Louisiana Real Estate Exam with Answers 2024 Update

Louisiana Real Estate Exam with Answers 2024 Update The Commission is comprised of how many members? - Answer -11 Commission members are appointed by who? - Answer -The governor Each appointment to the Commission shall be for a __ year term. No commissioner may serve more than that. - Answer -6 The Commission must meet ______. - Answer -quarterly A minimum of __ members is required for a ______ to conduct business. - Answer -5 quorum The Commission may meet more frequently if such meetings are deemed necessary and requested by a minimum of __ members. - Answer -3 The Commission has power to require brokers to maintain and retain records of all real estate transactions in which they were involved for up to ___ years. - Answer -5 Licenses issued by the LREC are classified as? - Answer -Active or Inactive Exemptions from Licensing: ______ engaged in the transfer of real estate interests as part of other services provided for their clients. - Answer -Attorneys A ______, ______, or __________ is a business entity, which has been issued a license by the State to function as a broker. - Answer -Corporate, partnership, or limited liability company broker Furthermore, upon dissolution of or termination by the corporation or partnership, the broker must return the licenses of every associate broker and salesperson sponsored by the corporation or partnership within ___ days of the dissolution or termination. - Answer -10 To be eligible to apply for a broker's license, the applicant must hold an active salesperson license