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tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
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State Practice Exam Test Questions
1. 500 ÷ 1,065.35 = .47 acres Marcia just listed a property that's 500 square toise accord-
ing to the deed. What formula can she use to convert that to
acres?
1,065.35 ÷ 500
500 ÷ 1,065.35
500 ÷ 1.06535
500 × 1,065.35
2. Margin - The margin is the What's it called when a number of percentage points is
number of percentage points added to the index to determine the rate for an adjustable
added to the index to deter- rate mortgage?
mine the rate. The margin is Initial cap
constant throughout the life of Lifetime cap
the mortgage, and the index Margin
value is the variable. Usury
3. Mechanic's - A mechanic's priv- Which of the following is a specific privilege that would be
ilege is filed by a contractor or filed by an electrical sub-contractor on a renovation project
sub-contractor of labor provid- at a Louisiana residence?
ed on a construction or renova- Judgment
tion project at a given property. Materialmen's
Mechanic's
Property tax
4. May be a first mortgage, a Which best describes a purchase money mortgage?
junior mortgage, or a junior May be a first mortgage, a junior mortgage, or a junior
wrap-around mortgage. - With wrap-around mortgage.
a purchase money mortgage, The funds are often used for home renovations or to fund a
the seller is the mortgagee and college education.
the buyer is the mortgagor. The lender is loaning on land, air, and a promise to build.
This mortgage may be a first The lender makes payments to the homeowner for a certain
mortgage, a junior mortgage, period of time and gains corresponding ownership.
m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
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,m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
https://www.stuvia.com/user/filwehttps://www.stuvia.com/user/filwe1099salmin1099salminState
Practice Exam Test Questionshttps://www.stuvia.com/user/filwe
State Practice Exam Test Questions
or a junior wrap-around mort-
gage.
5. Appropriation is unauthorized Which type of eminent domain is unauthorized taking of a
taking of a landowner's proper- landowner's property?
ty. Even with appropriation, the Appropriation
law says that property owners Expropriation
need to be justly compensated. Quick taking
St. Julien Doctrine
6. Toise - The French toise mea- Which of the following is a French measurement used in land
sures about 6.4 U.S. feet. surveys?
Campo
Kolu
Toise
Vara
7. Future owners are bound by What is true about the right of habitation if the object prop-
the right. - If a property is sold, erty is sold?
the right of habitation remains Future owners are bound by the right.
intact and must be honored by Habitation terminates.
the new owners, but only if the The current owner may not sell the property.
right has been recorded with The current owner must pay a fine.
the parish.
8. The exemption is unaffected. A Louisiana couple has a special assessment exemption be-
- The exemption remains in cause their adjusted gross income is less than the state
place since Karen is more than cutott level. Mitch, age 64, passes away, leaving Karen, age
55 years old. If her income goes 57, in the home. What happens to the special assessment
up, this may affect the exemp- exemption?
tion. Karen must apply for a new exemption within one year.
The exemption dissolves upon Mitch's death.
The exemption is unattected.
m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
https://www.stuvia.com/user/filwehttps://www.stuvia.com/user/filwe1099salmin1099salminState
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,m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
https://www.stuvia.com/user/filwehttps://www.stuvia.com/user/filwe1099salmin1099salminState
Practice Exam Test Questionshttps://www.stuvia.com/user/filwe
State Practice Exam Test Questions
The exemption will remain in place until the end of the
calendar year in which Mitch died.
9. 180 hours - Louisiana re- How many classroom hours of pre-licensing education are
quires broker licensure appli- required for someone to become a broker in Louisiana?
cants complete 150 hours of 150 hours
broker pre-license education, 180 hours
including 30 hours in bro- 60 hours
ker-specific responsibilities. 90 hours
10. Cause - All Louisiana contracts What Louisiana-specific term refers to the reason a person
require a lawful cause. On a na- enters into a contract?
tional level, "cause" is known as Cause
"legal purpose" or "lawful ob- Consideration
jective." Legal capacity
Mutual consent
11. It'd be relatively null. - In Due to traumatic brain injury, a Louisiana court has deter-
Louisiana, when a person with- mined Connor to be an interdict, or someone who doesn't
out legal capacity enters into possess the mental capacity to enter into a contract. If Connor
a contract, the contract is con- does enter into a contract, which of the following would be
sidered "relatively null," which true of that contract?
is another way of saying "void- It'd be absolutely null.
able." Generally, only the per- It'd be null.
son lacking legal capacity can It'd be relatively null.
rescind such a contract. It'd be valid.
