _________, all sellers are required to provide a Property Condition
Disclosure Form to the buyer of residential real estate. A copy is attached. - ✔✔July 1,
2004
✔✔Louisiana License Law now specifically requires licensees to use a state mandated
Purchase Agreement beginning when? - ✔✔January 1, 2008
✔✔Louisiana Civil Law now specifically states that a licensee engaged in any real
estate transaction shall be considered to be representing the person with whom he is
working as a designated agent unless their is a written agreement between the broker
and the person providing that there is a different relationship or the licensee is providing
only ministerial acts on behalf of the person. This is not withstanding any other
provisions of the Civil Code dealing with agents. The new section of the license law
overrides the old law. - ✔✔
✔✔The licensee must notify the commission within __ days of change of address. -
✔✔10
✔✔The law requires that the licensee provide the party with whom he is working in a
real estate sales or lease transaction with an ______________. This is prescribed by
the commission and must be given to the party at the time of the face to face contact
when performing any real estate related activity involving the sale or lease of real
property other than a ministerial act. The client must sign this ______________, which
must be kept by the agent for __ years. - ✔✔agency disclosure informational pamphlet
acknowledgment of receipt
5
, ✔✔The agency law requires the use of a ________ agent on behalf of the Seller and
the Buyer. The broker is no longer the agent in a transaction, the licensee working with
that buyer or seller is the agent! - ✔✔designated
✔✔May be animate or inanimate, but they can be seen, felt or touched, such as land or
buildings. - ✔✔Corporeal things
✔✔May be understood or comprehended by the mind or thinking.
Ex-Rights of Inheritance, servitudes, and obligations. - ✔✔Incorporeal things
✔✔May not be owned by anyone. These include the air and the high seas. -
✔✔Common things
✔✔Are owned by individuals, other private entities such as corporations, limited liability
companies, limited liability partnerships, or by the state or the government. - ✔✔Private
things
Some private things may be subject to public use, such as river banks or sidewalks. If
there is a levee then the levee is considered to be the bank of the river, if not, the bank
is the land lying between the natural high and low points of the water.
✔✔Are those things owned by the state or the local government. Ex-Running water,
navigable waters, the seashore, streets, and parks. Available to the public for use, such
as fishing, boating, driving, etc. May be subject to police powers of municipality. -
✔✔Public things
✔✔In Louisiana, real property is divided into what two categories? - ✔✔movables and
immovables
✔✔Consist of land and its component parts, such as, buildings, timber, and
unharvested fruits and crops when they belong to the owner of the land. -
✔✔immovables
✔✔Include ONLY buildings and standing timber when they belong to a person other
than the owner of the ground. - ✔✔separate immovables
✔✔Include unharvested fruits and crops when they belong to a person other than the
owner of the land. - ✔✔movables by anticipation
✔✔All rights and actions that apply to immovables;
The right of ownership.
Predial servitudes such a natural, legal, or conventional servitudes.
