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Louisiana RealEstate

TermDefinition
Louisiana real estate commission consist of how many members and how are they appointed 11 members appointed by the governor
How long can real estate commission appointees serve One term or six years
How long do you have to be a broker in order to become a commissioner Nine years altogether. Four years to become a broker and five years as a broker to become a commissioner
Six members of the commission shall constitute a what in order to conduct business Quorum
This consist of 11 members appointed by the governor Louisiana real estate commission. LREC
The head of the LREC and is an appointed member and calls all meetings to order as well as decide adjornment Commissioner
It is unlawful to provide what to the commission False information
The LREC reserves the right to request records if deemed necessary for an investigation or hearing and this is done by Subpoena
Any suspensions are revocation imposed by the commission shall be affective up on final judgment of the court unless a ___________ is requested and granted by the court Stay of enforcement
If the LREC constitutes a prohibition of practice for a period of time and the requirement for the sponsoring broker or licensee to send license to the LREC for the duration of the term this is called A suspension
A warning usually coupled with a fine and a continuing education requirement must be completed by the licensee this is called Censure
This happens when a real estate license is prohibited from practicing for an unlimited period of time and include forfeiture of the license to the LREC permanently Revocation
The primary purpose of the license law Is to protect the public
The Louisiana real estate commission consist of how many members 11
To confirm commission appointment the governor must submit names to the Legislature
Real estate commission members serve how many years and that equals one term 6
You must be qualified electors of the state of Louisiana, citizens of the state of Louisiana, and business as a broker for at least five years in order to become Members of the Louisiana real estate commission
How many members constitute a quorum for commission business 6
The commission is required to meet how often Quarterly
The commission is limited to no more than how many meetings per month 2
Application by how many members is required to call additional meetings 3
Commission members are paid how much while attending commission meetings $50 plus actual expense
Where is the commission domiciled Baton Rouge
Who has the power and authority to regulate issuance of licenses, registrations and certificates, promulgate rules and bylaws for the enforcement of the license law and appoint an executive director? The real estate commission
Brokers must keep real estate transaction records for Five years
The commission may inspect a brokers records when Between 9 AM-4 PM, but Saturdays, Sundays, and legal holidays are excluded
The commission may on it's own motion, do what and to whom acting in such legal real estate capacity, the commission shall upon verified complaint in writing investigate licensees also the commission may subpoena a brokers records investigate licensees
Before a hearing the commission must notify the licensee at least how many days in advance 20 days
In order to continue practicing real estate, any licensee found guilty by the commission must request a Stay of enforcement from the court
A apeal of a court's decision to a higher court requires a licensee to put up a Suspensive appeal bond
The real estate commission can fine up to how much? But they cannot do what 5,000 but cannot imprison
Any activity or attempted activity performed for another, for a fee, or the intention of a fee is known as Real estate activity
One who is currently licensed and has the right to operate as a licensee and has not been transferred to inactive status is a Active licensee
The kind of. broker designated by a corporation, partnership or limited liability company as a company's representative for all matters relating to real estate commission is known as Qualifying broker
A licensee who is not an associate broker but is sponsored by a real estate broker is known as A real estate salesperson
Timeshare sales people are developers registered with the commission are called Timeshare registrants
A unlicensed person's listing properties that they do not own the property is considered to be doing real estate activity and this is considered a Violation of license law
If you are receiving a commission you have to be licensed. Employees of Property managers are exempt under the law if they are Salaried employees
The maximum time allowed to remain inactive is Not established by law
A person licensed as a broker and not part of a partnership or limited liability company is known as a Individual broker
A broker designated by corporation to be the representative before the commission is known as the Qualifying broker
The broker that works for another broker is called An associate broker
A licensee that is not an associate broker that is sponsored by a sponsoring broker is called Sales person
