Louisiana Real Estate Exam
1,499+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Louisiana real estate salesperson exam.
Finance
157 questions- Under Louisiana law, a mortgage is called a:
- A USDA Rural Development loan is designed for buyers in:
- What is the purpose of RESPA (Real Estate Settlement Procedures Act)?
- A buyer secures a $200,000 mortgage at 6% interest. What is the monthly interest for the first payment?
- Which of the following would be considered a non-conforming loan?
- What does the term 'loan-to-value ratio' (LTV) mean in mortgage lending?
- A buyer makes a 10% down payment on a $250,000 home. What is the loan-to-value ratio?
- Private mortgage insurance (PMI) is typically required when the buyer's down payment is:
- What is a 'balloon mortgage'?
- Under the Truth in Lending Act (TILA), the Annual Percentage Rate (APR) is designed to:
- A conventional loan that conforms to Fannie Mae and Freddie Mac guidelines is known as a:
- What is the primary purpose of a title search in a Louisiana real estate transaction?
- An FHA loan requires a minimum down payment of:
- In mortgage lending, what does 'amortization' mean?
- Which federal agency insures FHA loans?
- A 'due-on-sale' clause in a Louisiana mortgage requires:
- An adjustable-rate mortgage (ARM) differs from a fixed-rate mortgage in that:
- The 'debt-to-income ratio' (DTI) used in mortgage underwriting compares:
- A 'wraparound mortgage' in real estate occurs when:
- Which of the following is NOT a closing cost typically paid by the buyer in Louisiana?
- In Louisiana, a 'collateral mortgage' is typically used:
- The Dodd-Frank Act's Qualified Mortgage (QM) rule was designed to:
- A 'point' paid on a mortgage loan is equal to:
- Which type of loan program is specifically designed to help low- to moderate-income buyers in rural Louisiana with 100% financing?
- A VA loan benefit is available to:
- What is 'negative amortization' in mortgage lending?
- The secondary mortgage market in the United States is primarily served by:
- A 'home equity line of credit' (HELOC) differs from a traditional second mortgage in that:
- In Louisiana, a 'purchase money mortgage' is a mortgage given by the buyer to the seller as:
- Which of the following is NOT a factor typically considered in mortgage underwriting?
- An 'assumable mortgage' in Louisiana allows:
- A 'construction loan' in Louisiana is typically characterized by:
- Under RESPA, which of the following is prohibited?
- The 'Good Faith Estimate' (now replaced by the 'Loan Estimate') was designed to:
- What is the maximum seller concession allowed on a conventional loan with a down payment between 10% and 25%?
- In Louisiana, a 'conventional mortgage' refers to:
- A 'judicial mortgage' in Louisiana arises from:
- In Louisiana, mortgages are recorded in:
- The Louisiana homestead exemption reduces the assessed value of a primary residence by how much for property tax purposes?
- Property taxes in Louisiana are calculated using:
- In Louisiana, what is the typical assessed value percentage for residential property?
- A Louisiana property has a fair market value of $200,000. At a 10% assessment ratio and a millage rate of 80 mills, what is the annual property tax?
- The National Flood Insurance Program (NFIP) is particularly important in Louisiana because:
- Which of the following best describes 'points' in a Louisiana mortgage transaction?
- In Louisiana, a mortgage lien is generally released from the public records by filing a:
- An FHA loan in Louisiana differs from a conventional loan primarily because:
- A VA loan in Louisiana is available to:
- Private mortgage insurance (PMI) is typically required in Louisiana when a conventional loan has an LTV ratio greater than:
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- An adjustable rate mortgage (ARM) in Louisiana has an interest rate that:
- Predatory lending practices that Louisiana licensees should recognize include:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating against loan applicants based on:
- In Louisiana, a 'wraparound mortgage' involves:
- A Louisiana lender is considering a loan on a property appraised at $250,000. The lender's maximum LTV is 80%. What is the maximum loan amount?
- Mortgage escrow accounts in Louisiana are used to:
- An 'amortizing' mortgage loan in Louisiana means:
- In Louisiana, a 'balloon mortgage' means:
- The Community Reinvestment Act (CRA) requires federally regulated lenders to:
- HMDA (Home Mortgage Disclosure Act) requires lenders to:
- In Louisiana, the 'dation en paiement' (giving in payment) in real estate refers to:
- An 'assumable mortgage' in Louisiana is one that:
- A Louisiana seller who 'takes back' a mortgage from the buyer is engaging in:
- In Louisiana, what is a 'collateral mortgage note'?
- A Louisiana property has an annual NOI of $55,000 and is purchased for $750,000. What is the capitalization rate?
- Predatory lending targeting elderly Louisiana homeowners with reverse mortgage fraud is prohibited by:
- A Louisiana homebuyer uses a USDA Rural Development loan. This type of loan is designed for:
- In Louisiana, a 'second mortgage' is subordinate to the first mortgage, meaning:
- In Louisiana, 'foreclosure' (saisie immobilière) typically occurs through what process?
- The 'right of redemption' in Louisiana foreclosure proceedings allows the debtor to:
- A Louisiana home equity line of credit (HELOC) is secured by a:
- A Louisiana lender 'red-flags' a loan application where the income listed is significantly higher than what comparable borrowers in similar jobs typically earn. This is called:
- In Louisiana, a conventional conforming loan must meet the loan limits set by:
- The 'debt-to-income ratio' (DTI) used by Louisiana mortgage lenders compares:
- In Louisiana, a 'construction loan' is typically structured as:
- A Louisiana buyer's agent recommends the buyer get pre-approved (not just pre-qualified) for a mortgage because pre-approval:
- A Louisiana title company charges a 'title search fee' at closing. This fee covers:
- Under RESPA's Section 8, which of the following is NOT prohibited?
- In Louisiana, a 'purchase money mortgage' is distinguished from other mortgages because it:
- The 'secondary mortgage market' in Louisiana real estate primarily involves:
- A Louisiana lender's 'loan-to-value ratio' of 80% on a $300,000 property means the lender will loan a maximum of:
- Louisiana's 'usury laws' historically limited the interest rate lenders could charge. Today, these limits are primarily relevant because:
- In Louisiana, the 'seller's disclosure of financing terms' in an installment sale (bond for deed) must include:
- A 'bi-weekly mortgage payment' plan in Louisiana reduces interest because:
- Which of the following best describes 'interest-only' loans and their risk for Louisiana borrowers?
- In Louisiana, a 'sheriff's sale' in a foreclosure proceeds as follows:
- In Louisiana, what is the primary purpose of the Louisiana Housing Corporation?
