1
Louisiana Real Estate Course Unit 1-3
Exam 1 Questions with Correct
Answers for Specific Exam Mail
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.
When a broker dies, he or she might leave behind
agreements that were "under contract." What becomes
of them?
Pretest - Stuvia US
,2
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
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?
Pretest - Stuvia US
,3
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
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
Pretest - Stuvia US
, 4
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 recovery expense of $3,000. The property
has a monthly gross income of $3,500 and monthly
operating expenses of $1,100. Tyler's taxable income from
this property will be taxed at a rate of 25%. What is the tax
liability for the year?
Ans: $6,450
Some people, when taking the licensing exam, pass the
national part but fail the state portion. What is the next
step for these applicants?
Ans: They may retake just the failed portion if they do so
within one year of the failure.
All records related to a real estate transaction must be
retained for a period of
Pretest - Stuvia US
Louisiana Real Estate Course Unit 1-3
Exam 1 Questions with Correct
Answers for Specific Exam Mail
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.
When a broker dies, he or she might leave behind
agreements that were "under contract." What becomes
of them?
Pretest - Stuvia US
,2
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
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?
Pretest - Stuvia US
,3
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
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
Pretest - Stuvia US
, 4
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 recovery expense of $3,000. The property
has a monthly gross income of $3,500 and monthly
operating expenses of $1,100. Tyler's taxable income from
this property will be taxed at a rate of 25%. What is the tax
liability for the year?
Ans: $6,450
Some people, when taking the licensing exam, pass the
national part but fail the state portion. What is the next
step for these applicants?
Ans: They may retake just the failed portion if they do so
within one year of the failure.
All records related to a real estate transaction must be
retained for a period of
Pretest - Stuvia US
