Louisiana RealEstate
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | 11 members appointed by the governor
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| show | One term or six years
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| show | Nine years altogether. Four years to become a broker and five years as a broker to become a commissioner
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| show | Quorum
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| This consist of 11 members appointed by the governor | show 🗑
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| The head of the LREC and is an appointed member and calls all meetings to order as well as decide adjornment | show 🗑
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| show | False information
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| show | Subpoena
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| show | Stay of enforcement
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| show | A suspension
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| show | Censure
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| show | Revocation
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| The primary purpose of the license law | show 🗑
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| The Louisiana real estate commission consist of how many members | show 🗑
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| To confirm commission appointment the governor must submit names to the | show 🗑
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| Real estate commission members serve how many years and that equals one term | show 🗑
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| show | Members of the Louisiana real estate commission
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| show | 6
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| The commission is required to meet how often | show 🗑
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| show | 2
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| show | 3
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| Commission members are paid how much while attending commission meetings | show 🗑
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| show | Baton Rouge
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| show | The real estate commission
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| Brokers must keep real estate transaction records for | show 🗑
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| show | Between 9 AM-4 PM, but Saturdays, Sundays, and legal holidays are excluded
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| 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 | show 🗑
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| Before a hearing the commission must notify the licensee at least how many days in advance | show 🗑
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| In order to continue practicing real estate, any licensee found guilty by the commission must request a | show 🗑
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| show | Suspensive appeal bond
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| The real estate commission can fine up to how much? But they cannot do what | show 🗑
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| show | Real estate activity
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| One who is currently licensed and has the right to operate as a licensee and has not been transferred to inactive status is a | show 🗑
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| show | Qualifying broker
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| A licensee who is not an associate broker but is sponsored by a real estate broker is known as | show 🗑
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| Timeshare sales people are developers registered with the commission are called | show 🗑
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| show | Violation of license law
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| If you are receiving a commission you have to be licensed. Employees of Property managers are exempt under the law if they are | show 🗑
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| The maximum time allowed to remain inactive is | show 🗑
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| A person licensed as a broker and not part of a partnership or limited liability company is known as a | show 🗑
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| A broker designated by corporation to be the representative before the commission is known as the | show 🗑
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| show | An associate broker
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| A licensee that is not an associate broker that is sponsored by a sponsoring broker is called | show 🗑
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| show | Timeshare sales persons or not registered or licensed and I'm not subject to any educational requirements
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| show | 150 hours
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| show | 30 hours
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| Real estate sales person license applicant must have a minimum of how many classroom hours | show 🗑
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| In order to become a real estate salesperson a licensee applicant must qualify with these three things | show 🗑
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| When does a license expire | show 🗑
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| show | Expired
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| show | Licensee
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| show | Agent
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| show | Client
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| show | Affidavit
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| Land and everything permanently attached to it whether natural or artificial is known as | show 🗑
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| A licensee who has obtained a listing of real estate to act as an agent for compensation is called a | show 🗑
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| show | Buyer
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| The marketing, leasing, our overall management of Real property for others for a fee, commission, compensation, or other valuable consideration is known as a | show 🗑
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| In agreement to represent a buyer whether in writing, oral, or by implication is known as a | show 🗑
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| show | Blockbusting
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| show | Illegal the brokers name should appear as it does with the real estate commission
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| show | Illegal
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| show | Written authority from all owners
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| show | No Only certified appraisers can verify certified appraisal but anyone can estimate value
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| show | Franchises
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| show | 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
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| show | Louisiana secretary of state
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| A copy of the tradename or trademark already registered must be filed at______________ before license he can use them. | show 🗑
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| If you wish to transfer to another broker you must notify your current broker how | show 🗑
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| A sponsoring broker is required to return licenses to the LREC within how many days of receipt of a request for transfer | show 🗑
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| When the commission demands that is sponsoring broker return a license, the broker must return the license to the LREC within | show 🗑
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| show | Immediately
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| 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 | show 🗑
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| show | All offers that I reject it must be signed as rejected by the owner or annotated by the agent as rejected at some point
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| show | Suspended
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| If a sponsoring broker license is suspended there will be no charge for transferred by a sales person if the transfer is done within | show 🗑
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| show | Your Broker
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| show | Yes it is allowed by license law to be paid any commissions
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| Whom does the licensee represent in a real estate transaction? | show 🗑
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| When should licensee give out the agency disclosure pamphlet to prospective sellers and or buyers | show 🗑
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| A licensee must retain agency disclosure pamphlets for a period of | show 🗑
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| The latest a dual agency disclosure form can be given to client | show 🗑
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| Who is in charge of how to deal with escrow deposits transaction stated in writing | show 🗑
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| show | opened or closed
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| show | 60 days
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| show | Escrow accounts must be maintained until money is legally dispersed
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| These "Things" are specifically excluded from the definition of real estate and the license law | show 🗑
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| All listing agreements must be _______________ and must specify a definite _______________________ that is not subject to any conditions | show 🗑