- A Louisiana homebuyer obtains a 30-year fixed-rate mortgage. 'Fixed-rate' means:
- In Louisiana, a 'Louisiana First Home Buyer Program' typically offers first-time homebuyers:
- The CFPB (Consumer Financial Protection Bureau) was created to:
- A Louisiana mortgage lender may not charge a prepayment penalty on certain residential loans under federal law because:
- In Louisiana, an 'abstract of title' differs from a 'title insurance policy' in that an abstract:
- A Louisiana buyer using an FHA loan must pay which additional cost not required on most conventional loans?
- In Louisiana, a 'construction-to-permanent loan' is beneficial because:
- Louisiana's 'Homeowners Choice' program (a state-backed insurance option) was created because:
- When a Louisiana mortgage lender 'sells' a loan to Fannie Mae after origination, the borrower should expect:
- In Louisiana, the 'mortgagor' in a conventional mortgage is:
- A Louisiana homeowner refinances their $220,000 mortgage to take advantage of lower interest rates. This is called a:
- The 'discount rate' used by the Federal Reserve affects Louisiana mortgage rates because:
- An 'interest rate cap' in a Louisiana ARM protects the borrower by:
- In Louisiana, a 'hard money loan' is characterized by:
- A 'hybrid ARM' in Louisiana is a mortgage that features:
- In Louisiana, 'debt consolidation' using a home equity loan is a financial strategy where:
- A Louisiana property seller offers to take back a second mortgage for part of the purchase price. This technique is called:
- In Louisiana, the 'Cancellation of Mortgage' must be filed within a reasonable time after payoff. If a lender unreasonably delays filing the cancellation, the lender may be liable for:
- In Louisiana, 'seller concessions' in a real estate transaction refer to:
- In Louisiana, a 'blanket mortgage' is used when:
- In Louisiana, which type of mortgage loan typically offers the lowest initial interest rate?
- The 'prime rate' as it relates to Louisiana real estate lending is:
- A Louisiana investor's 'debt coverage ratio' (DCR) of 1.25 means:
- In Louisiana, a 'purchase money mortgage' has a special status in the event of the seller's default compared to other debts because:
- In Louisiana, a mortgage that is 'underwater' means:
- In Louisiana, a 'short sale' occurs when:
- In Louisiana, a 'deed in lieu of foreclosure' allows a distressed borrower to:
- A Louisiana homeowner's HELOC (home equity line of credit) has a 10-year draw period followed by a 20-year repayment period. During the repayment period, the borrower:
- In Louisiana, the 'Good Faith Estimate' has been replaced by the 'Loan Estimate' under TRID. The Loan Estimate must be provided within:
- In Louisiana, the 'note rate' on a mortgage differs from the 'APR' in that the APR:
- In Louisiana, which of the following is NOT typically a pre-paid item collected at closing?
- In Louisiana, a 'recourse loan' means that if the borrower defaults and the foreclosure sale proceeds don't cover the debt:
- Louisiana's 'homestead exemption from forced sale' protects:
- In Louisiana, a 'subordination agreement' in real estate financing allows a:
- In Louisiana, a 'partial release clause' in a blanket mortgage allows the mortgagor to:
- In Louisiana, the 'Rule of 72' is a quick calculation that estimates:
- In Louisiana, a 'purchase money mortgage' given to the seller at closing differs from a vendor's privilege in that:
- In Louisiana, 'mortgage insurance' is required on conventional loans with an LTV over 80% and on all FHA loans. Its primary purpose is to protect the:
- In Louisiana, the 'right of rescission' under TILA allows a borrower to cancel a refinance mortgage on their primary residence within:
- In Louisiana, 'mortgage points' paid at closing can potentially be deducted as interest on the buyer's federal income taxes in the year paid, subject to IRS requirements. This is because:
- A Louisiana first-time homebuyer qualifies for a 3.5% down payment FHA loan on a $210,000 home. The down payment amount is:
- In Louisiana, a homeowner with significant equity may obtain a 'cash-out refinance' to:
- In Louisiana, the 'note rate' on a 30-year fixed mortgage is 6.5% and the APR is 6.78%. The difference represents:
- In Louisiana, a lender who refuses a loan based solely on the property's location in a predominantly minority neighborhood (regardless of the borrower's creditworthiness) is engaging in:
- In Louisiana, a 'seller-assisted down payment' arrangement where the seller contributes to the buyer's down payment has historically been:
- In Louisiana, a 'portfolio loan' is a mortgage that:
- In Louisiana, the 'homestead exemption from forced sale' provided by the Louisiana Constitution protects how much of a homeowner's equity from general creditors?
- In Louisiana, a 'subordination, non-disturbance, and attornment agreement' (SNDA) between a tenant, landlord, and lender primarily addresses what happens if the lender:
- In Louisiana, a buyer who needs a larger mortgage than the conforming loan limit must obtain a:
- A Louisiana homeowner with an FHA loan wants to refinance to a conventional loan to eliminate mortgage insurance. The homeowner should generally wait until the LTV is at or below:
- In Louisiana, which clause in a mortgage allows the lender to demand full repayment if the property is sold or transferred without lender approval?
- Louisiana's collateral mortgage differs from a conventional mortgage primarily because:
- A Louisiana borrower takes out an adjustable-rate mortgage (ARM) with an initial rate of 4%, a 2% periodic cap, and a 6% lifetime cap. If the index rate rises substantially, the maximum rate the borrower could ever pay is:
- A Louisiana borrower is applying for a conventional mortgage. The lender's maximum allowable back-end (total) debt-to-income ratio is typically:
- In Louisiana, which of the following liens has the highest priority in a foreclosure proceeding?
- Under RESPA (Real Estate Settlement Procedures Act), a kickback arrangement where a title company pays a real estate broker for referrals is:
- A Louisiana borrower's monthly principal and interest payment is $1,450, monthly property taxes are $340, and monthly homeowner's insurance is $120. What is the monthly PITI payment?
- A Louisiana borrower obtains a $200,000 mortgage at 6.5% interest for 30 years. The monthly principal and interest payment is approximately $1,264. After making payments for 5 years, the borrower still owes approximately $186,000. The equity in the home (purchase price $240,000, current value $255,000) is approximately:
- In Louisiana, a 'vendor's privilege' (privilege du vendeur) is a type of:
- A Louisiana buyer is purchasing a $350,000 home with 10% down. The lender requires PMI. The PMI rate is 0.5% of the loan amount annually. What is the monthly PMI premium?
- The Truth in Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR). The APR differs from the stated interest rate because it:
- A Louisiana buyer's loan officer quotes a 30-year fixed rate of 7.25% with 1 discount point. One discount point equals:
- A Louisiana homeowner applies for a home equity line of credit (HELOC). The lender will typically base the available credit on:
- In Louisiana, which federal law prohibits discrimination in mortgage lending based on race, color, religion, national origin, sex, disability, or familial status?
