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LA REAL ESTATE EXAM STUDY GUIDE 2025| QUESTIONS WITH ANSWERS|A+ GRADED
Typology: Exams
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Ministerial Acts Informative in nature Buyer When Loan is assumed, who or what takes responsibility of the debt? Bank Buyer Lender Trustee Succession When Owners transfer their immovables to their successors upon the owner's death, this is called.. Accession Acquisitive Prescription Eminent Domain Succession
Roots If any child predeceased the decedent, then that child's descendants will inherit their parent's share of the separate property by _____. Ascent Escheat Roots Usufruct Subpoena any licensee, registrant, certificate holder, or witness for hearings or investigations Which of the following is the Louisiana Real Estate Commission empowered to do? -Create liscensing course materials -Provide internships to new liscensees -Seal all commission documents from public record. -Subpoena any licensee, registrant, certificate holder, or witness for hearings or investigations Recorded
-- Their bona fide homestead for debt protection rights is five acres, which is the maximum allowable acreage within a municipality. The Donaldsons' property inside the Monroe city limits is six-and-a-half acres. Their bona fide homestead for debt protection rights is _____ acres.
---Earnest money must be placed in a trust account, which is also known as an escrow account. When it comes to earnest money, which one of the following statements is true? -Earnest money is rarely the subject of lawsuits against real estate licensees.
Probate _____ is the official proving of a will.
What type of Louisiana foreclosure ensues if a borrower defaults and the promissory note doesn't include a confession to judgment clause?
-Forms created by their brokers -Recorded verbal consent -The consent form created by the real estate commission -Forms created by their brokers Vicarious Liability If a seller was liable for the mistakes of the seller's agent, this would be called ______.
---- Contracts entered into by persons lacking legal capacity are relatively null and may be rescinded by the person lacking the capacity (or that person's legal representative). Two things happened to Sheila on Tuesday: She had a root canal, and she received an offer on her home in southern Louisiana. Later that night, still woozy from the painkillers, she accepted the offer. Which of the following is true of this situation? -Sheila could be fined for entering into a legal agreement while under the influence of medication. -Sheila didn't have legal capacity when she signed the offer, so the offer is void. -Sheila's agent could face disciplinary action, including fines and/or license suspension, by the Louisiana Real Estate Commission. -Sheila would've been considered temporarily without legal capacity, so she could rescind the offer once the effect of the drugs wore off.
-The deed provides the greatest protection available from a grantor to a grantee. -Divide the millage by 1, ----A mill is one-tenth of 1%, so you should divide by 1,000 to convert to a decimal amount you can use in a tax calculation. Millage must be converted to a decimal in order to determine the ad valorem taxes for a given Louisiana parish. What formula should you use to convert millage to decimals? -Divide the millage by 100 -Divide the millage by 1, -Multiply the millage by. -Multiply the millage by 1, Honesty You owe buyer customers honesty but not confidentiality, obedience or loyalty. Katherine is your buyer customer. She doesn't want to sign a buyer agency agreement. What duty do you owe her?
-Confidentiality -Honesty -Loyalty -Obedience Revocable --- What constitutes "reasonable time" depends on the specifics of the offer and its circumstances. Irrevocable offers expire if the offeree doesn't accept the offer by the acceptance deadline. If no deadline is specified in an offer in Louisiana, but the offeror has framed the offer to give the offeree a "reasonable time" to consider it, the offer is ______ during that time. -Invalid -Irrevocable -Revocable -Voidable Brokers must disburse the funds no later than 30 days after the parties have reached an agreement.
-Succession Deed You've just helped Maribella and Antonio Vega purchase a new home. Which of the following should be recorded to ensure that someone else doesn't try to claim ownership of the same property? -Certificate of Occupancy -Deed -Purchase agreement -Title Reservation of usufruct Leonard donated the family farm to his daughter when he decided to move to the city, but he added a stipulation that he be allowed to use and stay at the hunting cabin in the woods for the remainder of his life. This is an example of _____. -Remunerative donation -Reservation of usufruct -Revocation -Rights of use reservation
-If the deposit is earmarked as "earnest money" in the contract, then it's an earnest money contract. Otherwise, it isn't. --- In Louisiana, if a deposit accompanies an offer, the contract must specify if it's to be considered earnest money. This is known as an "earnest money contract." Jade purchases a house in Louisiana and puts down a deposit of $5,000. Is this an earnest money contract? -If the deposit is earmarked as "earnest money" in the contract, then it's an earnest money contract. Otherwise, it isn't. -No. Earnest money isn't allowed in Louisiana. -With a sales contract, it's earnest money. -Yes. Earnest money is required for all Louisiana sales contracts. Bound In surveying, a _____ is a physical feature that defines the boundaries of the land.
