Real Estate State Portion Practice Exam (Louisiana)

one month

A Farm Lease that has expired is presumed to been continued for another year if the tenant holds over without opposition for:

one month

A Lessor must return a deposit to the lessee or provide an itemized statement of the reason for retention of all or part of the deposit within:

Redhibition

The avoidance of a sale on account of some vice or defect in the thing sold is called:

Vendor

The seller is called the

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

Vendors Privilege

A right granted to a seller for the unpaid sales price is called the

community property

A system of principles and rules governing the ownership and management of the property of married persons or between themselves and toward third persons is called:

every page

A broker must include his name, office address and license jurisdiction in all advertising on a website. At a minimum, the information must appear on at least

qualifying broker

The broker that is the representative of a corporation or partnership in all matters relating to its real estate activities is the

irrevocable during that time

An offer that specifies a time for acceptance

Must be provided to all prospective sells/buyers at first face to face contact, should be signed and dated by client and kept by the licensee for 5 years, if the client refuses to sign it, the licensee must write the time, date and reason for refusal, sig

Which of the following is true regarding the Agency Disclosure Informational Pamphlet?

the month and year it was printed

All printed ads for the sale of residential real estate must include

public thing

In Louisiana property law, how would you define a public park?

must be approved by the sponsoring broker

Advertising by an Associate Broker

5

Each member of the commission shall have been actively engaged in the real estate business as a broker for how many years next preceding the date appointment

5

How many members of the commission shall constitute a quorum for all business

it is owned 100% by the licensee that earned the commission

A commission may be paid to an unlicensed holding company if

5

If the Commission requests an account affidavit the broker must submit it within how many days following the request

disclosing his position in writing to the owner

A licensee shall not acquire an interest in or purchase for himself any property listed with his company without

In void

It either party dies or becomes incapacitated before acceptance, the and offer

there is no charge to transfer if done within 60 days

If the license of the sponsoring broker is revoked

This is a violation of the license law because Mr. Smooth is soliciting business prior to having a license.

Mr. Smooth is currently registered in a real estate class. While attending this school he finds out that his best friend from grammar school is moving in Houston. Mr. Smooth talks to his pal and ask her to wait to buy a home until he gain his real estate

written authority of the owner

A broker must have _____________ to advertise

a licensee must return all listing information, keys and contracts to the broker, the licensee shall not induce clients to terminate their business relationship with the broker, a broker that believes a licensee is encouraging clients to break listings or

If the relationship between a salesperson and a broker end

they are paid strictly by salary

Persons working for a licensed property manage do not have to be licensed

open account titled "security deposit trust account

If a broker is involved in obtaining deposits in property management the broker must

put the time and date on the disclosure

If a client refuses to sign an agency disclosure, the licensee must

Cause

What is the Louisiana Civil Law term which is similar to the term "consideration" in Common law

qualifying broker

Any corporation or partnership operating as a broker in the state of Louisiana must have

45 days

After how many days notice after a buyers default in payments may a bond for deed be cancelled

property has been sold for less than 1/2 of it value

Lesion beyond moiety has a its basis that

A transfer to inactive status requires the licensee to remit the applicable fees

Which of the following is true about inactive statue

written agreement

Subagency may only be created by

Broker

The license of each associate broker is delivered and mailed to which of the following from the commission

31-Dec-98

A person who was licensed originally on November 15, 1988 would have that license expire on

3 months

The period for delinquent renewal of an expired license will be limited to how long following the expiration date of the active license

sponsoring broker

salespeople cannot accept a commission or valuable consideration for the performance of any act under the license law from any person except their

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

immediately

Licensee are required to furnish to their clients a fully executed copy of agreements to purchase or sell and a fully executed copy of listing

The institution of a criminal prosecution by arrest or indictment the subject matter of which involves a real estate transaction to which he was the party.

Which of the following statements about legal action requires that a licensee notify the commission within 10 days?

False. at no time

Louisiana lease must be in writing to be valid

20

Before holding a hearing, a licensee must be notified at lease how many days in advance

the licensee must give a written disclosure to both clients to receive a referral fee for the one withdrawing

If one client does not consent to dual agency in a Louisiana transaction

customer

A person who is not represented by, but for whom the licensee is performing ministerial acts is

each client and licensee only know the information they were actually given

In dual agency in Louisiana

writing an offer to purchase real estate

ministerial acts" in Louisiana law do not include

the price the seller or landlord with take other than the listing price

When acting as a dual agent, a licensee shall not disclose

Gratuitous contract

When one party is obligated for the benefit of the other, buy receives not return advantage this is called

Commutative contract

When the performance of either party is correlative to the performance of the other this is an example of what type of obligation

Relatively null

Lack of legal capacity makes the contract