Real Estate 101
The Governor - ANS-Has the authority to appoint Commissioners to serve on the Real Estate
Commission
The Legislator - ANS-Elected Representatives and Senators enact laws that Regulate the Real
Estate industry in Louisiana.
Real estate licensees in Louisiana must follow not only the laws of the state but also Rules and
Regulations created by the Real Estate Commission.
The Commission grants Licenses but also has the power to take them away. It is important to
become very familiar with the Law and Rules in order to keep your license in good standing.
The Louisiana Real Estate Commission - ANS-Enforces laws concerning real estate and
establishes Rules and Regulations for licensees. Their primary purpose is to protect the public.
REALTOR - ANS-A licensee who is a member of the local Board of REALTORS, affiliated with
the State Board of REALTORS and the National Association of REALTORS. Members are
expected to conduct themselves under a Code of Ethics.
The REALTORS are a professional real estate organization that provides educational, political,
and business support to the industry.
Individual Real Estate Broker - ANS-means an individual person licensed as a real estate broker
and does not mean a corporation, limited liability company, or partnership licensed as a real
estate broker.
Qualifying broker - ANS-is the sponsoring broker for a corporation, limited liability company, or
partnership and is the individual real estate broker designated by a corporation, limited liability
company, or partnership, by resolution, as its representative in all matters relating to its real
estate business activities in Louisiana and in matters before the Commission.
Associate broker - ANS-means a person who holds a brokers license and who is exclusively
affiliated with and sponsored by another licensed real estate broker to participate in any activity
described in this section.
Real estate salesperson - ANS-means a person, other than an associate broker, sponsored by
a licensed real estate broker to participate in any activity described in this Section.
Real estate - ANS-shall mean and include condominiums and leaseholds, as well as any other
interest in land, with the exceptions of oil, gas, and other minerals and whether the real estate is
situated in this state or elsewhere.
, Real estate activity - ANS-means any activity relating to real estate performed by any person,
partnership, limited liability company, association, or corporation, foreign or domestic, who for
another, whether pursuant to a power of attorney or otherwise, FOR A FEE, COMMISSION, OR
OTHER VALUABLE CONSIDERATION, or with the intention, in the expectation, or upon the
promise of receiving or collecting a fee, commission, or other valuable consideration.
Timeshare interest salesperson - ANS-means a person who directly sells or offers to sell any
timeshare interest.
Real estate school - ANS-includes any place or institution certified by the commission which is
open to the public for the instruction or training of individuals to engage in the selling of real
estate.
Sponsoring broker - ANS-means any individual real estate broker who sponsors associate
brokers or real estate salespersons who participate in any activity described in this section.
Licensee - ANS-means any person who has been issued a license by the commission to
participate in any activity described in this Section. CAN BE EITHER A BROKER OR
SALESPERSON.
Property manager - ANS-means one who, FOR A FEE, commission, or other valuable
consideration, manages real estate, including the collection of rents, supervision of property
maintenance, and accounting for fees received for another.
Real estate transaction - ANS-means the selling, offering for sale, buying, offering to buy,
soliciting for prospective purchasers, managing, offering to manage, leasing, offering to lease,
renting, or offering to rent any real estate or improvements thereon.
Principal - ANS-is usually the seller (vendor) or buyer (vendee) in a transaction.
Client - ANS-means one who engages the professional advice and services of a licensee as his
agent and whose interests are protected by the specific duties and loyalties imposed by that
relationship. We owe FIDUCIARY duty to
Agent - ANS-means a licensee acting under the provisions of this Chapter in a real estate
transaction.
Listing agent - ANS-means a licensee who has obtained a listing of real estate to act as an
agent for compensation.
Buyer's agent - ANS-means a licensee who is employed by and represents only the buyer in a
real estate transaction, regardless of whether such agent's compensation is paid by the buyer
directly or by the seller through a commission split with the listing agent.
The Governor - ANS-Has the authority to appoint Commissioners to serve on the Real Estate
Commission
The Legislator - ANS-Elected Representatives and Senators enact laws that Regulate the Real
Estate industry in Louisiana.
Real estate licensees in Louisiana must follow not only the laws of the state but also Rules and
Regulations created by the Real Estate Commission.
The Commission grants Licenses but also has the power to take them away. It is important to
become very familiar with the Law and Rules in order to keep your license in good standing.
The Louisiana Real Estate Commission - ANS-Enforces laws concerning real estate and
establishes Rules and Regulations for licensees. Their primary purpose is to protect the public.
REALTOR - ANS-A licensee who is a member of the local Board of REALTORS, affiliated with
the State Board of REALTORS and the National Association of REALTORS. Members are
expected to conduct themselves under a Code of Ethics.
The REALTORS are a professional real estate organization that provides educational, political,
and business support to the industry.
Individual Real Estate Broker - ANS-means an individual person licensed as a real estate broker
and does not mean a corporation, limited liability company, or partnership licensed as a real
estate broker.
Qualifying broker - ANS-is the sponsoring broker for a corporation, limited liability company, or
partnership and is the individual real estate broker designated by a corporation, limited liability
company, or partnership, by resolution, as its representative in all matters relating to its real
estate business activities in Louisiana and in matters before the Commission.
Associate broker - ANS-means a person who holds a brokers license and who is exclusively
affiliated with and sponsored by another licensed real estate broker to participate in any activity
described in this section.
Real estate salesperson - ANS-means a person, other than an associate broker, sponsored by
a licensed real estate broker to participate in any activity described in this Section.
Real estate - ANS-shall mean and include condominiums and leaseholds, as well as any other
interest in land, with the exceptions of oil, gas, and other minerals and whether the real estate is
situated in this state or elsewhere.
, Real estate activity - ANS-means any activity relating to real estate performed by any person,
partnership, limited liability company, association, or corporation, foreign or domestic, who for
another, whether pursuant to a power of attorney or otherwise, FOR A FEE, COMMISSION, OR
OTHER VALUABLE CONSIDERATION, or with the intention, in the expectation, or upon the
promise of receiving or collecting a fee, commission, or other valuable consideration.
Timeshare interest salesperson - ANS-means a person who directly sells or offers to sell any
timeshare interest.
Real estate school - ANS-includes any place or institution certified by the commission which is
open to the public for the instruction or training of individuals to engage in the selling of real
estate.
Sponsoring broker - ANS-means any individual real estate broker who sponsors associate
brokers or real estate salespersons who participate in any activity described in this section.
Licensee - ANS-means any person who has been issued a license by the commission to
participate in any activity described in this Section. CAN BE EITHER A BROKER OR
SALESPERSON.
Property manager - ANS-means one who, FOR A FEE, commission, or other valuable
consideration, manages real estate, including the collection of rents, supervision of property
maintenance, and accounting for fees received for another.
Real estate transaction - ANS-means the selling, offering for sale, buying, offering to buy,
soliciting for prospective purchasers, managing, offering to manage, leasing, offering to lease,
renting, or offering to rent any real estate or improvements thereon.
Principal - ANS-is usually the seller (vendor) or buyer (vendee) in a transaction.
Client - ANS-means one who engages the professional advice and services of a licensee as his
agent and whose interests are protected by the specific duties and loyalties imposed by that
relationship. We owe FIDUCIARY duty to
Agent - ANS-means a licensee acting under the provisions of this Chapter in a real estate
transaction.
Listing agent - ANS-means a licensee who has obtained a listing of real estate to act as an
agent for compensation.
Buyer's agent - ANS-means a licensee who is employed by and represents only the buyer in a
real estate transaction, regardless of whether such agent's compensation is paid by the buyer
directly or by the seller through a commission split with the listing agent.
