Louisiana Real Estate National Exam
Questions with Answers
Ready, Willing, and Able - ✔✔The broker is considered to have earned his/her commission
when he/she produces a buyer who is ready to buy, has been persuaded to do so, and has the
money to purchase.
Procuring Cause - ✔✔Occasionally, a broker may have to prove in court that he/she was the
reason that a particular buyer bought a particular property in order to recover his/her
commission.
Disclosure Of Lead Hazards - ✔✔It is the agent's responsibility to disclose to all potential
purchasers of properties that were built prior to 1978 that possible lead hazards may be
present in the home.Let tenants and buyers know that they have ten days after taking
possession to have a property tested for lead.
Puffing - ✔✔This is when an agent makes non-factual statements about the property that could
reasonably be recognized as exaggeration (selling too hard).
Agency Agreements - ✔✔These are the contracts signed by the broker and client to create the
agency relationship and its responsibilities. It should also specify how the agent is to be paid
and by whom
Open Or General Listing - ✔✔This is a non-exclusive listing. It is actually just notification by the
owner to several brokers that the owner is willing to pay a commission to the first broker who
produces a buyer to whom the owner sells. The owner can still actively market the property
and sell it himself without paying any broker. Termination date is not required.
Exclusive Agency Listing - ✔✔In an exclusive agency listing, the owner contracts with just one
broker to market the property, but he/she retains the right to sell it to someone the broker had
nothing to do with and not pay a commission to said broker. It usually takes place with listings
no longer than six months.
Questions with Answers
Ready, Willing, and Able - ✔✔The broker is considered to have earned his/her commission
when he/she produces a buyer who is ready to buy, has been persuaded to do so, and has the
money to purchase.
Procuring Cause - ✔✔Occasionally, a broker may have to prove in court that he/she was the
reason that a particular buyer bought a particular property in order to recover his/her
commission.
Disclosure Of Lead Hazards - ✔✔It is the agent's responsibility to disclose to all potential
purchasers of properties that were built prior to 1978 that possible lead hazards may be
present in the home.Let tenants and buyers know that they have ten days after taking
possession to have a property tested for lead.
Puffing - ✔✔This is when an agent makes non-factual statements about the property that could
reasonably be recognized as exaggeration (selling too hard).
Agency Agreements - ✔✔These are the contracts signed by the broker and client to create the
agency relationship and its responsibilities. It should also specify how the agent is to be paid
and by whom
Open Or General Listing - ✔✔This is a non-exclusive listing. It is actually just notification by the
owner to several brokers that the owner is willing to pay a commission to the first broker who
produces a buyer to whom the owner sells. The owner can still actively market the property
and sell it himself without paying any broker. Termination date is not required.
Exclusive Agency Listing - ✔✔In an exclusive agency listing, the owner contracts with just one
broker to market the property, but he/she retains the right to sell it to someone the broker had
nothing to do with and not pay a commission to said broker. It usually takes place with listings
no longer than six months.