People who sell timeshares are known as .... what are the requirements to become this Timeshare sales persons or not registered or licensed and I'm not subject to any educational requirements
A broker applicant must have how many hours excluding the sales person hours 150 hours
Boker applicants must have how many hours in broker responsibilities out of their 150 hours 30 hours
Real estate sales person license applicant must have a minimum of how many classroom hours 90 classroom hours
In order to become a real estate salesperson a licensee applicant must qualify with these three things They must be 18 they must have a high school diploma and they must complete 90 hours a real estate courses
When does a license expire December 31
If a license is not renewed by January 1 each year it is considered Expired
The responsibility for the timely submission of renewal applications and the payment of the requirement fees rest solely with each individual ____________ Licensee
A person authorized to represent another in dealings with third parties is called a Agent
A person who engages the professional advice and services of a licensee as his agent and whose interests are protected by the specific duties and loyalties imposed by that relationship it's known as a Client
A statement reduced to writing and sworn before a notary or some other authorized officer Affidavit
Land and everything permanently attached to it whether natural or artificial is known as Real estate
A licensee who has obtained a listing of real estate to act as an agent for compensation is called a Listing agent
A transferee in a real estate transaction is known as the Buyer
The marketing, leasing, our overall management of Real property for others for a fee, commission, compensation, or other valuable consideration is known as a Property manager
In agreement to represent a buyer whether in writing, oral, or by implication is known as a Buyers brokerage agreement
The discriminatory practice of persuading residence to sell their houses at Deflated prices because of an alleged social deterioration of the neighborhood is known as Blockbusting
If a broker advertises with just his initials this is considered to be Illegal the brokers name should appear as it does with the real estate commission
If a broker advertises using just his phone number what is this considered to be Illegal
If a licensed broker wants to advertise the property for a client he must have what from owners Written authority from all owners
Can only State certified appraisers appraise the property? No Only certified appraisers can verify certified appraisal but anyone can estimate value
Only this type of property must include independently owned and operated and it's disclaimer Franchises
If a licensee list their property with a licensed broker is it a requirement for them to state in advertising that they are a real estate licensee No ... only licensee selling or leasing a property in which they hold interest must state and all advertisement that they have a real estate license
Trade names and trademarks must be registered with the Louisiana secretary of state
A copy of the tradename or trademark already registered must be filed at______________ before license he can use them. Louisiana real estate commission
If you wish to transfer to another broker you must notify your current broker how In writing and hand-deliver it all delivered by certified\registered mail
A sponsoring broker is required to return licenses to the LREC within how many days of receipt of a request for transfer 5 days
When the commission demands that is sponsoring broker return a license, the broker must return the license to the LREC within 72 hours
Written offers presented to a listing broker by a cooperating broker shall be presented to the owner how soon Immediately
When a broker is presented with more than one offer before he is able to submit the offer to his client, he must submit all offers At the same time
If an offer is rejected it must be signed as rejected by who or annotated by who at some point All offers that I reject it must be signed as rejected by the owner or annotated by the agent as rejected at some point
If a sponsoring brokers license is revoked, all sales people working for the broker will have their licenses Suspended
If a sponsoring broker license is suspended there will be no charge for transferred by a sales person if the transfer is done within 60 days
If another licensee wants to give you a fee for helping him he must do so through his broker and his broker must pay it to you through Your Broker
If someone sold a house but the closing was delayed until after their renewal time and they decided not to renew their license then are they allowed to receive their commission Yes it is allowed by license law to be paid any commissions
Whom does the licensee represent in a real estate transaction? The persons with her on the license he is working
When should licensee give out the agency disclosure pamphlet to prospective sellers and or buyers At the time of the first face-to-face contact
A licensee must retain agency disclosure pamphlets for a period of Five years
The latest a dual agency disclosure form can be given to client Is before showing a house or before any transactions are entered into
