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LA 90-Hour Course Exam Prep: Louisiana Real Estate Commission, License Law, and Agency Flashcard Set Exam Questions And Answers
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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
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
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
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
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
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
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
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