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Louisiana RealEstate
| Term | Definition |
|---|---|
| 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 |
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