Louisiana Real Estate flashcards
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2 days
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to notify LREC of purchase or acquisition of a licensed agency by another licensed agency
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72 hours
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return licenses or timeshares registrations to LREC when revoked or suspended
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5 days
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sponsoring broker must return license to LREC when licensee is transferring to another broker or terminating the sponsorship
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5 days
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appoint new qualifying broker upon death of qualifying broker
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10 days
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notify LREC after closing escrow account
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10 days
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report change of address or phone number to LREC
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10 days
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final conviction of licensee for forgery,embezzlement, obtaining money under false pretenses, extortion, fraud, theft, or felony
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10 days
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notify LREC of the institution of bankruptcy proceedings
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20 days
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notify licensee of hearing when a complaint is filed
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30 days
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to file petition for Judicial Review with the 19th Judicial Court
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60 days
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death of sponsoring broker
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60 days
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sponsoring broker's license suspended or revoked
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60 days
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sponsoring broker transfers to inactive
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60 days
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sponsoring broker elects to discontinue sponsoring licensee
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90 days
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find a sponsoring broker upon successfully passing the PSI exam
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1 year
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renew license
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1 year
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if an applicant fails to achieve a passing score on the PSI EXAM (both portions) within one year, he must wait 6 months before re-applying
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December 31
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License renewal deadline
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February 15
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Delinquent license renewal with $50 late fee
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March 31
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final deadline for license renewal with $200 late fee
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$2,000 and/or 5 years in prison
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penalties and fines for violations by court law
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Commission penalties
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revoke, suspend, censure or $5,000 fine
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The Commission
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is comprised of eleven members , one member from each of the state's seven Supreme Court Districts.
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The Commission
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2 members appointed at large to make 11 members
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The Commission members
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are appointed by the governor and confirmed by the state senate
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The Commission
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is for a 6 year term and can only serve for one 6 year term.
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Appointees to the Commission
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licensed real estate broker for at least 5 years
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The Commission
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must meet Quarterly and a minimum of 5 members is required for a quorum
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The Commission
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is domiciled in Baton Rouge
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The Commission
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brokers to maintain and retain records up to 5 years
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Types of Licenses
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Active and Inactive
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individual real estate broker
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is a person licensed as a broker who must satify examination, education and experience requiirements as mandated by law
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qualifying broker
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is the corporation's or partnership's representative in all matters relating to its business activities in LA and serves as it s representatives in all matters before the Commission.
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Associate broker
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individuals licensed as a broker but exclusively associated with and sponsored by another licensed real estate broker
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10 days
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Qualifying brokers upon dissolution of or termination by the corporation or partnership, the broker must return the licenses of every Associate Broker and Salesperson sponsored by the corporation or partnership within __________
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Salesperson
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is a licensee
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licenses
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of a salespersons reside with the sponsoring broker and are transferred to other brokers in accordance with the license law.
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Initial broker's licenses
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18 years of older high school diploma or GED holds an active salesperson license for mim of 4 years 150 hours of current educational instruction
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Salesperson License
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18 years of age HS diploma or GED 90 hours of classroom
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Salesperson license
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complete 45 post-license education hours within 180 days after the initial license date.
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Salesperson license
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Post-license education hours may be used to satisfy 8 hours of 12 hour annual continuing education requiriement.
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Salesperson License
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must submit a sworn statement of the Fair Housing Act of 1968 and the La. Equal Housing Opportunity Act
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Real Estate licenses are issued
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one-year period expiring on December 31 following the date it was issued.
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renew an active license
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within the three month delinquency period results in a forfeiture of renewal rightsIn
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Inactive status
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annual renewal fee has to be paid to maintain inactive status
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active to inactive status
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fill out a transfer form and pay a fee
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Inactive to Active status
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forms, fees, & any continuing education classes
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Inactivity for 1 to 3 years
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20 hours
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Continuing Education Requirements
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12 hours per year with a mandatory 4 hour course
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Transfer of License
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the transfer of active salesperson and broker licenses must be processed through the Louisiana Real Estate Commission.
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5 days
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Salespersons must request that their present sponsoring broker return their license to the real estate commission
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Suspension or revocation of License
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failure to reduce a bona fide offer to writing when a proposed purchaser requests that a written offer be submitted.
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Suspension or revocation of License
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failure by a licensee to provide a buyer or seller with a written property disclosure form for sales and certain leases involving residential real property
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Major powers of the Commission
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is to censure, suspend, or revoke the licenses of brokers, salespersons and registered timeshare interest salesperson for cause.
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20
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brought against a licensee following a complaint and subsequent investigation, a written notice of the charges must be received by the license_________days prior his/her scheduled hearing before the Commission
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The licensee/registrant
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has the right to request a rehearing or an appeal for an in formal hearing.
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10
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A request for rehearing, reopening, r reconsideration must be postmarked or received by the Commission within ______ days from the date of the order entry by the Commission.
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not more than $2000 or five years in prison or both.
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Penalities for violation of the license law by unlicensed persons shall be a fine of ________________________
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All Advertising
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The broker's name and broker's telephone number must appear in
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salesperson's or associate broker's name & phone number
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may appear in printed advertising (signs, etc,) as long as the public can tell from the piece who the broker is and how to get in touch with the broker.
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Accurately
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All advertising must represent the property ___________
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owner-agent
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LIcensed brokers or salespersons advertising property, which they own, must include the term____________
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franchises
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Brokers affiliated with ________ must include the names of both the ___________ and the broker in all advertising.