- A Louisiana lender requires a buyer to pay two discount points on a $220,000 loan at closing to obtain a lower interest rate. What is the total cost of the points?
- A Louisiana borrower with a VA loan wants to refinance using the VA Interest Rate Reduction Refinance Loan (IRRRL). A key requirement is that:
- A Louisiana first-time homebuyer program administered through the Louisiana Housing Corporation (LHC) typically offers:
- In Louisiana, a 'piggyback loan' (80-10-10) is a financing structure where the buyer:
- In Louisiana, a borrower who obtains an FHA loan with less than 10% down must pay mortgage insurance premium (MIP) for:
- Under Regulation Z (Truth in Lending Act), a 'right of rescission' gives the borrower the right to cancel a refinance or home equity loan transaction within:
- A Louisiana buyer applies for a USDA Rural Development Guaranteed Loan. A key eligibility requirement is that the property must be:
Real Estate Math
154 questions- A home sells for $425,000. The seller pays a 5.5% commission. How much is the total commission?
- A property is assessed at $45,000. The millage rate is 85 mills. What are the annual property taxes?
- An investor purchases a property for $180,000 and sells it 2 years later for $207,000. What is the return on investment (ROI) as a percentage?
- A broker charges a 6% commission on a $350,000 sale. The listing agent receives 60% of the listing broker's share, which is 50% of the total commission. How much does the listing agent earn?
- A seller nets $195,000 after paying a 6% commission. What was the original sales price?
- A property sold for $265,000 at 5.5% commission. The listing and selling brokers split the commission equally and each broker pays their salesperson 50%. How much does the selling salesperson earn?
- An income-producing property has a gross monthly rent of $3,800. The GRM for the area is 115. What is the estimated property value?
- A buyer borrows $175,000 at 7% annual interest. What is the interest portion of the first monthly payment?
- A rectangular commercial lot measures 200 feet × 350 feet. How many acres does it contain (1 acre = 43,560 sq ft)?
- A home is purchased for $220,000 with a 20% down payment. What is the loan amount?
- A property has gross annual income of $48,000, vacancy losses of $2,400, and operating expenses of $18,000. What is the net operating income (NOI)?
- A buyer pays $312,000 for a home. The property tax rate is 1.5% of assessed value, and the assessment ratio is 25%. What are the annual property taxes?
- A 6-unit apartment building generates $1,100 per unit per month. The annual operating expenses are $22,000. What is the annual NOI?
- A buyer obtains a $240,000 mortgage at 6.5% annual interest. What is the interest for the first month?
- A property has an NOI of $54,000 and is valued using a 7.5% cap rate. What is the estimated property value?
- A Louisiana agent earns a 3% commission on a $290,000 sale. How much does the agent earn?
- A property is listed for $380,000. After a price reduction of 8%, what is the new list price?
- A property is assessed at $55,000 with a mill rate of 92 mills. What are the annual property taxes?
- An investor puts $50,000 down on an investment property. After one year, the property earns $7,500 in net income. What is the cash-on-cash return?
- A triangular lot has a base of 160 feet and a height of 90 feet. What is the area of the lot?
- A seller lists their home at $398,000 and accepts an offer at 97% of list price. What is the sale price?
- An agent receives 2.5% of a $445,000 sale price. How much commission does the agent earn?
- A property is purchased for $160,000 and the buyer makes a 5% down payment. What is the loan amount?
- A property's assessed value is $80,000. The homestead exemption reduces assessed value by $75,000. At 95 mills, what are the annual taxes?
- A building has 8 apartments each renting for $950 per month. The annual vacancy rate is 5%. What is the effective gross annual income?
- A broker has a property listed at $525,000. The final sale price is $510,000. The 6% commission is split 50/50 between listing and selling brokers. How much does the listing broker earn?
- A property is sold for $275,000. The seller owes $195,000 on the mortgage. Closing costs are $8,000 and the real estate commission is $16,500. What are the seller's net proceeds?
- A 1-acre lot is divided into two equal rectangular parcels. Each parcel is 100 feet wide. How deep is each parcel (1 acre = 43,560 sq ft)?
- A property generates $3,200 per month in rent. The cap rate is 6%. What is the estimated annual value of the property?
- A home is listed for $359,000 and sells for 102% of list price due to a bidding war. What is the final sales price?
- A Louisiana property sells for $310,000. The total commission is 6%, split 50/50 between listing and selling brokers. How much does each broker receive?
- A rental property generates $2,500 per month in gross rent. The GRM in the market is 120. What is the estimated property value?
- A property is purchased for $185,000 and sold 3 years later for $220,000. What is the percentage gain?
- A rectangular lot is 75 feet wide and 120 feet deep. At $8 per square foot, what is the value of the lot?
- A Louisiana property sells for $320,000. The listing broker earns a 6% commission. The listing and selling sides split the commission equally. How much does the listing side receive?
- A Louisiana home is assessed at 10% of its $180,000 market value. The millage rate is 85 mills. After the $7,500 homestead exemption, what is the annual property tax?
- A borrower takes a $150,000 mortgage at 5% annual interest. What is the first month's interest payment?
- A Louisiana investment property has annual gross income of $36,000, vacancy and credit losses of 5%, and operating expenses of $12,000. What is the net operating income (NOI)?
- A New Orleans property sells for $425,000. The buyer makes a 20% down payment. What is the loan amount?
- A property in Baton Rouge produces a net operating income of $45,000. If the capitalization rate is 7.5%, what is the estimated value?
- A real estate salesperson earns 60% of the commission paid to their broker. If the property sold for $195,000 at a 5.5% commission rate, how much does the salesperson earn?
- A Louisiana property manager charges 8% of gross collected rents. In one month, rents collected total $22,500. What is the management fee?
- An investor buys a Louisiana property for $280,000 and finances $224,000. What is the loan-to-value (LTV) ratio?
- A Louisiana seller nets $187,500 after paying a 6% commission. What was the selling price?
- A Louisiana commercial property leases for $18 per square foot per year. The building has 8,500 rentable square feet. What is the annual rental income?
- A Louisiana home appraised for $275,000. The buyer put 15% down. What is the loan amount?
- A property sells for $350,000. The buyer pays 3 discount points on a $280,000 loan. What is the cost of the points?
- A Louisiana property has a net operating income of $32,000 and sells at a 5.5% cap rate. What is the sale price?
- A Louisiana seller agreed to net $150,000 after a 6% commission. What must the property sell for?
- A rectangular parcel in Louisiana measures 2.5 acres. How many square feet is this?
- A Louisiana investor purchased a rental for $175,000 and sold it for $210,000 two years later. The original closing costs were $3,500 and selling costs were $12,600. What is the net gain?
