Academicmaterials

Establish the Validity of a deed: acknowledgment - (Notarized/witnessed) does not have to be recorded; signature of the grantor is being notarized Elements of a deed: delivery: 3 ways - 1. Actual delivery 2. Constructive (recorded) 3. 3rd party (hold in escrow or trust) Elements of a deed: consideration - Amount paid is usually hidden by "ten dollars and other good and valuable consideration" Elements of a deed: signature - Signature of only the grantor(seller/owner) of the property El...

at duties does an agent owe a cleint - Fiduciary duties (loyalty, obedience, confidentiality, full diclosure, accountings, and safe holding of property and reasonable care and diligence What must agents disclose to the principal - All material information about the property and the clients ability to perform in the transaction. What is given up in dual agency - Loyalty, confidentiality and full disclose that would break nutrality What are the steps of a neighborhood cycle - Growth 2. equil...

A licensee has ________ _______ to notify the division in a signed statement of a felony, misdemeanors involving moral turpitude ---- this is not a DUI - 10 Business days A ___________ involving fraud, misrepresentation, theft, or dishonesty that resulted in a convistion or incarceration with in __________ years preceding the date of the application warrants an __________ denial of licensure. - Misadaminor, 3 Years, Attomatic 1 of the 9 supporting services situation/people who do not need a...

Which of the following is NOT true about a sale and leaseback of a commercial property? (a) Seller frees up funds (b) Ownership does not actually transfer (c) Buyer can deduct depreciation from his taxes (d) Seller is able to deduct rent payments from his gross income - Ownership does not actually transfer Which is not correct about PMI? (a) To request cancellation of PMI, you must be current on your loan. (b) For "high-risk loans" lenders are required to automatically remove PMI when ...

GENERAL PARTNER - A partner who has full authority to make decisions, act for the partnership, and has full liability for the business dealings of the partnership. ACCELERATION CLAUSE - Allows a loan to become due and payable immediately if certain requirements are not met, such as making payments, maintaining the physical condition of the property or paying property taxes and hazard insurance. IMPOUND, RESERVE OR ESCROW ACCOUNT - A trust account established to set aside funds for future n...

Louisiana Real Estate Verified Package Deal With 100% Correct Updates

The Commission has power to require brokers to maintain and retain records of all real estate transactions in which they were involved for up to ___ years. - 5 Persons who ARE NOT eligible for Recovery fund compensation include: - -The spouse of the judgement debtor or personal rep of each spouse. -A licensed broker or salesperson who acted as a principal or an agent in the transaction which is the subject of the claim. All sales escrow accounts shall include the wording "_____________",...

How long must brokers keep real estate transactions records? - 5 (five) years What is right of the commission to allow licensees in other states to receive a license in on state if that state allows our licensees the same privilege? - Reciprocity Subject-to - The buyer acknowledges the debt and agrees to pay the debt, but if the buyer defaults, the seller is liable for repayment of the debt. Real Estate Commission members serve - 6 (six) year terms Members of The LA Real Estate Commission ...

A seller tells the listing agent that her home was treated for termites 10 years ago, so there are no termites now. Before listing the property, the agent should: - tell the seller to disclose the termite treatment on the property disclosure Legal descriptions using the government survey system are NOT generally used in: - the original 13 states Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic...

When a licensee is appointed to represent two clients in the same transaction, for example, the buyer and the seller, this is called: - Dual agency When a broker determines that a dispute exists regarding the funds held on deposit in an escrow account, the broker must - Notify all parties of the dispute Which of the following statements is NOT true regarding an individual real estate broker? - The individual broker may be licensed as a qualifying broker for one corporation only No associat...

A servitude that is granted to the land and passes with the estate is a: Predial servitude Personal servitude Prescriptive servitude Nominal servitude - Predial servitude A real estate license will not be issued until 90 days after the examination has been passed. - An application for licensing must be approved prior to an applicant taking the real estate licensing examination. Licensees receiving written offers in cooperative transactions must annotate the offer to indicate: The time a...

A mold informational pamphlet is to be distributed to buyers by licensees at the time a lease of contract to purchase is entered into - Which of the following statements is/are true regarding the mold informational pamphlet FHA, VA, Loans covered by Louisiana Consumer Credit Law, Loans for commercial or business purpose, loans to corporations or partnerships - Which of the following types of loans are exempt from the Louisiana usury law one month - A Lessor must return a deposit to the les...

When must the Commission be notified of the closing of an Escrow or Rental Trust account? Select one: a. Within 5 days b. 10 days after closing the escrow. c. Commission does not have to be notified. d. Within 15 days. - b An applicant for a brokers license MUST: Select one: a. Have been an active agent for at least five years. b. Have been an active agent for at least four years. c. Have completed at least one year of college credit in real estate. d. Be at least twenty-five years ol...

limited partnership - A partnership composed of general and limited partners whose contribution and liability are limited and specifically defined joint tenancy - a form of co-ownership between two or more persons of an interest in real property whereby such persons own the interest together and each person has exactly the same rights in that interest as his co-tenants. Joint tenancy is created by the act of the parties. The key is the right of survivorship. easement in necessity - Arises ...

A deed restriction is a private restriction that is written into deeds which restricts property use for both the current and subsequent owners. Select one: True False - True All of the following requirements generally are covered by building codes EXCEPT Select one: A. Fire-prevention standards B. Electrical wiring C. Sanitary equipment D. Minimum number of square feet of land area per apartment unit - Minimum number of square feet of land area per apartment unit Tax according to val...

Certificate of Authority - License for insurance company to do business. This allows insurers to be considered ADMITTED or AUTHORIZED. Moral Hazard - Dishonesty or character defects in an individual that increase the frequency or severity of loss (Example: Applicant lies on insurance application) To be insurable, a risk must be - -due to chance -Definite and measurable -Statistically predictable -NOT catastrophic -Large loss exposure (large pool of randomly selected people/risks) Insura...

notice of claim - must be given to the insurer with in 20 days after the occurrence or commencement of any loss covered by the policy, or as soon thereafter as reasonably possible. conditional receipt for renewal - when the premium is paid after the time granted by the insurer the maximum amount of time for reinstatement of the policy is 45 days participating policies - participating policies pay dividends non-participating policies - non-participating policies do not pay dividends LTC Rid...

All-Risk Insurance - Insurance protecting the insured from loss arising from any Peril other than those specifically excluded by name. This contrasts with Named Peril Insurance, which names the Peril or Perils insured against. Binders - Binders and other temporary insurance contracts may be made orally or in writing. Each binder is deemed to include all usual terms of the policy for which it was given plus endorsements. Life or Disability insurance utilizes conditional receipts instead of b...

Blanket Insurance - A single property insurance policy that provides coverage for multiple classes of property at one location, or provides coverage for one or more classes of property at multiple locations. Adhesion - A contact offered on a "take-it-or-leave-it" basis by an insurer, in which the insured's only option is to accept or reject the contract. Any ambiguities in the contract will be settled in favor of the insured. Absolute Liability - A type of liability that occurs due to e...

Title Insurance - Since an attorney's opinion does not offer the buyer financial protection if the title proves unsound, this can be purchased, giving varying degrees of financial protection relative to the condition of title of real property. Standard Coverage Title Insurance - Title insurance which protects against losses arising from both recorded title claims, omissions, and errors in public records, and from inadequate title search procedures. It does not protect from undisclosed and ...