Real Estate Final Exam (Louisiana Portion)
pt.2
How much are Commission members compensated for attending to Commission business? -
ANS-$50 including expenses. (not correct)
The Commission is authorized to inspect brokers' records: - ANS-At any time. (not correct)
The primary purpose of the Louisiana Real Estate Commission is to - ANS-regulate the
issuance of real estate licenses. (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.
The Commission elects from its members a - ANS-Executive Director. (not correct)
Which of the following would be required to have a real estate license? - ANS-An attorney
during the normal course of a real estate closing. (not correct)
An individual person licensed as a real estate broker and not a corporation or partnership is
known as a (an): - ANS-Individual real estate broker
Which of the following is true about inactive status? - ANS-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)
Which of the following statements is true regarding broker applicants? - ANS-A. At least 30
hours of the broker educational requirement must be obtained in course work emphasizing
broker responsibilities.
B. The commission may accept real estate related credit hours from an accredited college or
university as partial substitution of the broker licensing educational requirement.
C. The commission shall have the authority to accept experience in the real estate business or
related fields as credit toward fulfillment of the education requirement.
D. All of the above.
, Upon death of your sponsoring broker, which of the following best describes your rights and
responsibilities as a salesperson? - ANS-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 parties is exempt from the requirements regarding real estate licensing? -
ANS-An employee at a property management firm who is paid a $500 bonus per closed
transaction. (not correct)
If a broker cannot resolve a dispute over a sales deposit - ANS-he must give the money to the
court or commission or to the proper party upon a clear interpretation of the contract within 90
days.
A licensee should ensure any annotated offers signed by their respective clients are returned: -
ANS-Within 72 hours. (not correct)
If a licensee purchases a property listed with his company - ANS-he must make his position with
the company known in writing to the seller and put it in writing that he is a licensed agent before
the seller accepts the offer on the property.
A deposit in a typical real estate sales transaction: - ANS-Should be retained by the seller until
the scheduled date of closing. (not correct)
Every licensee must sign a sworn statement on their application attesting that they shall not
induce any person to sell or rent any dwelling by representations regarding the entry of any
person to the area due to that person's race, color, religion, or national origin. This prohibited
practice is known as: - ANS-Redlining. (not correct)
Licensees are required to furnish to their clients, a copy of any document which the client has
signed pertinent to a real estate transaction: - ANS-Within 72 hours. (not correct)
Which of the following is a legitimate reason for a broker to remove a deposit from her escrow
account? - ANS-After having her license revoked, the broker is allowed to remove the escrow
account including all money. (not correct)
Which of the following information must appear on every page of an email advertisement: -
ANS-broker's name. (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.
Which of the following would NOT be required on an internet advertisement? - ANS-Regulatory
jurisdiction where license or licenses are held. (not correct)
pt.2
How much are Commission members compensated for attending to Commission business? -
ANS-$50 including expenses. (not correct)
The Commission is authorized to inspect brokers' records: - ANS-At any time. (not correct)
The primary purpose of the Louisiana Real Estate Commission is to - ANS-regulate the
issuance of real estate licenses. (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.
The Commission elects from its members a - ANS-Executive Director. (not correct)
Which of the following would be required to have a real estate license? - ANS-An attorney
during the normal course of a real estate closing. (not correct)
An individual person licensed as a real estate broker and not a corporation or partnership is
known as a (an): - ANS-Individual real estate broker
Which of the following is true about inactive status? - ANS-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)
Which of the following statements is true regarding broker applicants? - ANS-A. At least 30
hours of the broker educational requirement must be obtained in course work emphasizing
broker responsibilities.
B. The commission may accept real estate related credit hours from an accredited college or
university as partial substitution of the broker licensing educational requirement.
C. The commission shall have the authority to accept experience in the real estate business or
related fields as credit toward fulfillment of the education requirement.
D. All of the above.
, Upon death of your sponsoring broker, which of the following best describes your rights and
responsibilities as a salesperson? - ANS-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 parties is exempt from the requirements regarding real estate licensing? -
ANS-An employee at a property management firm who is paid a $500 bonus per closed
transaction. (not correct)
If a broker cannot resolve a dispute over a sales deposit - ANS-he must give the money to the
court or commission or to the proper party upon a clear interpretation of the contract within 90
days.
A licensee should ensure any annotated offers signed by their respective clients are returned: -
ANS-Within 72 hours. (not correct)
If a licensee purchases a property listed with his company - ANS-he must make his position with
the company known in writing to the seller and put it in writing that he is a licensed agent before
the seller accepts the offer on the property.
A deposit in a typical real estate sales transaction: - ANS-Should be retained by the seller until
the scheduled date of closing. (not correct)
Every licensee must sign a sworn statement on their application attesting that they shall not
induce any person to sell or rent any dwelling by representations regarding the entry of any
person to the area due to that person's race, color, religion, or national origin. This prohibited
practice is known as: - ANS-Redlining. (not correct)
Licensees are required to furnish to their clients, a copy of any document which the client has
signed pertinent to a real estate transaction: - ANS-Within 72 hours. (not correct)
Which of the following is a legitimate reason for a broker to remove a deposit from her escrow
account? - ANS-After having her license revoked, the broker is allowed to remove the escrow
account including all money. (not correct)
Which of the following information must appear on every page of an email advertisement: -
ANS-broker's name. (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.
Which of the following would NOT be required on an internet advertisement? - ANS-Regulatory
jurisdiction where license or licenses are held. (not correct)