12. Cause - One of the required el- The required elements of a valid Louisiana contract include
ements of a valid contract in legal capacity, mutual consent, and .
Louisiana is a (lawful) cause, or Attorney review of contract
the "why" of a person entering Cause
a contract. Cause is also known Consideration
Earnest money
m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
https://www.stuvia.com/user/filwehttps://www.stuvia.com/user/filwe1099salmin1099salminState
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,m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
https://www.stuvia.com/user/filwehttps://www.stuvia.com/user/filwe1099salmin1099salminState
Practice Exam Test Questionshttps://www.stuvia.com/user/filwe
State Practice Exam Test Questions
as "legal purpose" or "lawful
objective."
13. Liquidated damages in the In an earnest money contract in Louisiana, which of the fol-
form of earnest money - In a lowing options are available to remedy a breach of contract?
Louisiana earnest money con- Liquidated damages (earnest money, suit for specific perfor-
tract, the earnest money de- mance, or suit for damages
posit is assumed to be the liq- Liquidated damages in the form of earnest money
uidated damages if there's a Suit for damages
breach of contract. Neither can Suit for specific performance
sue for specific performance or
other damages.
14. Financing information - Infor- There's one piece of buyer information that might be con-
mation about whether or not sidered confidential in circumstances other than a real estate
a buyer is going to be able to transaction. What is that information?
obtain financing should be dis- Buyer's family situation
closed to all parties in the trans- Financing information
action. Motivation to buy
Upper end of price range
15. Onerous - An onerous contract Which of the following is the term for a contract in which
is one in which each party ob- each party obtains a perk in exchange for what he or she
tains an advantage in exchange provides?
for what he or she provides. A Aleatory
real estate contract is an exam- Gratuitous
ple of an onerous contract. Onerous
Unilateral
16. Testators may leave their sur- How would a surviving spouse receive a usufruct over sepa-
viving spouses a usufruct over rate property?
their separate property. - The Forced heirs grant the surviving spouse a usufruct.
Surviving spouses automatically get usufruct over all of a
m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
https://www.stuvia.com/user/filwehttps://www.stuvia.com/user/filwe1099salmin1099salminState
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tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
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Practice Exam Test Questionshttps://www.stuvia.com/user/filwe
State Practice Exam Test Questions
1. 500 ÷ 1,065.35 = .47 acres Marcia just listed a property that's 500 square toise accord-
ing to the deed. What formula can she use to convert that to
acres?
1,065.35 ÷ 500
500 ÷ 1,065.35
500 ÷ 1.06535
500 × 1,065.35
2. Margin - The margin is the What's it called when a number of percentage points is
number of percentage points added to the index to determine the rate for an adjustable
added to the index to deter- rate mortgage?
mine the rate. The margin is Initial cap
constant throughout the life of Lifetime cap
the mortgage, and the index Margin
value is the variable. Usury
3. Mechanic's - A mechanic's priv- Which of the following is a specific privilege that would be
ilege is filed by a contractor or filed by an electrical sub-contractor on a renovation project
sub-contractor of labor provid- at a Louisiana residence?
ed on a construction or renova- Judgment
tion project at a given property. Materialmen's
Mechanic's
Property tax
4. May be a first mortgage, a Which best describes a purchase money mortgage?
junior mortgage, or a junior May be a first mortgage, a junior mortgage, or a junior
wrap-around mortgage. - With wrap-around mortgage.
a purchase money mortgage, The funds are often used for home renovations or to fund a
the seller is the mortgagee and college education.
the buyer is the mortgagor. The lender is loaning on land, air, and a promise to build.
This mortgage may be a first The lender makes payments to the homeowner for a certain
mortgage, a junior mortgage, period of time and gains corresponding ownership.
m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
https://www.stuvia.com/user/filwehttps://www.stuvia.com/user/filwe1099salmin1099salminState
Practice Exam Test Questionshttps://www.stuvia.com/user/filwe
,m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
https://www.stuvia.com/user/filwehttps://www.stuvia.com/user/filwe1099salmin1099salminState
Practice Exam Test Questionshttps://www.stuvia.com/user/filwe
State Practice Exam Test Questions
or a junior wrap-around mort-
gage.
5. Appropriation is unauthorized Which type of eminent domain is unauthorized taking of a
taking of a landowner's proper- landowner's property?
ty. Even with appropriation, the Appropriation
law says that property owners Expropriation
need to be justly compensated. Quick taking
St. Julien Doctrine
6. Toise - The French toise mea- Which of the following is a French measurement used in land
sures about 6.4 U.S. feet. surveys?
