UNIT 1 — LREC DUTIES & POWERS
The primary purpose of the Louisiana License Law and LREC is to do this.
Answer: Protect the public.
A person applying for a Louisiana salesperson license must be at least this age.
18 years old.
A salesperson’s advertisement must properly identify this person or entity.
The sponsoring broker/brokerage.
In Louisiana Civil Law, a thing that has a physical body is called this.
Corporeal.
A person who engages the professional advice and services of a licensee as an agent is called this.
Client.
The Louisiana Real Estate Commission has this many members.
11 members.
A salesperson must complete this many hours of approved pre-license education.
90 hours.
Money received from a real estate sale generally goes into this account.
Answer: Sales Escrow Account.
These are things without a physical body that can be comprehended through mental processes.
Incorporeal things.
A person who is not represented but receives informative or ministerial acts from a licensee is called this.
Answer: Customer.
This many commissioners are needed for a quorum.
6 members.
A broker must complete this many hours of approved education.
150 hours.
Rental funds collected for clients go into this account.
Rental Trust Account.
The three rights included in ownership are usus, fructus, and this.
Answer: Abusus — the right to dispose of the property.
Acts that are informative in nature, such as setting an appointment to view property, are called these.
Answer: Ministerial acts.
The Commission may inspect records without a subpoena during these hours, excluding weekends and legal holidays.
9 AM–4 PM.
A person seeking a broker license must have been a licensed and active salesperson for at least this many years.
Answer: 4 years.
Mixing personal/company funds with client funds in a trust account is called this.
Answer: Commingling.
A charge on property for the benefit of a person or another estate is called this.
A servitude.
A relationship in which one licensee works with both the buyer and seller in the same transaction is called this.
Dual agency.
LREC may impose a monetary fine of up to this amount per violation.
$5,000.
Someone inactive for 3–5 years who wants to return to active status must complete this many education hours.
40 hours.
A broker must retain real estate transaction records for this many years.
5 years.
A person who has the usus and fructus, while another person holds the remaining right of abusus, has this property right.
Usufruct.
When a broker designates one or more affiliated licensees as agents of a client, this relationship is called this.
Designated agency.