- A lease has a base rent of $2,000 per month plus 3% of annual gross sales over $500,000. If the tenant's annual sales are $800,000, what is the total annual rent?
- A Louisiana property is assessed at $22,000. The total millage rate is 92 mills. After applying the $7,500 homestead exemption, what is the annual tax bill?
- A buyer obtains a $200,000 mortgage at 6% for 30 years. The monthly principal and interest payment (PI) is $1,199.10. After the first month, how much of the payment goes to principal?
- A Louisiana home is listed at $289,000 and sells at 97% of list price. What is the sale price?
- A Louisiana investor wants a 9% return on a $450,000 investment in rental property. What annual NOI is required to achieve this return?
- A New Orleans condominium association collects $450 per month from each of 80 units. What is the annual budget?
- A Louisiana property manager earns 7% of collected rents. The property has 12 units at $850/month each with a 5% vacancy rate. What is the monthly management fee?
- A Louisiana property selling for $310,000 has an existing mortgage balance of $145,000. The seller's closing costs total $22,400. What are the seller's net proceeds?
- A property depreciates at 1/39 per year for commercial tax purposes. A $390,000 building has an annual depreciation of:
- A Louisiana broker earns a 5% commission on a $275,000 sale. The broker splits 55% with the selling agent. How much does the selling agent receive?
- A Louisiana commercial building leases 4,200 sq ft at $22/sq ft/year NNN. Annual insurance is $3,200, taxes are $8,500, and maintenance is $4,800. What does the tenant pay annually in total?
- A Louisiana property sold for $198,500. If this represents 115% of what the owner paid 5 years ago, what was the original purchase price?
- A Louisiana buyer's agent shows the buyer a property priced at $245,000. The buyer offers 4% below list price. What is the offer price?
- A Louisiana property sold for $265,000 and the property taxes of $3,180 per year were prorated at closing on September 30. How much does the seller owe for their portion of the year's taxes (January 1 – September 30)?
- A Louisiana commercial building generates $120,000 in annual gross income. Operating expenses are 42% of gross income. What is the NOI?
- A Louisiana broker receives a $13,200 commission and keeps 40%, paying 60% to the associate. The associate then pays 10% of their share to their team leader. How much does the team leader receive?
- A Louisiana property has a market value of $320,000 and is assessed at 10%. If the millage rate is 75 mills, what is the annual tax bill before any exemption?
- A Louisiana buyer obtains a $180,000 loan at 4.5% annual interest. The monthly interest-only payment is:
- A 5-acre parcel in Louisiana sells for $195,000. What is the price per acre?
- A Louisiana agent lists a property and it sells for $178,500. The total commission is 6% and the listing agent earns 3.5% of the total commission as their split. What does the listing agent earn?
- The gross rent multiplier (GRM) of a property is calculated as:
- A Louisiana property was purchased 3 years ago for $145,000. It is now listed at $175,000. What is the percentage increase in value?
- A 10,000 sq ft commercial lot in Louisiana sells for $12.50/sq ft. What is the total sale price?
- A Louisiana duplex sold for $220,000 and generates $1,800/month per unit. What is the GRM?
- A Louisiana home sold for $242,000 with a 6% real estate commission. The listing broker and selling broker split the commission 50/50. The listing broker then splits 70% with their listing agent. What does the listing agent earn?
- A Louisiana investment property was purchased for $380,000. After 5 years, the investor sells it for $445,000. What is the total appreciation percentage?
- A Louisiana home is under contract for $325,000. The buyer makes a 10% earnest money deposit. How much is the earnest money?
- A Louisiana commercial property has an effective gross income of $95,000 and operating expenses of $38,000. What is the operating expense ratio?
- A rectangular commercial lot in Louisiana measures 150 feet by 200 feet. What is its area in acres?
- A Louisiana homebuyer's gross monthly income is $5,200. The lender's maximum housing expense ratio is 28%. What is the maximum monthly PITI payment allowed?
- A Louisiana property assessment increased from $18,000 to $21,600. By what percentage did the assessment increase?
- A Louisiana industrial building contains 45,000 sq ft and rents for $4.50 per sq ft per year. With a 6% vacancy rate, what is the annual effective gross income?
- A Louisiana REALTOR® sold $4,200,000 in properties over the year. If their average commission rate was 2.8% (buyer's agent side), what did they earn before broker split?
- A Louisiana property manager is paid 8% of collections. In one month, the building collected $31,500. What is the management fee for that month?
- A Louisiana investor finances $240,000 at 5% annual interest. After the first year's payments, the loan balance has been reduced by $5,000 in principal. The amount paid in interest during the first year was approximately:
- A Louisiana appraiser finds three comparable sales: $198,000, $204,000, and $201,000 (adjusted). What is the mean of these adjusted values?
- A Louisiana commercial property has 20,000 sq ft of leasable space, currently 15% vacant. What is the occupied square footage?
- A buyer's closing costs in Louisiana total $8,500. This represents 2.5% of the loan amount. What is the loan amount?
- A Louisiana property earns $2,200 per month net. An investor needs an 8% annual return on investment. What is the maximum price to pay?
- A Louisiana homeowner's property is appraised at $285,000. The assessment ratio is 10% and the millage rate is 88 mills. After the $7,500 homestead exemption, what is the annual tax?
- A Louisiana investor buys a 4-unit apartment for $480,000 with 25% down. The annual NOI is $36,000. What is the cash-on-cash return?
- A New Orleans property sells for $512,000. The transfer (conveyance) tax rate is 0.3% of the sale price. What is the tax amount?
- A Louisiana mortgage has a monthly P&I payment of $1,450 and a monthly tax and insurance escrow of $320. What is the total monthly PITI payment?
- A Louisiana property has potential gross income of $72,000, a 5% vacancy rate, and operating expenses of $28,000. A 9% cap rate is used. What is the estimated value?
- A Louisiana commercial tenant leases 3,000 sq ft at $15/sq ft base rent (NNN) annually. Their proportionate share of common area maintenance is 12% of actual CAM costs of $40,000. What is the annual total rent plus CAM?
- A Louisiana real estate investor purchases a property for $340,000 with a $68,000 down payment. The annual cash flow after debt service is $12,240. What is the cash-on-cash return?
- A Louisiana home's appraised value is $295,000. The tax assessment ratio is 10%. The millage rate is 95 mills, and the owner qualifies for the $7,500 homestead exemption. What is the annual tax bill?
- A Louisiana broker manages three properties with monthly rents of $1,200, $1,450, and $1,800. The management fee is 9% of collected rents. Assuming 100% collection, what is the monthly management fee for all three properties combined?