Who is in charge of how to deal with escrow deposits transaction stated in writing The parties involved
There is no requirement to report when an escrow account is opened or closed
How many days after a Broker has been informed, does a Broker have to resolve the dispute by turning the money over to the court 60 days
How long must a broker continue to maintain the escrow accounts if bankruptcy is filed Escrow accounts must be maintained until money is legally dispersed
These "Things" are specifically excluded from the definition of real estate and the license law Only oil gas and other minerals are specifically excluded
All listing agreements must be _______________ and must specify a definite _______________________ that is not subject to any conditions All listing agreements must be in writing and must specify a definite expiration date that is not subject to any conditions
If a broker has a main office at one location and 3 branch offices somewhere else, how many licenses must've broke a have 4 licenses
Branch office locations may be supervised by a Person with a brokers license
If a client signed a document, the client must be given a copy of that document Immediately
A copy of document that a client should have an real estate transactions must be given to the client Within 5 days
According to the license law listing agreement must specify A definite expiration date
Inducing people to sell because of the entry or possible entry of minorities into the neighborhood is called Blockbusting
If a person is the manager of agricultural property do they have to have a real estate license No
Brokers must execute an affidavit only when When requested by the LREC
Things, Personal things, corporeal things are all included in Louisiana property
Movable things are those things, animate are in inanimate that move and can be moved from one place to another ... these things are called in Louisiana Corporeal movables
Incorporeal things have No body .... requires a thought process to be conceived
Buildings, chairs and servitude that are owned by individuals are examples of Private things
Streets and Public Square is our examples of Public things
Things that cannot be owned by anyone or examples of Common things
Louisiana civil law term for real estate is Immovable
Which of the following is classified as moveables in Louisiana Both land and component parts
An immovable maybe classified as a movable by Demobilization
Rights, obligations and actions that apply to a movable thing are Incorporeal movables
Buildings and standing timber owned by someone other than the owner of the land are Separate immovables
Unharvested crops and Ungather fruits of trees that belong to a party other than the land owner are Movable's by anticipation
In arparent is 5/6 or 0.8507 of an acre
As a linear measurement know as an arpent is how many feet 192.24 feet
Vara is how many inches 33.33 inches
What are the two meridians in Louisiana The Louisiana Meridian and the Saint Helena Meridian
Sections with more or less than 640 acres are called Irregular sections
Stocks, bonds, and annuities are considered Incorporeal movables
The way to dispose of by consumption, sale, and conference or gift is called Abuses
A charge on real or personal property for the benefit of a person or on a servient estate for the benefit of a dominant estate Servitude
The real right of limited duration on the property of another is called Usufruct
A non-transferable right of natural person to dwell in the house of another Habitation
A personal servitude that confers in favor of another person a special use of an estate less than full enjoyment is called Right of use
A charge on one property for the benefit of another property Predial servitude
Real estate that is occupied and used as the principal residence of the owner and the owner's family is known as a Homestead
In Louisiana the right to alienate is known as Abuses
In Louisiana the right to collect rent is known as Fructus
A person that has only use and enjoyment of a property has Usufruct
A charge on real or personal property for the benefit of a person is known as Personal servitude
A usufruct may be established by Law , will, or agreement of the parties
A Usufructurary may be leased, alienated or encumbered but this contract will terminate when The usufruct terminates
Default of a prior mortgage is a reason that usufruct will Terminate
This right is a personal servitude that may not be left, alienated encumbered or transferred Habitation
A utility easement in Louisiana is a Right of use
This is fully transferable and inheritable and can be held by any legally defined person Right of use
In order to have this there must be two properties involved in Louisiana Predial servitude
The property benefited by the pre-dial servitude is called the Dominant estate
Rights of support, projection, view, right, and passage with most commonly be created by Contract
If a noticeable violation of a building restriction occurs and nobody stops it after a certain period of time the right to stop the violator no longer exist this is called Liberative prescription
Under the law, after how long of noticeable violation is a movable is freed from a building restriction if no one sues to stop the violation Two years