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| If a broker has a main office at one location and 3 branch offices somewhere else, how many licenses must've broke a have | show 🗑
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| show | Person with a brokers license
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| If a client signed a document, the client must be given a copy of that document | show 🗑
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| A copy of document that a client should have an real estate transactions must be given to the client | show 🗑
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| According to the license law listing agreement must specify | show 🗑
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| show | Blockbusting
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| show | No
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| Brokers must execute an affidavit only when | show 🗑
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| show | Louisiana property
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| show | Corporeal movables
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| show | No body .... requires a thought process to be conceived
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| Buildings, chairs and servitude that are owned by individuals are examples of | show 🗑
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| show | Public things
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| Things that cannot be owned by anyone or examples of | show 🗑
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| show | Immovable
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| show | Both land and component parts
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| show | Demobilization
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| Rights, obligations and actions that apply to a movable thing are | show 🗑
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| Buildings and standing timber owned by someone other than the owner of the land are | show 🗑
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| Unharvested crops and Ungather fruits of trees that belong to a party other than the land owner are | show 🗑
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| In arparent is | show 🗑
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| As a linear measurement know as an arpent is how many feet | show 🗑
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| Vara is how many inches | show 🗑
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| What are the two meridians in Louisiana | show 🗑
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| Sections with more or less than 640 acres are called | show 🗑
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| Stocks, bonds, and annuities are considered | show 🗑
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| The way to dispose of by consumption, sale, and conference or gift is called | show 🗑
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| show | Servitude
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| The real right of limited duration on the property of another is called | show 🗑
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| A non-transferable right of natural person to dwell in the house of another | show 🗑
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| show | Right of use
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| A charge on one property for the benefit of another property | show 🗑
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| show | Homestead
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| show | Abuses
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| In Louisiana the right to collect rent is known as | show 🗑
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| show | Usufruct
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| A charge on real or personal property for the benefit of a person is known as | show 🗑
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| show | Law , will, or agreement of the parties
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| show | The usufruct terminates
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| Default of a prior mortgage is a reason that usufruct will | show 🗑
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| show | Habitation
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| show | Right of use
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| show | Right of use
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| show | Predial servitude
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| show | Dominant estate
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| Rights of support, projection, view, right, and passage with most commonly be created by | show 🗑
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| 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 | show 🗑
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| show | Two years
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| show | Co- ownership
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| show | Matrimonial regime
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| 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 | show 🗑
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| show | Partnership
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| show | Condominium
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| When one unmarried person owns the entire property as separate property with no co-owners this is called | show 🗑
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| show | Full ownership
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| show | Full ownership
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| When two or more people on the same thing and equal shares this is called | show 🗑
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| show | Co ownership
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| show | Community property
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| A co-owner May sell his or her interest, (only with or without) permission of the co-owners | show 🗑
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| When two or more persons own the same thing, it has | show 🗑
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| When spouses own in community, each spouse owns | show 🗑
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| show | In community
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| The law that state property of married persons is classified as either community or separate is known as the law of | show 🗑
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| show | Separate property
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| A properly created contract where as legal person's are separate and distinct from its partners is known as | show 🗑
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| show | Partnership in commendam
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| This type of partnership should be in writing and all partners are personally liable for partnership debts | show 🗑
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| 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 | show 🗑
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| Condominiums in Louisiana are governed by the | show 🗑
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| show | Onerous
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| The legal fact that the person that inherit property is the owner at the moment of death of the diceased is called | show 🗑
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| show | Mortis Causa
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| The portion of your state that the deceased may leave in a will to anyone he/she so chooses is called | show 🗑
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| The appropriate use of power of eminent domain by federal and state governments is called | show 🗑
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| 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 | show 🗑
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| show | Acquisitive prescription
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| show | Donation Inter Vivos
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| show | Donation Mortis Causa
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| show | renumerative
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| show | Gratuitous
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| show | Legatees
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| Heirs are known as | show 🗑
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| show | Legitime
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| Adopted children can inherit from both | show 🗑
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| If there is only one child what is a disposable portion of an | show 🗑
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| What is the first portion of an estate if there are two or more children | show 🗑
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| show | Intestate succession
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| The act of the government and taking private property for public use is called in Louisiana | show 🗑
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| show | Eminent domain
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| show | Appropriation
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| show | Quick taking ......property could be taken in as little as 10 days
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| show | Constructive possession
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| 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 | show 🗑
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| 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 | show 🗑
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| show | Obligation
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| When one party is obligated for the benefit of the other but receives no advantage in return is called | show 🗑
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| show | Aleatory contract
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| show | Novation
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| And acceptance not in accordance with the terms of the offer is known as | show 🗑