- A Louisiana agent sells a commercial property for $1,250,000 at a 4% commission rate. The broker retains 45% and the agent receives 55%. What is the agent's commission?
- A Louisiana property was purchased for $135,000 and has depreciated 15% due to market conditions. What is the current market value?
- A Louisiana property owner receives a $6,800 annual property tax bill. The assessment ratio is 10% and the millage rate is 100 mills. What is the property's approximate market value?
- A Louisiana agent earned $42,000 in commissions last year. If the average commission rate was 3% of the sale price (buyer's agent side), what was the agent's total production volume?
- A Louisiana property in a 100-year floodplain requires flood insurance. The annual premium is $2,400. The property's market value is $280,000 and the annual property tax is $2,100. Combined, what are the annual carrying costs for insurance (flood only) and taxes?
- A Louisiana industrial property is 120,000 sq ft and is 88% occupied. Monthly rent is $0.65 per sq ft. What is the monthly income from occupied space?
- A Louisiana home sells at 94% of its listing price of $322,000. What was the actual sale price?
- A Louisiana investor can get an 8% return on a $380,000 purchase price. What is the minimum annual NOI needed?
- A broker's escrow account shows a beginning balance of $45,200. During the month, $18,500 was received and $22,800 was disbursed. What is the ending balance?
- A Louisiana agent received a commission of $8,750 representing 2.5% of the sale price. What was the property's sale price?
- A Louisiana property's income tax depreciation basis is $325,000 (residential property). Using 27.5-year straight-line depreciation, what is the annual deduction?
- A Louisiana property manager charges a leasing fee of one month's rent for new tenant placement. A unit rents for $1,150/month. What is the leasing fee?
- A Louisiana 6-unit apartment building sold for $490,000. Each unit rents for $725 per month. What is the GRM?
- A Louisiana property's NOI is $67,500. If an investor requires a 7.2% cap rate, what is the maximum they should pay?
- A Louisiana lender requires a minimum down payment of 5% on a $225,000 purchase. The minimum down payment is:
- A Louisiana property manager charges 10% of gross collected rents plus a $500 monthly administrative fee. In a month where $35,000 is collected, what is the total management fee?
- A Louisiana buyer is approved for a maximum DTI of 43%. Their gross monthly income is $6,000. Their existing monthly debt payments are $650. What is the maximum additional monthly mortgage payment they can qualify for?
- A Louisiana property sold for $415,000. The seller paid a 5.5% commission. How much did the seller net from the commission payment?
- A Louisiana investment property generates $8,500 monthly gross rent with a 7% vacancy rate and $38,000 in annual operating expenses. What is the annual NOI?
- A Louisiana borrower pays $1,950 per month on their mortgage (P&I only). They also pay $250/month for property taxes and $175/month for homeowner's insurance. What is the total monthly PITI?
- A Louisiana real estate agent's goal is to earn $90,000 this year. If the average commission per transaction is $7,500, how many transactions do they need to close?
- A Louisiana property with a $520,000 market value is assessed at 10%. The taxable assessed value after the $7,500 homestead exemption is:
- A Louisiana commercial landlord wants to earn $15,000 per year net from a property after paying $4,200 in property taxes, $2,800 in insurance, and a 6% management fee. If the management fee is based on gross rent and the management fee and expenses must be covered, what annual gross rent must be charged? (Ignoring other expenses)
- A Louisiana property has an acquisition cost of $250,000 (including land valued at $50,000). The building's cost basis for depreciation is:
- A Louisiana title company charges a recording fee of $25 for the first page and $10 for each additional page of an Act of Sale. If the Act of Sale is 8 pages, what is the recording fee?
- A Louisiana buyer makes a $340,000 purchase with a 20% down payment. Closing costs are 3% of the loan amount. What total cash does the buyer need at closing?
- A Louisiana commercial property has annual gross income of $180,000 with operating expenses at 35% of gross income. Using a 7% cap rate, what is the estimated value?
- A Louisiana property taxes are $3,600/year. They are prorated at closing on April 15. How much of the tax year (January 1 to April 15) is attributed to the seller?
- A Louisiana property manager collected $28,000 in rents. After paying $3,200 for maintenance, $1,800 for insurance, and retaining an 8% management fee, how much is remitted to the owner?
- A Louisiana real estate investor calculates a debt coverage ratio (DCR) on a property with annual NOI of $84,000 and annual debt service of $67,200. What is the DCR?
- A Louisiana home sells for $385,000. The buyer puts 10% down and pays 2 discount points on the loan. What is the total cost of the discount points?
- A Louisiana property owner's adjusted basis at the time of sale is $220,000 and they sell for $295,000 net of all selling expenses. What is the realized gain?
- A Louisiana single-family home has a replacement cost of $245,000 (structure only, not land). Using a 27.5-year residential depreciation period, what is the annual IRS depreciation deduction?
- A Louisiana agent's listing sold for $462,000. The total commission was 5.5%. The listing side received 50% and the selling side received 50%. The selling agent received 65% of the selling side's commission. What did the selling agent earn?
- A Louisiana investor bought a property for $310,000 and sold it 4 years later for $378,000 after making $18,000 in improvements. What was the net appreciation on the investment (excluding selling costs)?
- A Louisiana broker charges a 6% commission on the sale of a $320,000 property. If the broker splits the commission 60/40 with the selling agent's broker (who then splits 50/50 with the agent), how much does the selling agent receive?
- A Louisiana property has an assessed value of $120,000 (after the $7,500 homestead exemption). The parish millage rate is 80 mills. What are the annual property taxes?
- An investment property in Baton Rouge has a potential gross income of $84,000, a 5% vacancy rate, and operating expenses of $28,000. What is the net operating income (NOI)?
- A Louisiana seller accepts an offer of $285,000 on their home. The seller pays a 6% commission, $2,500 in closing costs, and has a mortgage balance of $187,000. What are the seller's net proceeds?
- A Louisiana rental property has a monthly gross rent of $2,800. The owner reports a 10% vacancy rate and $1,500/month in operating expenses. What is the annual NOI?
- A Louisiana licensee earns a 5.5% commission on a commercial sale of $1,200,000. The licensee's broker retains 45% and the licensee receives the remainder. What is the licensee's gross commission?
- A Louisiana homeowner's property has a fair market value of $225,000. The assessment ratio is 10% and the millage rate is 95 mills. The homeowner qualifies for the $7,500 homestead exemption. What are the annual property taxes?
- A Louisiana investor purchases a rental property for $185,000. The property generates $1,850/month in rent. What is the gross rent multiplier (GRM)?
- A Louisiana commercial property sold for $875,000. The buyer paid 25% down and financed the balance. What was the loan amount, and what is the LTV ratio?
