LOUISIANA REAL ESTATE COMPREHENSIVE
ANSWERS AND QUESTIONS SET A+
✔✔The transfer of active salesperson and broker licenses must be processed through
the LREC. Salespersons must request that their present sponsoring broker return their
license to the real estate commission. Their sponsoring broker is required to comply
with the request within ___ days. - ✔✔5
✔✔One of the major powers of the Commission is to censure, suspend, or revoke the
licenses of brokers, salespersons and registered timeshare interest salespersons for
cause. - ✔✔
✔✔If charges are brought against a licensee following a complaint and subsequent
investigation, a written notice of the charges must be received by the licensee, at least
___ days prior to his/her scheduled hearing before the Commission. The licensee's
broker sponsoring broker must be notified of the charges and the scheduled hearing as
well. The hearing may be an ______ hearing or formal _____ hearing. - ✔✔20 days
Informal adjudicatory or formal adjudicatory
✔✔The broker's name and telephone number must appear in all advertising. - ✔✔
✔✔All advertising must represent the property accurately. - ✔✔
✔✔Licensed brokers or salespersons advertising property, which they own, must
include the term _______ in all printed and other materials. - ✔✔owner/agent
✔✔All advertisements of residential property must have a _____ that the advertisement
is published or distributed on. - ✔✔date
If the advertisement is published in a magazine or newspaper the date of the publication
is sufficient.
, ✔✔Brokers affiliated with franchises must include what in all advertising? - ✔✔The
names of both the franchise and the broker
✔✔Salespersons and associate brokers may only receive payments of commissions
from? - ✔✔their sponsoring broker
✔✔Salespersons and brokers are required to present all offers to principals as soon as
possible after they have been submitted. - ✔✔
✔✔Under state licensing law, fully executed purchase or listing agreements must be
delivered to all parties within ___ days of all signatures being obtained on the
document. - ✔✔5
✔✔All sales escrow accounts shall include the wording "_____________", in their title in
addition to the name of the broker as licensed by the commission to do business. -
✔✔Sales Escrow Account
✔✔What is it called, when a broker puts a deposit in his personal account? - ✔✔co-
mingling
✔✔What if a broker used a deposit to pay an electricity bill?
What would this be called? - ✔✔Conversion
✔✔Brokers are not to commingle their own funds with deposits received from or on
behalf of principals to a transaction, except that the broker may deposit up to $____ of
his personal money in an escrow account to avoid bank charges. - ✔✔$2,500
✔✔It is the responsibility of licensed salespersons and associate brokers to deliver all
deposits to their sponsoring broker. When should they do this? - ✔✔Immediately upon
receipt
✔✔If you close your escrow account down. How long do you have to notify the
Commission? - ✔✔10 days AFTER closing.
✔✔Who holds the deposit? - ✔✔Typically, the broker
✔✔The Louisiana Real Estate Recovery Fund was established to compensate any
person who has suffered monetary damages as a result of a licensee's violation of the
license law as part of any transaction involving the sale or lease of real property. This
fund is maintained at a level or $________ with excess funds transferred each year to
the _____________ of the Commission. - ✔✔$400,000
Research and Education Fund
ANSWERS AND QUESTIONS SET A+
✔✔The transfer of active salesperson and broker licenses must be processed through
the LREC. Salespersons must request that their present sponsoring broker return their
license to the real estate commission. Their sponsoring broker is required to comply
with the request within ___ days. - ✔✔5
✔✔One of the major powers of the Commission is to censure, suspend, or revoke the
licenses of brokers, salespersons and registered timeshare interest salespersons for
cause. - ✔✔
✔✔If charges are brought against a licensee following a complaint and subsequent
investigation, a written notice of the charges must be received by the licensee, at least
___ days prior to his/her scheduled hearing before the Commission. The licensee's
broker sponsoring broker must be notified of the charges and the scheduled hearing as
well. The hearing may be an ______ hearing or formal _____ hearing. - ✔✔20 days
Informal adjudicatory or formal adjudicatory
✔✔The broker's name and telephone number must appear in all advertising. - ✔✔
✔✔All advertising must represent the property accurately. - ✔✔
✔✔Licensed brokers or salespersons advertising property, which they own, must
include the term _______ in all printed and other materials. - ✔✔owner/agent
✔✔All advertisements of residential property must have a _____ that the advertisement
is published or distributed on. - ✔✔date
If the advertisement is published in a magazine or newspaper the date of the publication
is sufficient.
, ✔✔Brokers affiliated with franchises must include what in all advertising? - ✔✔The
names of both the franchise and the broker
✔✔Salespersons and associate brokers may only receive payments of commissions
from? - ✔✔their sponsoring broker
✔✔Salespersons and brokers are required to present all offers to principals as soon as
possible after they have been submitted. - ✔✔
✔✔Under state licensing law, fully executed purchase or listing agreements must be
delivered to all parties within ___ days of all signatures being obtained on the
document. - ✔✔5
✔✔All sales escrow accounts shall include the wording "_____________", in their title in
addition to the name of the broker as licensed by the commission to do business. -
✔✔Sales Escrow Account
✔✔What is it called, when a broker puts a deposit in his personal account? - ✔✔co-
mingling
✔✔What if a broker used a deposit to pay an electricity bill?
What would this be called? - ✔✔Conversion
✔✔Brokers are not to commingle their own funds with deposits received from or on
behalf of principals to a transaction, except that the broker may deposit up to $____ of
his personal money in an escrow account to avoid bank charges. - ✔✔$2,500
✔✔It is the responsibility of licensed salespersons and associate brokers to deliver all
deposits to their sponsoring broker. When should they do this? - ✔✔Immediately upon
receipt
✔✔If you close your escrow account down. How long do you have to notify the
Commission? - ✔✔10 days AFTER closing.
✔✔Who holds the deposit? - ✔✔Typically, the broker
✔✔The Louisiana Real Estate Recovery Fund was established to compensate any
person who has suffered monetary damages as a result of a licensee's violation of the
license law as part of any transaction involving the sale or lease of real property. This
fund is maintained at a level or $________ with excess funds transferred each year to
the _____________ of the Commission. - ✔✔$400,000
Research and Education Fund
