Louisiana Insurance Exam Prep (Title) Exam
Questions And Answers
What is true about corporations - ANSWER -may own or dispose of
property
Condominiums in Louisiana are governed by the - ANSWER -
Louisiana Condominium Act
A donation made as a gift, without conditions or requirements that the
Donee do anything to receive the gift is known as - ANSWER -
Gratuitous
The donation of property because of death is called - ANSWER -
Donation Mortis Causa
The forced portion of an estate in Louisiana is called - ANSWER -
Legitime
The right of the government to take private property for public use is
called - ANSWER -Eminent Domain
In Eminent Domain the government is required to - ANSWER -pay the
value of the property taken and other costs such as relocation
When you have title but actually use is with someone else this is known
as - ANSWER -Constructive Possession
, The law of possession says that if you possess immovables in bad faith
for more than 30 years then - ANSWER -you can acquire the rights of
ownership
What is a charachteristic of a contract - ANSWER -can be an oral
contract
can be in writing
can be an implied contract
When one party is obligated for the benefit of the other, but receive no
advantage in return is a - ANSWER -Gratuitous Contract
The extinguishment of an existing obligation by the substitution of a
new one is known as - ANSWER -Novation
The extinguishment of an existing obligation by the obligor and the
obligee becoming the same person is known as - ANSWER -Confusion
A termination date on a purchase offer in Louisiana makes the contract -
ANSWER -Irrevoable
An offer with a termination date for the offer but also a clause that
states the offer may be withdrawn before acceptance is Louisiana is said
to be - ANSWER -Revocable
Mary and John Smith make a written offer to purchase real estate and
state in the offer that the offer is open until midnight tonight, what is true
about this offer in Louisiana - ANSWER -The offer may not be
withdrawn prior to midnight
,The Louisiana term similar to consideration is - ANSWER -Cause
A contract with no deposit of money is known as a - ANSWER -
Specific Performance Contract
In a specific performance contract a buyer puts up a $5000 deposit. The
buyer defaults and the sellers prove the default cost them $10,000 and
win an actual damage suit in court. In this case how much must the
buyer pay the sellers - ANSWER -$10,000
A right granted to a seller for the unpaid sales price is known as the -
ANSWER -Vendor's Privilege
What always takes precedence over an already recorded mortgage -
ANSWER -liens for property taxes
In Louisiana the word Privilege is similar to the word - ANSWER -
Lien
Under Louisiana's system, who has title to the property during the loan
when there is a mortgage - ANSWER -the borrower
A mortgage stipulated by law is called a - ANSWER -Tacit Mortgage
Foreclosure by Ordinary Process is also known as - ANSWER -
Foreclosure with appraisement
When a mortgagor waives benefit of appraisement, notice and delays,
and agrees to executory process this is known as - ANSWER -
Confession of judgement
, These are not considered interest under Louisiana Law - ANSWER -
Prepayment charges
A mil for tax purposes is equal to - ANSWER -.001
The assessed value percentage for a commercial property is -
ANSWER -10% land and 15% building
What is true about tax sales - ANSWER -Penalty and interest are
charged on delinquent taxes
What is true about leases in Louisiana - ANSWER -Oral leases are
valid regardless of term
A lease for rent without a definite termination date is said to be -
ANSWER -Month to month
A farmer that stays on a farm for one month without opposition after
expiration is allowed to remain on the farm for another - ANSWER -
year
By Louisiana Law, in both farm and non-farm leases how many days
notice to vacate must be given by the landlord to the tenant in the
absence of a default - ANSWER -10 days
Under Louisiana Law, a lessor must give a lessee how many days notice
before eviction for nonpayment of rent - ANSWER -5 days
Questions And Answers
What is true about corporations - ANSWER -may own or dispose of
property
Condominiums in Louisiana are governed by the - ANSWER -
Louisiana Condominium Act
A donation made as a gift, without conditions or requirements that the
Donee do anything to receive the gift is known as - ANSWER -
Gratuitous
The donation of property because of death is called - ANSWER -
Donation Mortis Causa
The forced portion of an estate in Louisiana is called - ANSWER -
Legitime
The right of the government to take private property for public use is
called - ANSWER -Eminent Domain
In Eminent Domain the government is required to - ANSWER -pay the
value of the property taken and other costs such as relocation
When you have title but actually use is with someone else this is known
as - ANSWER -Constructive Possession
, The law of possession says that if you possess immovables in bad faith
for more than 30 years then - ANSWER -you can acquire the rights of
ownership
What is a charachteristic of a contract - ANSWER -can be an oral
contract
can be in writing
can be an implied contract
When one party is obligated for the benefit of the other, but receive no
advantage in return is a - ANSWER -Gratuitous Contract
The extinguishment of an existing obligation by the substitution of a
new one is known as - ANSWER -Novation
The extinguishment of an existing obligation by the obligor and the
obligee becoming the same person is known as - ANSWER -Confusion
A termination date on a purchase offer in Louisiana makes the contract -
ANSWER -Irrevoable
An offer with a termination date for the offer but also a clause that
states the offer may be withdrawn before acceptance is Louisiana is said
to be - ANSWER -Revocable
Mary and John Smith make a written offer to purchase real estate and
state in the offer that the offer is open until midnight tonight, what is true
about this offer in Louisiana - ANSWER -The offer may not be
withdrawn prior to midnight
,The Louisiana term similar to consideration is - ANSWER -Cause
A contract with no deposit of money is known as a - ANSWER -
Specific Performance Contract
In a specific performance contract a buyer puts up a $5000 deposit. The
buyer defaults and the sellers prove the default cost them $10,000 and
win an actual damage suit in court. In this case how much must the
buyer pay the sellers - ANSWER -$10,000
A right granted to a seller for the unpaid sales price is known as the -
ANSWER -Vendor's Privilege
What always takes precedence over an already recorded mortgage -
ANSWER -liens for property taxes
In Louisiana the word Privilege is similar to the word - ANSWER -
Lien
Under Louisiana's system, who has title to the property during the loan
when there is a mortgage - ANSWER -the borrower
A mortgage stipulated by law is called a - ANSWER -Tacit Mortgage
Foreclosure by Ordinary Process is also known as - ANSWER -
Foreclosure with appraisement
When a mortgagor waives benefit of appraisement, notice and delays,
and agrees to executory process this is known as - ANSWER -
Confession of judgement
, These are not considered interest under Louisiana Law - ANSWER -
Prepayment charges
A mil for tax purposes is equal to - ANSWER -.001
The assessed value percentage for a commercial property is -
ANSWER -10% land and 15% building
What is true about tax sales - ANSWER -Penalty and interest are
charged on delinquent taxes
What is true about leases in Louisiana - ANSWER -Oral leases are
valid regardless of term
A lease for rent without a definite termination date is said to be -
ANSWER -Month to month
A farmer that stays on a farm for one month without opposition after
expiration is allowed to remain on the farm for another - ANSWER -
year
By Louisiana Law, in both farm and non-farm leases how many days
notice to vacate must be given by the landlord to the tenant in the
absence of a default - ANSWER -10 days
Under Louisiana Law, a lessor must give a lessee how many days notice
before eviction for nonpayment of rent - ANSWER -5 days
