Download LA 90-Hour Course Exam Prep: Louisiana Real Estate Commission, License Law, and Agency Fla and more Exams Real Estate Management in PDF only on Docsity!
Real Estate Commission, License Law, and
Agency Flashcard Set Exam Questions And
Answers
Louisiana Real Estate Commission (LREC) - correct answer ✅Regulates real estate licensing and education and protects the public through regulation, examination, and licensing LREC membership - correct answer ✅11 members who have been actively licensed as brokers for at least five years and are Louisiana citizens and qualified state electors; appointed by the governor and serve one six-year term Duties and Powers of the LREC - correct answer ✅Issue, suspend, or revoke licenses; investigate consumer complaints; and hold disciplinary hearings and issue penalties Louisiana Real Estate Recovery Fund - correct answer ✅Provides reimbursement to people who suffer monetary damages as a result of any license law violations
Real Estate Commission, License Law, and
Agency Flashcard Set Exam Questions And
Answers
Louisiana Real Estate Research and Education Fund - correct answer ✅Supports and promotes the real estate profession, institutes real estate chairpersons, and develops real estate-related research projects Common license law violations - correct answer ✅Acting without a license, demonstrating untrustworthiness, dishonesty, falsifying paperwork, and disclosure violations Adjudicatory hearing - correct answer ✅A hearing the LREC may hold to determine if the evidence discovered in an investigation against a licensee is true or false Number of members needed for a quorum - correct answer ✅Six
Real Estate Commission, License Law, and
Agency Flashcard Set Exam Questions And
Answers
Benefits of broker sponsorship - correct answer ✅Training, shared costs, administrative support, brand recognition, and professional surroundings Louisiana states of reciprocity - correct answer ✅Alabama, Arkansas, Colorado, Georgia, Mississippi, North Carolina, Oklahoma, Pennsylvania, and Tennessee Louisiana post-licensing requirements - correct answer ✅45 hours of PLE within 180 days of initial licensing date Louisiana continuing education requirements - correct answer ✅12 hours each year, including four hours in LREC's designated mandatory topic for the year Broker - correct answer ✅A licensed real estate broker who engages in real
Real Estate Commission, License Law, and
Agency Flashcard Set Exam Questions And
Answers
estate as a sole proprietor, a sponsoring broker or designated qualifying broker; may also be a corporation, partnership, LLC, etc. that has been granted a real estate license through a designated qualifying broker Sponsoring/qualifying broker responsibilities - correct answer ✅- Supervise/train all associated licensees
- Provide licensees with written policies/procedures
- Maintain sales escrow account, rental trust account, and security deposit account (as needed) Louisiana recordkeeping requirements - correct answer ✅- Must keep records for at least five years
- Records include: written agreements, contracts/addenda, disclosures, CMAs, receipts/disbursements, independent contractor agreements Branch office - correct answer ✅Place of business that's different from the main
Real Estate Commission, License Law, and
Agency Flashcard Set Exam Questions And
Answers
with the seller to receive all net proceeds from a sale above a specified sales price; illegal in Louisiana Escrow accounts brokers may have - correct answer ✅Sales, rental, and security deposit Property manager - correct answer ✅A person who, "for a fee, commission, or other valuable consideration, manages real estate, including the collection of rents, supervision of property maintenance, and accounting for fees received for another"; broker's license required General agent - correct answer ✅A person who is authorized to act for another (the principal or client) in a range of matters Special (limited) agent - correct answer ✅An agent whose scope of authority is limited to a specific area
Real Estate Commission, License Law, and
Agency Flashcard Set Exam Questions And
Answers
Universal agent - correct answer ✅A person with unlimited power to act for another, such as a conservator or one who holds a broad scope power of attorney Non-agent - correct answer ✅Aka transaction broker; a licensee acting as a facilitator but not in a representative capacity in a transaction Customer - correct answer ✅A person related to the transaction who is not represented by the agent Client - correct answer ✅The principal in a transaction who is represented by an agent Sub-agent - correct answer ✅A licensee from a competing firm who brings the buyer to the deal, but instead of representing the buyer, works
Real Estate Commission, License Law, and
Agency Flashcard Set Exam Questions And
Answers
when the other person is acting on their behalf; prohibited in Louisiana Imputed knowledge - correct answer ✅An expectation that licensees are responsible for knowing things that they should reasonably be expected to know based on their experience or their relationships; not expected in Louisiana Express agency - correct answer ✅An agency agreement entered into when both parties agree to and understand the arrangement via written or oral communication between the parties Implied agency - correct answer ✅Agency that is created from the actions of the parties rather than express agreement; legal in Louisiana, but should be avoided
Real Estate Commission, License Law, and
Agency Flashcard Set Exam Questions And
Answers
Ratification - correct answer ✅Acceptance after the fact, sometimes in contrast to a prior agreement Estoppel - correct answer ✅Legal doctrine that says that a person may not sue based on another's actions because his own actions would lead one to believe he agreed to the situation Brokerage agreements - correct answer ✅Establish agency relationship; ex: listing agreement (sellers) and buyer representation agreement (buyers) Ways agency can terminate - correct answer ✅- Performance
- Expiration of the agency agreement
- Mutual agreement
- Operation of law
- Renunciation by the agent