- A Louisiana property sells for $410,000 with a 5.5% commission. The listing broker and selling broker split the commission 50/50. The listing broker splits 60% with the listing agent. How much does the listing agent earn?
- A Louisiana duplex generates $1,400/month from each unit. Annual operating expenses are $8,400. What is the annual NOI if there is no vacancy?
- A Louisiana property has a NOI of $48,000 and was purchased for $640,000. What is the capitalization rate?
- A Louisiana buyer qualifies for a maximum monthly PITI of $2,100. Monthly taxes are $280 and monthly insurance is $90. What is the maximum monthly P&I payment the buyer can afford?
- A Louisiana income property has an effective gross income of $96,000 and operating expenses of $38,400. The buyer wants a 7% return. What is the maximum purchase price the buyer should pay?
- A Louisiana property manager collects $14,400 in annual rent from a tenant. If the management fee is 9% of collected rents, what is the annual management fee?
- A Louisiana buyer's agent represents a buyer who purchases a home for $312,000. The total commission is 5.5%, split equally between listing and selling brokers. The selling broker retains 45% and pays the buyer's agent 55%. What does the buyer's agent earn?
- A Louisiana property's assessed value is $18,500 (after the $7,500 homestead exemption has been applied). If the total millage rate is 110 mills, what are the annual property taxes?
- A Louisiana buyer wants to purchase a property for $275,000 with a 20% down payment. The closing costs total 3% of the loan amount. What is the total cash needed at closing?
- A Louisiana building has a reproduction cost new of $580,000, accrued depreciation of $87,000, and the land value is $95,000. Using the cost approach, the indicated value is:
- A Louisiana property has annual gross rents of $54,000, a 7% vacancy rate, and a 42% operating expense ratio (applied to effective gross income). What is the annual NOI?
Louisiana License Law
147 questions- Which state agency regulates real estate licenses in Louisiana?
- How many hours of pre-license education are required to sit for the Louisiana real estate salesperson exam?
- The Louisiana real estate salesperson licensing exam consists of how many questions?
- What is the minimum passing score on the Louisiana real estate licensing exam?
- Under Louisiana law, a real estate salesperson license must be held under:
- In Louisiana, what is the license renewal period for real estate licensees?
- How many hours of continuing education must Louisiana licensees complete per two-year renewal period?
- Louisiana is unique among most U.S. states because its property law is based primarily on:
- In Louisiana, which of the following persons is generally exempt from needing a real estate license?
- Under Louisiana license law, a licensee found guilty of misrepresentation may face:
- Which of the following activities requires a real estate license in Louisiana?
- Louisiana is a community property state. This means that property acquired during marriage is generally owned:
- Which of the following is a requirement to obtain a Louisiana real estate broker's license?
- Under the Louisiana Real Estate License Law, which of the following is grounds for LREC to deny a license application?
- A Louisiana real estate licensee who fails to renew their license on time may apply for reinstatement within how many years before the license is permanently revoked?
- In Louisiana, an unlicensed assistant working for a real estate broker may legally:
- When a Louisiana salesperson changes sponsoring brokers, the licensee must:
- The LREC has the authority to assess fines of up to how much per violation of the Louisiana Real Estate License Law?
- Under Louisiana law, a real estate licensee may NOT perform which of the following activities without written permission from the employing broker?
- Louisiana real estate licenses are issued by the:
- A Louisiana real estate licensee must disclose their license status when:
- Louisiana requires all new real estate salesperson licensees to complete post-license education within how many months of initial licensure?
- A Louisiana licensee who advertises real estate services must include which of the following in all advertising?
- The Louisiana Real Estate Commission is composed of how many members?
- If a Louisiana real estate licensee is convicted of a crime involving fraud, the LREC may:
- A 'reciprocal license' in Louisiana allows:
- What is the primary purpose of the LREC's 'Education Fund'?
- In Louisiana, a licensed real estate salesperson who wants to operate as an independent contractor must:
- The LREC's jurisdiction to discipline a licensee extends to conduct:
- A real estate licensee in Louisiana who negotiates a property sale but intentionally conceals a known material defect may be guilty of:
- Under LREC rules, a broker must maintain trust account records for a minimum of:
- A Louisiana real estate broker who operates without a licensed salesperson on staff may:
- When the LREC receives a complaint against a licensee, the investigation process typically begins with:
- A Louisiana real estate licensee who allows another person to use their license to conduct real estate transactions is guilty of:
- In Louisiana, a real estate brokerage firm must display its license:
- Under Louisiana law, a 'broker associate' is a person who:
- Which of the following activities does NOT require a real estate license in Louisiana?
- Which state agency is responsible for licensing and regulating real estate licensees in Louisiana?
- Under Louisiana License Law, how many hours of pre-license education must a salesperson candidate complete before sitting for the state exam?
- Louisiana License Law is found in which section of the Louisiana Revised Statutes?
- A Louisiana real estate salesperson license must be held under a:
- How many members serve on the Louisiana Real Estate Commission?
- In Louisiana, the term of a real estate license is:
- Which of the following activities requires a Louisiana real estate license?
- The LREC's primary purpose is to:
- A broker who employs a salesperson under an independent contractor agreement is still responsible for:
- Which of the following persons is exempt from Louisiana real estate licensing requirements?
- Which of the following requires disclosure under the Louisiana Property Disclosure Act when selling residential property?
- A Louisiana real estate licensee who engages in misrepresentation is subject to which consequences?
- Louisiana License Law requires a licensee to disclose their licensed status when:
- The Louisiana Real Estate Commission may deny a license application for all of the following EXCEPT:
- A Louisiana real estate licensee may advertise their services under which name?
- A real estate broker in Louisiana who operates a property management company must:
- What is the purpose of the LREC's Real Estate Recovery Fund?
- A Louisiana real estate licensee who changes their employing broker must:
- An inactive real estate license in Louisiana means the licensee:
- The LREC may impose which of the following penalties for license law violations?
- A Louisiana real estate salesperson may NOT receive a referral fee from which of the following?
- Under Louisiana License Law, all advertising by a real estate licensee must:
- A Louisiana licensee who fails to renew their license before expiration is:
- Louisiana continuing education requirements for license renewal include:
- The LREC's authority to discipline a licensee begins with a(n):
- Under Louisiana License Law, a licensed salesperson who acts as an unlicensed broker is subject to:
- A Louisiana real estate broker must maintain trust account records for a minimum of:
- Which of the following is considered 'unprofessional conduct' under Louisiana License Law?
