Real Estate Final Exam (Louisiana Portion)
Which of the following is NOT true about LREC investigations? - ANS-licensees are only
investigated if a written complaint is filed with HUD
The Louisiana Real Estate Commission is comprised of - ANS-11 members appointed by the
Governor
Appeals of Louisiana Real Estate Commission findings are reviewable by - ANS-the 19th
Judicial District Court.
A licensee is found guilty at a Real Estate Commission hearing and has his license suspended.
The licensee appeals the decision in court. Which of the following is true? - ANS-The licensee
can list and sell during the appeal, but only if a stay of enforcement is granted.
Which of the following is NOT a power of the Louisiana Real Estate Commission? -
ANS-Creation and editing rights to the Louisiana Law of Agency
In order to sell, exchange, purchase, or lease real estate for another, for compensation, you
must be a (an): - ANS-Active Licensee.
What is the minimum age required to receive a real estate license in Louisiana? - ANS-18
Which of the following best describes the education requirements for a broker applicant? -
ANS-150 hours of education excluding the salesperson hours, in courses specified by the
LREC.
A broker with a great deal of business needs help from sales agents as soon as possible. He
makes a deal with a license applicant to go ahead and knock on doors and turn all leads over to
the broker. The broker suggests that any listings generated by this system will be turned over to
the salesperson when he gets his license. Which of the following statements is true? - ANS-This
is illegal under the Louisiana License Law.
Which of the following statements concerning branch offices is correct? - ANS-The broker needs
a branch office license for each office he opens regardless of proximity to others.
Any corporation or partnership operating as a broker in the state of Louisiana must have a(an): -
ANS-A. Charter in the state of LA.
B. Qualifying broker.
C. $100,000 bond with the Louisiana Real Estate Commission.
D. All of the above. (not correct)
, A real estate broker advertising or marketing on a site on the Internet must include which of the
following on each page of the site on which the advertising appears? - ANS-A. The broker's
name as registered with the LREC.
B. City and State where the main office is located.
C. The license jurisdiction(s) held by the broker.
D. All of the above.
In the event of a dispute between the potential buyer and seller regarding the return of the
earnest money, the real estate broker may do any of the following EXCEPT: - ANS-Retain the
money as part of the broker's commission, ensuring proper payment of all real estate fees in a
timely manner.
According to the license law, Listings must be - ANS-in writing
If a Sponsoring Broker's license is revoked, all salespeople working for the broker will have their
license automatically: - ANS-Transferred with no charge within 60 days.(not correct)
Which of the following statements are true? - ANS-It is legal to pay unlicensed people finder's
fees for bringing a licensee clients. (not correct)
Broker Bob has decided to close his escrow account and open another one in a new bank.
What is the rule on Broker Bob and his requirement to notify the LREC? - ANS-Within 10 days
of opening the new account, and within 90 days after closing the old account. (not correct)
Which of the following statements is(are) true? - ANS-Written offers must be presented within 5
days of receipt. (not correct)
If your sponsoring broker has their license revoked, which of the following is true? - ANS-Each
licensee will be granted 60 days to transfer with the transfer fee being waived.
If a broker holding escrow funds declares bankruptcy, the broker must do which of the following?
- ANS-Return all escrow money to the buyer or seller. (not correct)
Providing the Residential Property Condition Disclosure Document - ANS-relieves the listing
agent of the responsibility of providing any additional information to the buyer. (not correct)
Considering the following circumstances, when should the agency disclosure informational
pamphlet be provided to persons by a licensed real estate agent? - ANS-By the time a purchase
agreement is signed.(not correct)
The broker's name; city,state, and country of the broker's main office; and the jurisdiction of his
license must appear if he advertises on a website: - ANS-On every page.
Which of the following is NOT true about LREC investigations? - ANS-licensees are only
investigated if a written complaint is filed with HUD
The Louisiana Real Estate Commission is comprised of - ANS-11 members appointed by the
Governor
Appeals of Louisiana Real Estate Commission findings are reviewable by - ANS-the 19th
Judicial District Court.
A licensee is found guilty at a Real Estate Commission hearing and has his license suspended.
The licensee appeals the decision in court. Which of the following is true? - ANS-The licensee
can list and sell during the appeal, but only if a stay of enforcement is granted.
Which of the following is NOT a power of the Louisiana Real Estate Commission? -
ANS-Creation and editing rights to the Louisiana Law of Agency
In order to sell, exchange, purchase, or lease real estate for another, for compensation, you
must be a (an): - ANS-Active Licensee.
What is the minimum age required to receive a real estate license in Louisiana? - ANS-18
Which of the following best describes the education requirements for a broker applicant? -
ANS-150 hours of education excluding the salesperson hours, in courses specified by the
LREC.
A broker with a great deal of business needs help from sales agents as soon as possible. He
makes a deal with a license applicant to go ahead and knock on doors and turn all leads over to
the broker. The broker suggests that any listings generated by this system will be turned over to
the salesperson when he gets his license. Which of the following statements is true? - ANS-This
is illegal under the Louisiana License Law.
Which of the following statements concerning branch offices is correct? - ANS-The broker needs
a branch office license for each office he opens regardless of proximity to others.
Any corporation or partnership operating as a broker in the state of Louisiana must have a(an): -
ANS-A. Charter in the state of LA.
B. Qualifying broker.
C. $100,000 bond with the Louisiana Real Estate Commission.
D. All of the above. (not correct)
, A real estate broker advertising or marketing on a site on the Internet must include which of the
following on each page of the site on which the advertising appears? - ANS-A. The broker's
name as registered with the LREC.
B. City and State where the main office is located.
C. The license jurisdiction(s) held by the broker.
D. All of the above.
In the event of a dispute between the potential buyer and seller regarding the return of the
earnest money, the real estate broker may do any of the following EXCEPT: - ANS-Retain the
money as part of the broker's commission, ensuring proper payment of all real estate fees in a
timely manner.
According to the license law, Listings must be - ANS-in writing
If a Sponsoring Broker's license is revoked, all salespeople working for the broker will have their
license automatically: - ANS-Transferred with no charge within 60 days.(not correct)
Which of the following statements are true? - ANS-It is legal to pay unlicensed people finder's
fees for bringing a licensee clients. (not correct)
Broker Bob has decided to close his escrow account and open another one in a new bank.
What is the rule on Broker Bob and his requirement to notify the LREC? - ANS-Within 10 days
of opening the new account, and within 90 days after closing the old account. (not correct)
Which of the following statements is(are) true? - ANS-Written offers must be presented within 5
days of receipt. (not correct)
If your sponsoring broker has their license revoked, which of the following is true? - ANS-Each
licensee will be granted 60 days to transfer with the transfer fee being waived.
If a broker holding escrow funds declares bankruptcy, the broker must do which of the following?
- ANS-Return all escrow money to the buyer or seller. (not correct)
Providing the Residential Property Condition Disclosure Document - ANS-relieves the listing
agent of the responsibility of providing any additional information to the buyer. (not correct)
Considering the following circumstances, when should the agency disclosure informational
pamphlet be provided to persons by a licensed real estate agent? - ANS-By the time a purchase
agreement is signed.(not correct)
The broker's name; city,state, and country of the broker's main office; and the jurisdiction of his
license must appear if he advertises on a website: - ANS-On every page.
