Louisiana Real Estate - State Portion License Exam Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.

How long must brokers keep real estate transactions records? - 5 (five) years What is right of the commission to allow licensees in other states to receive a license in on state if that state allows our licensees the same privilege? - Reciprocity Subject-to - The buyer acknowledges the debt and agrees to pay the debt, but if the buyer defaults, the seller is liable for repayment of the debt. Real Estate Commission members serve - 6 (six) year terms Members of The LA Real Estate Commission must be - Qualified electors of the State of LA Citizens of the State of LA In business as a Broker for at least 5 years How many members of the commission constitute a Quorum? - 5 (five) How many times is the commission REQUIRED to meet? - Quarterly How many Commissiion meetings per month? - 2 (two) Application by _ members is required for additional meetings - 3 (three) How much are Commission members paid for attending commission meetings? - $50 plus actual expensesTo confirm commission appointments, the Governor must submit names to - The Senate Where is the commission located? - Baton Rouge The Commission has the power and authority to-- - Regulate the issuance of licenses, registrations and certificates Promulgate the rules and bylaws for the enforcement of the license law Appoint an executive director Etc. What is a requirement for out of state broker cooperation? - One copy of the cooperating agreement must be filed with the commission When can the Commission inspect a Broker's records? - Between 9AM and 4PM, Saturdays, Sundays, and legal holidays excluded. The commission may, on its own motion investigate licensee or personas acting in such capacity - True Primary Purpose of Louisiana License Law is to - Protect the public The Commission shall upon verified complaint in writing investigate licensees. - True The Commission may subpoena a Broker's records - True Before a hearing the Commission must notify a licensee at least how many days in advance? - 20 (twenty) days in advanceThe Commission may subpoena unlicensed people? - True A licensee's license is automatically revoked when money is paid out of the recovery because of the actions of the licensee? - True A license found guilty at a hearing may have his or her license revoked? - True A hearing is held and Broker A has his license revoked. Broker A appeals his revocation in court. During the trial Broker A lists a property for sale. Is this Legal? - It is legal if Broker A requested and OBTAINED a stay of enforcement An appeal of a court's decision to a higher court requires what? - The licensee to put up a suspensive appeal bond. The Court can fine an individual up to $2000 or imprison them for up to 5 years for a violation of license law? - True Guaranteeing future profits can-- - Get a licensee's license suspended or revoked. Any final conviction for a felony against a licensee must be reported to the LA Real Estate Commission? - True A licensee indicted for violating the Fair Housing Act - Will automatically undergo investigation. The Real Estate COMMISSION can fine up to $5000? - True An unlicensed person attempts to list several properties for sale in her subdivision. Nobody agreed to list his or her properties for sale. What does this mean? - This is a violation of the license law.Property managers who work on a commission basis are required to have a license? - True A person licensed as a broker but not a apart of a partnership or limited liability company is known as a _ - Individual Broker A broker designated by a corporation to be the representative before the commission is known as - The Qualifying Broker The LA Real Estate Commission consists of - 11 (eleven) members A Broker that work for another broker is called - An associate broker A licensee that is not called an associate broker that is sponsored by a broker is called a - Salesperson People who sell timeshares are called - Timeshare Registrants