Campo
Kolu
Toise
Vara
7. Future owners are bound by What is true about the right of habitation if the object prop-
the right. - If a property is sold, erty is sold?
the right of habitation remains Future owners are bound by the right.
intact and must be honored by Habitation terminates.
the new owners, but only if the The current owner may not sell the property.
right has been recorded with The current owner must pay a fine.
the parish.
8. The exemption is unaffected. A Louisiana couple has a special assessment exemption be-
- The exemption remains in cause their adjusted gross income is less than the state
place since Karen is more than cutott level. Mitch, age 64, passes away, leaving Karen, age
55 years old. If her income goes 57, in the home. What happens to the special assessment
up, this may affect the exemp- exemption?
tion. Karen must apply for a new exemption within one year.
The exemption dissolves upon Mitch's death.
The exemption is unattected.
m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
https://www.stuvia.com/user/filwehttps://www.stuvia.com/user/filwe1099salmin1099salminState
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,m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
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Practice Exam Test Questionshttps://www.stuvia.com/user/filwe
State Practice Exam Test Questions
The exemption will remain in place until the end of the
calendar year in which Mitch died.
9. 180 hours - Louisiana re- How many classroom hours of pre-licensing education are
quires broker licensure appli- required for someone to become a broker in Louisiana?
cants complete 150 hours of 150 hours
broker pre-license education, 180 hours
including 30 hours in bro- 60 hours
ker-specific responsibilities. 90 hours
10. Cause - All Louisiana contracts What Louisiana-specific term refers to the reason a person
require a lawful cause. On a na- enters into a contract?
tional level, "cause" is known as Cause
"legal purpose" or "lawful ob- Consideration
jective." Legal capacity
Mutual consent
11. It'd be relatively null. - In Due to traumatic brain injury, a Louisiana court has deter-
Louisiana, when a person with- mined Connor to be an interdict, or someone who doesn't
out legal capacity enters into possess the mental capacity to enter into a contract. If Connor
a contract, the contract is con- does enter into a contract, which of the following would be
sidered "relatively null," which true of that contract?
is another way of saying "void- It'd be absolutely null.
able." Generally, only the per- It'd be null.
son lacking legal capacity can It'd be relatively null.
rescind such a contract. It'd be valid.
12. Cause - One of the required el- The required elements of a valid Louisiana contract include
ements of a valid contract in legal capacity, mutual consent, and .
Louisiana is a (lawful) cause, or Attorney review of contract
the "why" of a person entering Cause
a contract. Cause is also known Consideration
Earnest money
m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
https://www.stuvia.com/user/filwehttps://www.stuvia.com/user/filwe1099salmin1099salminState
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tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
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Practice Exam Test Questionshttps://www.stuvia.com/user/filwe
State Practice Exam Test Questions
as "legal purpose" or "lawful
objective."
13. Liquidated damages in the In an earnest money contract in Louisiana, which of the fol-
form of earnest money - In a lowing options are available to remedy a breach of contract?
Louisiana earnest money con- Liquidated damages (earnest money, suit for specific perfor-
tract, the earnest money de- mance, or suit for damages
posit is assumed to be the liq- Liquidated damages in the form of earnest money
uidated damages if there's a Suit for damages
breach of contract. Neither can Suit for specific performance
sue for specific performance or
other damages.
14. Financing information - Infor- There's one piece of buyer information that might be con-
mation about whether or not sidered confidential in circumstances other than a real estate
a buyer is going to be able to transaction. What is that information?
obtain financing should be dis- Buyer's family situation
closed to all parties in the trans- Financing information
action. Motivation to buy
Upper end of price range
15. Onerous - An onerous contract Which of the following is the term for a contract in which
is one in which each party ob- each party obtains a perk in exchange for what he or she
tains an advantage in exchange provides?
for what he or she provides. A Aleatory
real estate contract is an exam- Gratuitous
ple of an onerous contract. Onerous
Unilateral
16. Testators may leave their sur- How would a surviving spouse receive a usufruct over sepa-
viving spouses a usufruct over rate property?
their separate property. - The Forced heirs grant the surviving spouse a usufruct.
Surviving spouses automatically get usufruct over all of a
m/user/filwe1099salmin1099salminState
tionshttps://www.stuvia.com/user/filwe1099salminhttps://www.stuvia.com/user/filwe1099salmin
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