Undivided fractional interest of ownership, not necessarily an equal portions is known as Co- ownership
A system of principles and rules governing the ownership and management of the property of Married persons or between themselves and to 3rd parties is called Matrimonial regime
A property owned by a married person that is not community property; includes property acquired before the marriage or by gift or inheritance after the marriage this is known as Separate property
A contract between two or more persons to carry on as co-owners of a business, and to share the profits and certain proportions is called a Partnership
Property developed for common interest ownership, where a owner has a separate interest in an individual unit, combined with an undivided interest in the common elements of the property is known as a Condominium
When one unmarried person owns the entire property as separate property with no co-owners this is called Full ownership
When one married person owns the entire property as separate property with no co-owners this is called Full ownership
When one corporation owns the entire property with no co-owners this is called Full ownership
When two or more people on the same thing and equal shares this is called Co ownership
When two or more people on the same thing in unequal shares Co ownership
When married people own an undivided 1/2 interest in property this is called Community property
A co-owner May sell his or her interest, (only with or without) permission of the co-owners Without
When two or more persons own the same thing, it has An undivided interest
When spouses own in community, each spouse owns And undivided 1/2 interest
Things acquired during the marriage through the effort, skill or industry of either spouse is called In community
The law that state property of married persons is classified as either community or separate is known as the law of Acquets and gangs
Property owned before marriage, received my gift, inherited by one spouse during the marriage is considered Separate property
A properly created contract where as legal person's are separate and distinct from its partners is known as Partnership
The limited partnership in Louisiana is called Partnership in commendam
This type of partnership should be in writing and all partners are personally liable for partnership debts General partnership
And this type of partnership there must be at least one general partner who is responsible for all liability of partnerships above the investment of other partners Limited partnership
Condominiums in Louisiana are governed by the Louisiana condominium act
When a donor gives a gift, but requires that donee to do something in order to receive the gift this is called Onerous
The legal fact that the person that inherit property is the owner at the moment of death of the diceased is called Seizen
The donation of property because of death is called the donation Mortis Causa
The portion of your state that the deceased may leave in a will to anyone he/she so chooses is called Disposable portion
The appropriate use of power of eminent domain by federal and state governments is called Expropriation
This allows the government under special circumstances to take The property after giving the owner only 10 days to prove to the court that the government does not need the property Quick taking
The ownership of a movable property acquired by possession for a period of time Acquisitive prescription
The donation of property while living is called Donation Inter Vivos
The donation of property because of death is called Donation Mortis Causa
A donation made to repay the donee for services rendered is known as renumerative
A donation made as a gift, without condition or requirement that the Donee do anything to receive the gift is known as Gratuitous
Those who inherited by testate succession are called Legatees
Heirs are known as Testate successors
A forced portion of an estate in Louisiana is called Legitime
Adopted children can inherit from both Natural parents and adopted parents
If there is only one child what is a disposable portion of an 3/4
What is the first portion of an estate if there are two or more children 1/2
If a person dies without a will who gets their property and how much they get is decided by the law of Intestate succession
The act of the government and taking private property for public use is called in Louisiana Expropriation
The right of the government to take the private property for public use is called Eminent domain
The unauthorized used of the government to deprive an owner of his property without conforming to law is known as Appropriation
The law that allows the government and special circumstances to take property is called. And it can be taken how quickly? Quick taking ......property could be taken in as little as 10 days
When you have a title but actual use is with someone else this is known ass Constructive possession
The law possession says that if you possess immovables in good faith for more than how many years you can acquire the right of ownership Adverse possession and it's for 10 years
The law of possession says it if you possess immovables in bad faith for more than how many years you can acquire the right of ownership 30 years
