Real Estate Final Exam (Louisiana Portion)
pt.5
The Commission has the full power and authority by law to do which of the following? -
ANS-Fine violators up to $5000.
-Fine violators up to $2000. (not correct)
Which of the following is true about Commission member terms? - ANS-Each term is for 6
years, and a member cannot be reappointed.
Which of the following is NOT true about LREC investigations? - ANS-licensees are only
investigated if a written complaint is filed with HUD
How much are Commission members compensated for attending to Commission business? -
ANS-$75
-$50 including expenses. (not correct)
The Louisiana Real Estate Commission is comprised of - ANS-11 members appointed by the
Governor
Which of the following would be required to have a real estate license? - ANS-A person referring
real estate business to licensees for a fee.
-An attorney during the normal course of a real estate closing. (not correct)
Any corporation or partnership operating as a broker in the state of Louisiana must have a(an): -
ANS-Qualifying broker.
-
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)
Upon death of your sponsoring broker, which of the following best describes your rights and
responsibilities as a salesperson? - ANS-You are provided 180 days to close pending business,
no new business may be started.
-You may continue to operate under your current broker for a period of 180 days, including any
new contracts you may negotiate. (not correct)
, 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 is true about inactive status? - ANS-A licensee on inactive status for less
than one year will require no additional hours to transfer from inactive to active license status.
(not correct)
-
A. A transfer to inactive status requires the licensee to remit the applicable fees.B. During
inactive status, a licensee is required to satisfy the continuing education requirement.C. A
licensee on inactive status for less than one year will require no additional hours to transfer from
inactive to active license status.D. All of the above. (not correct)
A licensee distrubuting a mold informational pamphlet: - ANS-May be responsible for any error,
inaccuracy, or omission. (not correct)
-Must ensure the pamphlet is signed by the appropriate parties and retained with regular real
estate records. (not correct)
If a broker's license is revoked due to a violation of the License Law, what happens to her
salespeople? - ANS-Automatically revoked. (not correct)
-They are allowed to close pending business. (not correct)
Sally Salesperson received 3 offers on one of her listings, one at 9 am, one at 11 am, one at 1
pm - all on the same day. How should Sally present these offers when she sees the seller that
evening at 7 pm? - ANS-Present all offers at the same time to the seller.
When must a Dual Agency form be presented? - ANS-Before a purchase agreement is
accepted. (not correct)
Where must the required advertising disclosures be included on an e-mail message? - ANS-On
the first and last page. (not correct)
-On every page. (not correct)
pt.5
The Commission has the full power and authority by law to do which of the following? -
ANS-Fine violators up to $5000.
-Fine violators up to $2000. (not correct)
Which of the following is true about Commission member terms? - ANS-Each term is for 6
years, and a member cannot be reappointed.
Which of the following is NOT true about LREC investigations? - ANS-licensees are only
investigated if a written complaint is filed with HUD
How much are Commission members compensated for attending to Commission business? -
ANS-$75
-$50 including expenses. (not correct)
The Louisiana Real Estate Commission is comprised of - ANS-11 members appointed by the
Governor
Which of the following would be required to have a real estate license? - ANS-A person referring
real estate business to licensees for a fee.
-An attorney during the normal course of a real estate closing. (not correct)
Any corporation or partnership operating as a broker in the state of Louisiana must have a(an): -
ANS-Qualifying broker.
-
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)
Upon death of your sponsoring broker, which of the following best describes your rights and
responsibilities as a salesperson? - ANS-You are provided 180 days to close pending business,
no new business may be started.
-You may continue to operate under your current broker for a period of 180 days, including any
new contracts you may negotiate. (not correct)
, 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 is true about inactive status? - ANS-A licensee on inactive status for less
than one year will require no additional hours to transfer from inactive to active license status.
(not correct)
-
A. A transfer to inactive status requires the licensee to remit the applicable fees.B. During
inactive status, a licensee is required to satisfy the continuing education requirement.C. A
licensee on inactive status for less than one year will require no additional hours to transfer from
inactive to active license status.D. All of the above. (not correct)
A licensee distrubuting a mold informational pamphlet: - ANS-May be responsible for any error,
inaccuracy, or omission. (not correct)
-Must ensure the pamphlet is signed by the appropriate parties and retained with regular real
estate records. (not correct)
If a broker's license is revoked due to a violation of the License Law, what happens to her
salespeople? - ANS-Automatically revoked. (not correct)
-They are allowed to close pending business. (not correct)
Sally Salesperson received 3 offers on one of her listings, one at 9 am, one at 11 am, one at 1
pm - all on the same day. How should Sally present these offers when she sees the seller that
evening at 7 pm? - ANS-Present all offers at the same time to the seller.
When must a Dual Agency form be presented? - ANS-Before a purchase agreement is
accepted. (not correct)
Where must the required advertising disclosures be included on an e-mail message? - ANS-On
the first and last page. (not correct)
-On every page. (not correct)