- A Louisiana broker may share commission with an out-of-state broker who referred a buyer if:
- The Louisiana REALTOR® Code of Ethics is a standard adopted by:
- A Louisiana licensee who has been convicted of a crime involving fraud or misrepresentation should expect the LREC to:
- A Louisiana broker who operates a branch office must ensure that branch office has:
- In Louisiana, the real estate licensing exam is administered by:
- A Louisiana associate broker holds a broker's license but chooses to work under another broker. The associate broker:
- Which of the following activities does NOT require a Louisiana real estate license?
- A Louisiana licensee who receives a complaint filed with the LREC has the right to:
- A Louisiana licensee may pay a referral fee to a non-licensee if:
- When a Louisiana real estate brokerage closes or the broker's license is revoked, the LREC should be notified so that:
- Louisiana requires that the Property Disclosure Document (residential) be signed by:
- A Louisiana real estate licensee who practices property management, sales, and leasing under one broker operates under:
- Which of the following constitutes 'conversion' of client funds under Louisiana License Law?
- A Louisiana real estate licensee may NOT practice real estate under which name?
- A Louisiana broker receives an earnest money check from a buyer. The broker must deposit this check:
- The Louisiana Real Estate Commission may conduct investigations of real estate licensees:
- A Louisiana broker who wants to open a new office under a different trade name must:
- A Louisiana salesperson who has passed the state exam must complete which step before engaging in any real estate activity?
- The LREC is authorized to establish rules and regulations because the Louisiana Legislature:
- A Louisiana licensee discovers that their client is planning to commit mortgage fraud. The licensee's appropriate response is to:
- Under Louisiana License Law, a 'place of business' for a real estate broker must:
- In Louisiana, a salesperson's license expires when their supervising broker's license expires or is revoked because:
- A Louisiana real estate licensee who witnesses their client committing perjury during a deposition about a property dispute should:
- A Louisiana real estate broker must notify the LREC within how many days when a salesperson leaves their employ?
- The Louisiana Real Estate Commission is funded primarily through:
- Under Louisiana License Law, a real estate agent who discovers during a transaction that they have a personal financial interest (e.g., as a co-owner) in the property being sold must:
- In Louisiana, the maximum prison term for unlicensed practice of real estate for a first offense is typically:
- A Louisiana property manager may charge a tenant an 'application fee' for processing a rental application provided:
- A Louisiana real estate licensee who operates a team must ensure that the team's marketing:
- The Louisiana Real Estate Commission's website publishes a list of licensed real estate brokers and salespersons. This provides the public with:
- Under Louisiana law, which of the following requires a real estate license?
- A Louisiana licensee who is also a licensed mortgage loan originator (MLO) must ensure they comply with:
- A Louisiana broker must provide new salespersons with supervision that includes:
- In Louisiana, a licensee's obligation to give a seller a copy of the signed listing agreement is required:
- The Louisiana Real Estate Commission's 'cease and desist order' is used to:
- In Louisiana, a 'salesperson license upgrade' to a broker's license requires the salesperson to:
- A Louisiana real estate license renewal application must include:
- In Louisiana, the Real Estate Recovery Fund has a maximum payment per transaction of:
- Under Louisiana License Law, a real estate broker may operate their brokerage as which type of business entity?
- A Louisiana real estate licensee who wants to advertise on social media platforms must ensure the advertising:
- In Louisiana, a 'temporary broker' designation may be appointed by the LREC when:
- Under Louisiana License Law, a licensee who solicits a seller with a property listed with another broker (active listing) by suggesting they should cancel and relist with the soliciting licensee is engaging in:
- In Louisiana, can a real estate salesperson be disciplined by the LREC even if the broker was unaware of the salesperson's actions?
- In Louisiana, 'antitrust laws' prohibit which of the following among competing real estate brokers?
- In Louisiana, the doctrine of 'respondeat superior' holds a real estate broker responsible for:
- In Louisiana, a 'competitive market analysis' (CMA) prepared by a real estate licensee to help price a property for listing is:
- Under Louisiana License Law, a real estate broker who has knowledge that an affiliated salesperson has committed fraud must:
- In Louisiana, an 'associate broker' license differs from a 'broker' license in that an associate broker:
- In Louisiana, the 'Real Estate Education Research and Recovery Fund' is funded by:
- A Louisiana real estate firm using a team name in advertising must ensure:
- In Louisiana, a broker who allows unlicensed persons to perform licensed real estate activities may face which consequence?
- Under Louisiana License Law, a real estate licensee who is also a mortgage broker must ensure there is NO improper conflict by:
- In Louisiana, the LREC's authority includes all of the following EXCEPT:
- A Louisiana real estate licensee found guilty of 'misrepresentation' may be required by the LREC to:
- In Louisiana, a real estate licensee acts as an 'independent contractor' of the broker. This means:
- In Louisiana, which of the following activities would require a real estate license?
- In Louisiana, the abbreviation 'REALTOR®' may be used by:
- When a Louisiana real estate licensee wishes to change their sponsoring broker, which of the following steps is required?
- Under Louisiana law, which of the following activities requires a real estate license?
- A Louisiana real estate licensee who has been found guilty of commingling client funds may face which of the following LREC penalties?
- The Louisiana Real Estate Commission (LREC) is authorized to impose which of the following administrative penalties on a licensee found in violation of License Law?
- A Louisiana real estate licensee acting as a property manager who collects security deposits must:
- Under Louisiana License Law, a licensee must retain transaction records for a minimum of:
- Under Louisiana License Law, which of the following is a permissible activity for an unlicensed personal assistant working for a licensed broker?
- A Louisiana broker who receives an earnest money deposit must place it in an escrow account within:
- A real estate licensee in Louisiana who advertises a property in a way that misrepresents material facts about the property is guilty of:
- A Louisiana broker who operates multiple branch offices must ensure that each branch is:
- A Louisiana licensee who wishes to practice real estate under a team name must ensure that:
- Under Louisiana License Law, which of the following activities is specifically prohibited in real estate advertising?
- Under Louisiana License Law, a real estate licensee who is convicted of a felony involving fraud, dishonesty, or moral turpitude is subject to:
- A Louisiana real estate broker who wants to incorporate their brokerage as a corporation must ensure that:
- A Louisiana real estate salesperson's license is issued to the:
- Louisiana real estate licensees must complete their initial 45-hour post-licensing education within:
- Under Louisiana License Law, 'net listing agreements' (where the broker's commission is everything above a set minimum price) are:
- A Louisiana licensee who receives compensation for referring a client to a home inspector must:
- Under Louisiana License Law, a real estate licensee may accept compensation for a transaction from:
- Under Louisiana License Law, which of the following is required for a broker to maintain an active license?
- Under Louisiana License Law, the term 'associate broker' refers to a licensee who:
- A Louisiana real estate licensee who is the subject of an LREC disciplinary investigation has the right to:
- In Louisiana, a real estate license expires if the licensee fails to complete the continuing education requirement by the renewal deadline. The licensee may:
- The Louisiana Real Estate Commission is composed of members appointed by the Governor. The composition typically includes:
- The Louisiana Real Estate Commission (LREC) requires salesperson applicants to complete how many hours of pre-license education?
