Louisiana Law (Bob Brooks)

Louisiana Law (Bob Brooks) A broker is responsible for violations of the License Law by his/her agents If he/she was aware of their actions. A broker would be guilty of commingling funds if he/she Kept client funds in the company general operating account. A licensee wishing to appeal the revocation of his/her license Will have his/her case heard by the 19th Judicial District Court. All active licensees licensed in accordance with the provisions of the Licensing Law are mandated to carry this type of insurance Errors and Omissions All licensees must provide both to buyers and sellers a Agency disclosure pamphlet An original applicant for a Broker's license MUST Have completed 150 hours of approved instruction. Associate broker A licensee holding a brokers license but who is sponsored by another broker is a? Associate Broker means a person who holds a brokers license and who is exclusively affiliated with and sponsored by another licensed real estate broker. Before the Commission may suspend or revoke a license The licensee must be given a hearing by the Commission. Buyer and Seller A principal refers to which of the following? If a broker suspects a terminated licensee is encouraging clients to leave his/her company, when MUST they notify the Commission by? The Commission does not get involved. If a salesperson who is transferring to a new broker still owes the old broker money, the old broker Must transfer license to Commission. Principal is usually the seller (vendor) or buyer (vendee) in a transaction Qualifications for a Broker License Must have completed 150 hours of instruction in a course approved by the commission and passed a state exam Real Estate Commission members shall be appointed from Louisiana Supreme Court Districts Renewal of License All renewals must be accompanied by correct fees, proof of Errors and Omissions Insurance Renewal of License 2 have a credit for twelve hours of continuing education Revocation of Broker License the revocation or suspension of a sponsoring broker's license shall automatically suspend every associate broker and salesperson license sponsored by that broker Salespersons must take how many hours of continuing education before their license will be renewed? 12 Suspension of license Commingling the money or other property of his principals with his or her own The Commission has the power to do all of the following EXCEPT Prosecute licensees for real estate fraud. The Commission MAY, upon its own motion Investigate licensees. The Real Estate Commission adjudicates disputes between Licensees and the