LA Licensing Law
A copy of the complete copy should be given to all parties within ____ days.
Select one:
a. three
b. five
c. eight
d. ten - ANS-five
When must the Commission be notified of the closing of an Escr10 days after closing the
escrow.ow or Rental Trust account?
Select one:
a. Within 5 days
b.
c. Commission does not have to be notified.
d. Within 15 days. - ANS-
Mixing client funds with company funds - ANS-Commingling
Enacting real estate laws in Louisiana is the job of the: - ANS-Louisiana state legislature
The person who engages in the services of a broker and whose interests are protected by the
loyalties imposed by the relationship is a(n): - ANS-Client
Condominiums, leaseholds, and other interests in land with exception of oil gas, or minerals. -
ANS-Real estate
A licensed Real estate salesperson is allowed to sell all EXCEPT one of the following:
Houses
Commercial Warehouse
Land
Time Shares - ANS-Time Shares
One who engages the professional advice and services of a licensee as his/her agent -
ANS-Client
A broker who is the sponsoring broker for a partnership or corporation - ANS-Qualifying broker
Who can a sponsoring broker sponsor? - ANS-May only sponsor licensed agents
Enforcing laws concerning real estate and licensees is the job of: - ANS-Louisiana Real Estate
Commission (LREC)
, A written and signed document authorizing a broker to sell the real estate described in such a
document - ANS-Listing agreement
An agent who is employed by and represents only the purchaser in a transaction - ANS-Buyer's
agent
A person procuring prospects for the sale of real estate for a fee MUST: - ANS-Must be licensed
A person acting under the provisions of the license law in a real estate transaction - ANS-Agent
A person issued a license by the Louisiana Real Estate Commission - ANS-Licensee
A property manager's responsibilities - ANS-Collect rent, manage real estate, supervise
maintenance
The Real Estate Commission consist of eleven members appointed by: - ANS-The governor
A licensee who has a written agreement to sell real estate and act as an agent - ANS-Listing
agent
A licensee holding a brokers license but who is sponsored by another broker - ANS-Associate
broker
A "Code of Ethics" for licensees was written by: - ANS-National Association of Realtors
A principal refers to what? - ANS-Buyer and seller
One who, for a fee, manages real estate, collects rent, supervises property maintenance for
another - ANS-Property manager
The primary purpose of the LA Real Estate Commission - ANS-Protect the Public
A real estate broker who sponsors associate brokers or real estate salespersons -
ANS-Sponsoring broker
A person with a broker's license exclusively affiliated with another licensed broker -
ANS-Associate broker
Applicants for a salesperson license MUST: - ANS-Have a high school diploma or equivalent
An applicant for a brokers license MUST: - ANS-Have been an active agent for at least 4 years
A copy of the complete copy should be given to all parties within ____ days.
Select one:
a. three
b. five
c. eight
d. ten - ANS-five
When must the Commission be notified of the closing of an Escr10 days after closing the
escrow.ow or Rental Trust account?
Select one:
a. Within 5 days
b.
c. Commission does not have to be notified.
d. Within 15 days. - ANS-
Mixing client funds with company funds - ANS-Commingling
Enacting real estate laws in Louisiana is the job of the: - ANS-Louisiana state legislature
The person who engages in the services of a broker and whose interests are protected by the
loyalties imposed by the relationship is a(n): - ANS-Client
Condominiums, leaseholds, and other interests in land with exception of oil gas, or minerals. -
ANS-Real estate
A licensed Real estate salesperson is allowed to sell all EXCEPT one of the following:
Houses
Commercial Warehouse
Land
Time Shares - ANS-Time Shares
One who engages the professional advice and services of a licensee as his/her agent -
ANS-Client
A broker who is the sponsoring broker for a partnership or corporation - ANS-Qualifying broker
Who can a sponsoring broker sponsor? - ANS-May only sponsor licensed agents
Enforcing laws concerning real estate and licensees is the job of: - ANS-Louisiana Real Estate
Commission (LREC)
, A written and signed document authorizing a broker to sell the real estate described in such a
document - ANS-Listing agreement
An agent who is employed by and represents only the purchaser in a transaction - ANS-Buyer's
agent
A person procuring prospects for the sale of real estate for a fee MUST: - ANS-Must be licensed
A person acting under the provisions of the license law in a real estate transaction - ANS-Agent
A person issued a license by the Louisiana Real Estate Commission - ANS-Licensee
A property manager's responsibilities - ANS-Collect rent, manage real estate, supervise
maintenance
The Real Estate Commission consist of eleven members appointed by: - ANS-The governor
A licensee who has a written agreement to sell real estate and act as an agent - ANS-Listing
agent
A licensee holding a brokers license but who is sponsored by another broker - ANS-Associate
broker
A "Code of Ethics" for licensees was written by: - ANS-National Association of Realtors
A principal refers to what? - ANS-Buyer and seller
One who, for a fee, manages real estate, collects rent, supervises property maintenance for
another - ANS-Property manager
The primary purpose of the LA Real Estate Commission - ANS-Protect the Public
A real estate broker who sponsors associate brokers or real estate salespersons -
ANS-Sponsoring broker
A person with a broker's license exclusively affiliated with another licensed broker -
ANS-Associate broker
Applicants for a salesperson license MUST: - ANS-Have a high school diploma or equivalent
An applicant for a brokers license MUST: - ANS-Have been an active agent for at least 4 years