A legal relationship whereby a person is bound to render a performance and favor of another Obligation
When one party is obligated for the benefit of the other but receives no advantage in return is called Gratuitous contract
A contract is one in which the performance of each parties application depends on an uncertain event Aleatory contract
The extinguishment of an existing obligation by the substitution of a new one Novation
And acceptance not in accordance with the terms of the offer is known as Counter offer
A contract that may be affirmed or denied by a party, but is not null unless action is taken to make it so is called Relatively null
A remedy in which the court will grant in certain cases, compelling the defendant to perform or carry out the terms of a valid, existing agreement or contract Specific performance
A contract may be entered into three ways, through oral, written, implied
When the performance of either parties obligation depends on an uncertain event this is known as a Aleatory contract
When one party is obligated for the benefit of the other but received no advantage in return this is not an as a Gratuitous contract
A contract in which the party who excepts an obligation for the other does not assume a reciprical obligation is called Unilateral contract
A bilateral contract in Louisiana is called a Synallagmatic or bilateral contract
The extinguishment of an existing obligation by the obligore and the obligee becoming the same person is known as Confusion
An offer with a termination date for the offer in Louisiana and said to be Irrevocable
An offer without a termination date for the offer in Louisiana is said to be Revocable
An offer with a termination date for the offer but also a clause that states the offer maybe withdrawn before acceptance in Louisiana is said to be Revocable
By law a counter offer is, in fact an New offer
In Louisiana the term similar to consideration is Cause
A contract based on fraud is Relatively Null
A contract that violates a wool a public order is Absolutely Null
A contract with no deposit of money is known as a Specific performance contract
The remedy for default in an earnest money contract is Loss of deposit
In an earnest money contract there can be no Specific performance
A contract that I would is the buyer and the seller Contract to sell
An instrument in writing, duly executed and delivered by the grantor that conveys to the grantee some right, title or interest in our two real estate is called Contract of sale
An act that is executed and signed by each party and two witnesses before a notary is called Authentic act
The right to have a sale resend it or the price reduced to a hidden defect which, had the buyer know of it, would have cost him or her to offer a lesser price or not act at all it's called Redhibition
The legal limit of time for a buyer to bring action, for example within four years from the date of delivery sale or one year from the discovery of defect, whichever occurs first is known ass Prescription period
A contract in which the parties gift to each other a thing, other than money Exchange
A purchase agreement is called a .... The contract that obligates the buyer and the seller Contract to sell
This is called a deed in most states. It may be identified by a cash sale a credit Seo what document that proves they worth a transfer Contract of sale (coveyance)
And act executed and signed by each party before a notary is called a Authentic act
A conveyance signed by the parties but not before a notary is called a Act under private signature
The seller may resend the sale when the price is less than half the value of the property under A law known as Lesion beyond Moiety
The right to resend a sale when the price pay is less than half the value is limited to how long One year
The sellers legal promise that nobody has rights in the property other than those disclosed at the time of sale is And implied warranty
A buyer has how long to resend a sale because of hidden defects? One year
The avoidance of a sale on account of some vice or defect in real estate is called Redhibition
If defects are easily discovered by visual inspection the buyer does not get Right of Redhibition
When the seller keeps legal title while the buyer makes the payment this is known as Bond for deed
A contract in which the parties give to each other anything other than Money is a Exchange
The prescription under Redhibition is how long from discovery 1 year
The seller does not have to know the defect was present to be held liable under what Redhibition
Possession is transferred to the buyer why the buyer makes Payments this is known as Bond for Deed
Upon how many days of default may the bond for Deed be canceled By filing such a notice in the legal record 45 days
The privilege granted persons who contract for the improvement or modifications of an immovable is called Workman's privilege
A nonpossessory right granted to a creditor over a debtor's property for security of a debt or obligation is called Mortgage
A Louisiana system that gives title to the borrower during the loan and give the lender a lien is called Lien theory
When the buyer takes over payment but both the seller and the buyer are liable for repayment it is called Assumption
