Page 1
Louisiana Real Estate Course Unit 1-3
Exam 1 Questions and Correct Answers
By Expert
A divisible joint obligation is the situation where
Ans: each obligor is obligated to perform only his or
her portion of the obligation and receives only his or
her portion of what is due.
A licensee who works as a dual agent must keep a copy of
the signed Dual Agency Disclosure on file for
Ans: five years.
What makes an offer to buy irrevocable?
Ans: It specifies a time for acceptance.
Nicholas Mwololo
, Page 2
When a broker dies, he or she might leave behind
agreements that were "under contract." What becomes of
them?
Ans: They are still valid, since the principals are the
buyer and seller, not the broker.
Property is sometimes given by the owner to someone else
for services rendered. Such a gift is called
Ans: a remunerative donation.
Where must non-resident brokers deposit escrow money
that they receive?
Ans: In an escrow account in a financial institution in
Louisiana or in their home state
Flyers, brochures, and "just listed" cards that advertise
properties for sale must include
Nicholas Mwololo
, Page 3
Ans: the month and year the advertisement is printed,
published, or distributed.
A building has 9 apartments generating annual potential
rent of $1,500 each month. Vacancy = 6% and annual
expenses are $84,000. Vending machines yield $1,800 per
year. What is the NOI?
Ans: $70,080
A property's taxes are $9,540 and are paid for in arrears. The
property was sold, and closing took place on March 7. The
seller was responsible for the day of closing. Using the 360
day method, how will taxes be prorated?
Ans: Credit the buyer $1775.50 and Debit the Seller
$1775.50
Nicholas Mwololo
, Page 4
If licensees and sponsoring brokers have employment or
financial disputes, how must they be adjudicated?
Ans: Between themselves or in the courts
Concerning "confidential information," it is true that
Ans: it does not include material information about
property condition.
Vanessa DeWitt is dual agent of seller Stephen Lowry and
buyer Robin Struthers, and, as such, is duty-bound to
disclose to Struthers whatever she knows about
Ans: Latent material defects in Lowry's property.
Tyler Holdlong owns a small retail property that he inherited
from his father. There are no mortgages or interest expenses
connected with the property. Tyler takes an annual cost
Nicholas Mwololo
Louisiana Real Estate Course Unit 1-3
Exam 1 Questions and Correct Answers
By Expert
A divisible joint obligation is the situation where
Ans: each obligor is obligated to perform only his or
her portion of the obligation and receives only his or
her portion of what is due.
A licensee who works as a dual agent must keep a copy of
the signed Dual Agency Disclosure on file for
Ans: five years.
What makes an offer to buy irrevocable?
Ans: It specifies a time for acceptance.
Nicholas Mwololo
, Page 2
When a broker dies, he or she might leave behind
agreements that were "under contract." What becomes of
them?
Ans: They are still valid, since the principals are the
buyer and seller, not the broker.
Property is sometimes given by the owner to someone else
for services rendered. Such a gift is called
Ans: a remunerative donation.
Where must non-resident brokers deposit escrow money
that they receive?
Ans: In an escrow account in a financial institution in
Louisiana or in their home state
Flyers, brochures, and "just listed" cards that advertise
properties for sale must include
Nicholas Mwololo
, Page 3
Ans: the month and year the advertisement is printed,
published, or distributed.
A building has 9 apartments generating annual potential
rent of $1,500 each month. Vacancy = 6% and annual
expenses are $84,000. Vending machines yield $1,800 per
year. What is the NOI?
Ans: $70,080
A property's taxes are $9,540 and are paid for in arrears. The
property was sold, and closing took place on March 7. The
seller was responsible for the day of closing. Using the 360
day method, how will taxes be prorated?
Ans: Credit the buyer $1775.50 and Debit the Seller
$1775.50
Nicholas Mwololo
, Page 4
If licensees and sponsoring brokers have employment or
financial disputes, how must they be adjudicated?
Ans: Between themselves or in the courts
Concerning "confidential information," it is true that
Ans: it does not include material information about
property condition.
Vanessa DeWitt is dual agent of seller Stephen Lowry and
buyer Robin Struthers, and, as such, is duty-bound to
disclose to Struthers whatever she knows about
Ans: Latent material defects in Lowry's property.
Tyler Holdlong owns a small retail property that he inherited
from his father. There are no mortgages or interest expenses
connected with the property. Tyler takes an annual cost
Nicholas Mwololo