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| show | Relatively null
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| show | Specific performance
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| A contract may be entered into three ways, through | show 🗑
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| When the performance of either parties obligation depends on an uncertain event this is known as a | show 🗑
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| show | Gratuitous contract
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| show | Unilateral contract
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| A bilateral contract in Louisiana is called a | show 🗑
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| The extinguishment of an existing obligation by the obligore and the obligee becoming the same person is known as | show 🗑
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| An offer with a termination date for the offer in Louisiana and said to be | show 🗑
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| An offer without a termination date for the offer in Louisiana is said to be | show 🗑
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| show | Revocable
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| show | New offer
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| In Louisiana the term similar to consideration is | show 🗑
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| show | Relatively Null
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| show | Absolutely Null
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| show | Specific performance contract
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| The remedy for default in an earnest money contract is | show 🗑
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| In an earnest money contract there can be no | show 🗑
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| show | Contract to sell
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| show | Contract of sale
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| show | Authentic act
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| 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 | show 🗑
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| show | Prescription period
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| show | Exchange
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| show | Contract to sell
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| 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 | show 🗑
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| And act executed and signed by each party before a notary is called a | show 🗑
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| show | Act under private signature
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| show | Lesion beyond Moiety
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| show | One year
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| show | And implied warranty
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| A buyer has how long to resend a sale because of hidden defects? | show 🗑
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| The avoidance of a sale on account of some vice or defect in real estate is called | show 🗑
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| show | Right of Redhibition
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| show | Bond for deed
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| show | Exchange
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| show | 1 year
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| show | Redhibition
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| show | Bond for Deed
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| Upon how many days of default may the bond for Deed be canceled By filing such a notice in the legal record | show 🗑
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| show | Workman's privilege
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| A nonpossessory right granted to a creditor over a debtor's property for security of a debt or obligation is called | show 🗑
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| A Louisiana system that gives title to the borrower during the loan and give the lender a lien is called | show 🗑
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| When the buyer takes over payment but both the seller and the buyer are liable for repayment it is called | show 🗑
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| Laws that set the maximum legal rate of interest are called | show 🗑
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| This is 1/10 of one cent or $0.001 and is used to compute property tax | show 🗑
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| In Louisiana the word for prevledge is | show 🗑
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| show | Vendors privilege
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| A mechanics lien must be filed within how many days after the last work is done on the project to get the special protection | show 🗑
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| Under Louisiana's system, who has the title to the property doing the loan when there is a mortgage | show 🗑
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| show | After-required doctrine
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| 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 | show 🗑
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| show | Ne Varietur
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| show | Tacit mortgage
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| It is for to read mortgage a property already mortgage without notifying the previous | show 🗑
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| The term that means a sale does not affect the mortgage is | show 🗑
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| A term that means if you sell without satisfying the mortgage the property is in default and foreclosure is permissible is known as | show 🗑
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| show | Subject to
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| show | Foreclosure with appraisement
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| show | 2/3
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| When a mortgagor waves benefit of appraisement, notice and delays, and agrees to executory process this is known as | show 🗑
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| These are not considered interest under Louisiana law | show 🗑
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| show | A mill
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| The assessed percentage for a residential apartment complex is what percent | show 🗑
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| The assessed value percentage for a commercial property is what percent for land and what percent for building | show 🗑
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| The homestead exemption from taxes is how much | show 🗑
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| show | Tax sale
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| show | A tax certificate but does not own the property yet
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| The tax redemption. In Louisiana is how many years | show 🗑
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| To redeem the tax certificate and keep title to the property, delinquent tax pay must pay these three things | show 🗑
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| show | A lease
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| These leases are granted by Civil Code with respect to the relationship, right and responsibilities of the parties | show 🗑
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| Oral leases are valid regardless of the length of | show 🗑
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| A lease for rent is known as a | show 🗑
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| show | Month to month
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| show | The entire month
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| A Farm lease without a definite termination date is presumed to be for | show 🗑
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| A farmer that stays on a farm lease for one month without opposition after expiration is allowed to remain on the form for another | show 🗑
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| 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 | show 🗑
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| show | Five days
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| A landlord may automatically keep what if the tenant lease prior to expiration | show 🗑
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| 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 | show 🗑
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| 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 | show 🗑
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| show | Dual agency
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| Those acts that a licensee may perform for people that are informative and nature are called | show 🗑
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| show | Agency
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| One who agrees to engage the professional advice and services of a licensee as his agent is known as | show 🗑
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| A licensee named by a broker as the agent of a client | show 🗑
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| show | Subagency
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| show | Confidential information
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| The point in any conversation related to a real estate transaction where confidential information is either solicited or received is known as | show 🗑
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| show | Commutative contract
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| When each party obtained an advantage in exchange for his obligation, such as a purchase agreement. This is called | show 🗑
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