Laws that set the maximum legal rate of interest are called Usuary laws
This is 1/10 of one cent or $0.001 and is used to compute property tax A Mill
In Louisiana the word for prevledge is Lien
A right granted to a seller for the unpaid sales price is known as the Vendors privilege
A mechanics lien must be filed within how many days after the last work is done on the project to get the special protection 60 days
Under Louisiana's system, who has the title to the property doing the loan when there is a mortgage The Borrower
The Louisiana law that states if you acquire assets after a general lien, the lien affect the after acquired assets and this is called After-required doctrine
The Louisiana law that allows a broker to agree to only put up one thing for a loan and not all things is known as In rem
A notary writes this on a note to indicate a record note is without change and is the same note described in the mortgage Ne Varietur
A mortgage stipulated by law is called a Tacit mortgage
It is for to read mortgage a property already mortgage without notifying the previous Mortgagee
The term that means a sale does not affect the mortgage is Pact de non Alienanado
A term that means if you sell without satisfying the mortgage the property is in default and foreclosure is permissible is known as Due on sale
When you sell a property and the mortgage remains but the seller is libel for repayment and the buyer is not this is known as Subject to
Foreclosure by ordinary process is also known as Foreclosure with appraisement
Under Forclosure with appraisement the property must be appraise and sell for at least how much of the value 2/3
When a mortgagor waves benefit of appraisement, notice and delays, and agrees to executory process this is known as Confession of judgment
These are not considered interest under Louisiana law Fees or charges
0.001, 1/10 of a cent, 1/250 of a quarter or all known for tax purposes as A mill
The assessed percentage for a residential apartment complex is what percent 10%
The assessed value percentage for a commercial property is what percent for land and what percent for building 10% for land and 15% for building
The homestead exemption from taxes is how much $7,500
Penalty and interest or charges on delinquent taxes is recovered at Tax sale
At a tax sale the purchaser gets A tax certificate but does not own the property yet
The tax redemption. In Louisiana is how many years 3 years
To redeem the tax certificate and keep title to the property, delinquent tax pay must pay these three things Taxes interest penalties and cost
This permits one person to reside on the land of another A lease
These leases are granted by Civil Code with respect to the relationship, right and responsibilities of the parties Oral leases
Oral leases are valid regardless of the length of Term
A lease for rent is known as a Non-farm lease
A lease for rent without a definite termination date is set to be from Month to month
A non-farm lease, a tenant that stays one week into a month without opposition may stay The entire month
A Farm lease without a definite termination date is presumed to be for 1 year
A farmer that stays on a farm lease for one month without opposition after expiration is allowed to remain on the form for another Year
Both in a Farm and non farm lease A notice of how many days must be given by the landlord to the tenant and the absence of default 10 days
Under Louisiana law lessor must give the Lessee how many days notice before evection for nonpayment of rent Five days
A landlord may automatically keep what if the tenant lease prior to expiration The deposit
In agreement for brokerage services to be provided to a person in return for compensation all the right to receive compensation from another is known as a Brokerage agreement
A contractual relationship between a broker and a client under which one or more licensees affiliated with them boker are designated as agents of the client Designated agency
An agency relationship in which a licensee is working with both buyer and seller or both landlord and tenant in the same transaction is known ass Dual agency
Those acts that a licensee may perform for people that are informative and nature are called Ministerial acts
A relationship in which a real estate broker or licensee represents a client by the clients consent, whether expressed or implied, and immovable property transaction is called a Agency
One who agrees to engage the professional advice and services of a licensee as his agent is known as A client
A licensee named by a broker as the agent of a client Designated agent
This agency that can only be created by written agreement Subagency
Information given by a client that could materially or potentially harm the position of the client is known as Confidential information
The point in any conversation related to a real estate transaction where confidential information is either solicited or received is known as Substantive contact
When the performance of each party is correlative to the performance of the other Commutative contract
When each party obtained an advantage in exchange for his obligation, such as a purchase agreement. This is called Honors contract
Created by: talk2wdv