Contracts
146 questions- In Louisiana, a contract for the sale of immovable property (real estate) must be made by:
- In Louisiana, what is the term for an agreement to sell that binds both parties to complete a transaction in the future?
- In Louisiana, the term 'immovable property' is equivalent to:
- Under Louisiana contract law, 'lesion beyond moiety' allows a seller to rescind a sale of immovable property when:
- A redhibitory defect in Louisiana real estate is:
- In Louisiana, if a buyer defaults on a purchase agreement, the seller's typical remedy is:
- Under Louisiana Civil Law, which element is NOT required for a valid contract?
- A buyer submits an offer on a Louisiana property. The seller makes a counteroffer. At this point:
- What is the main purpose of a 'due diligence' contingency in a Louisiana purchase agreement?
- In Louisiana, 'earnest money' in a real estate contract is best described as:
- Which of the following is an example of an 'option contract' in Louisiana real estate?
- Under Louisiana law, an 'authentic act' for the sale of immovable property must be:
- In Louisiana, the 'right of redemption' in a mortgage foreclosure allows the borrower to:
- A listing agreement in Louisiana is a contract between:
- An 'as-is' clause in a Louisiana real estate contract means:
- A Louisiana exclusive right-to-sell listing agreement requires the broker to be paid a commission:
- In Louisiana, a contract that is unenforceable due to lack of a required writing is described as:
- The statute of frauds in Louisiana requires which of the following to be in writing to be enforceable?
- A purchase contract in Louisiana is considered 'bilateral' because:
- A buyer makes an offer to purchase a property and specifies that the offer will expire in 48 hours. Before the 48 hours expire, the seller rejects the offer. Can the buyer still enforce the original offer?
- An addendum to a real estate contract is used to:
- An 'acceleration clause' in a Louisiana mortgage means:
- A contingency in a Louisiana purchase agreement that protects the buyer if the property does not appraise at the purchase price is called a/an:
- Which of the following would NOT be grounds for rescinding a Louisiana real estate contract?
- A seller accepts a buyer's offer in Louisiana. Before the act of sale, the buyer learns of a material defect not previously disclosed. The buyer may:
- In Louisiana, 'specific performance' as a contract remedy means:
- In Louisiana, the 'cause' of a contract (causa) is best described as:
- A 'right of first refusal' in a Louisiana lease gives the tenant the right to:
- Under Louisiana law, 'novation' in a real estate contract means:
- In Louisiana, which of the following is an 'incidental obligation' (implied in a sale of property)?
- A 'suspensive condition' in Louisiana contract law is a condition that:
- A 'resolutory condition' in Louisiana contract law means:
- Under Louisiana Civil Law, contracts for the sale of immovable property must be in writing. This requirement is known as:
- When a buyer and seller sign a purchase agreement in Louisiana, the broker's commission is typically earned when:
- In Louisiana, 'simulation' in a contract refers to:
- A 'breach of contract' in Louisiana occurs when:
- In Louisiana, the document used to transfer ownership of real property at closing is called:
- A 'Cash Sale' in Louisiana means:
- A 'Credit Sale' in Louisiana refers to:
- For a real estate contract to be valid in Louisiana, it must include all of the following EXCEPT:
- A Louisiana listing agreement is a contract between the seller and the:
- In Louisiana, an offer to purchase real estate becomes a binding contract when:
- Which type of listing gives only one broker the right to sell, but allows the owner to sell the property themselves without paying a commission?
- In Louisiana, the Statute of Frauds requires that real estate contracts be:
- A counteroffer in Louisiana has the legal effect of:
- In Louisiana, an option contract gives the optionee the:
- A purchase agreement contingency in Louisiana that 'time is of the essence' means:
- Under Louisiana law, a minor (person under age 18) who signs a real estate contract:
- A 'right of first refusal' in a Louisiana real estate contract gives the holder:
- Under Louisiana law, specific performance as a remedy for breach of a real estate contract means:
- A 'suspensive condition' in a Louisiana real estate contract is equivalent to a:
- A 'resolutory condition' in a Louisiana real estate contract means:
- In Louisiana, an earnest money deposit is typically held by the:
- A Louisiana purchase agreement includes an 'as-is' clause. This means the buyer:
- The Louisiana Redhibition law protects buyers from:
- An 'exclusive right to sell' listing in Louisiana means the broker earns a commission if the property sells during the listing period:
- A 'net listing' in Louisiana is:
- In a Louisiana sales contract, 'prorations' at closing refer to:
- Under Louisiana law, a contract obtained through fraud is:
- In Louisiana, an 'authentic act' is a document that:
- What is the effect of a 'force majeure' (act of God) clause in a Louisiana real estate contract?
- A Louisiana buyer includes a home inspection contingency in their purchase agreement. If the inspection reveals major issues, the buyer may:
- In Louisiana, a property management lease agreement with a residential tenant must include all of the following EXCEPT:
- In Louisiana real estate, 'earnest money' serves as:
- A Louisiana seller accepts an offer but fails to notify the buyer of acceptance within the stated offer period. The offer:
- A Louisiana purchase agreement states the closing must occur 'on or before' a certain date. If the seller is not ready to close on that date due to title issues, what typically happens?
- In Louisiana, a 'cash transaction' closing that does not involve any lender financing is typically required to be completed using a(n):
- An 'installment land contract' (contract for deed) in Louisiana differs from a traditional sale because:
- A 'bond for deed' in Louisiana is a type of:
- In Louisiana, a real estate purchase agreement that contains an 'escape clause' for the seller allows the seller to:
- In Louisiana, if a buyer's financing contingency expires without the buyer obtaining a commitment, and no extension is requested:
- A Louisiana seller's disclosure statement (Property Disclosure Document) is required to be provided to the buyer:
- A Louisiana listing agreement that contains a 'protection clause' means the broker is entitled to a commission if a buyer who was shown the property during the listing period:
- In Louisiana, 'mutual consent' as required for a valid contract means:
- A Louisiana buyer submits an offer with a 5-day inspection contingency. On day 4, the buyer's inspector finds major foundation issues. The buyer should:
- A Louisiana commercial lease with an 'escalation clause' means the rent will:
- In Louisiana, a residential lease automatically renews as a month-to-month tenancy if:
- A Louisiana contract clause that states 'TIME IS OF THE ESSENCE regarding the closing date' means:
- In Louisiana, a property sold 'subject to existing mortgage' means the buyer:
- In Louisiana, a 'buyer's right to rescind' based on the Property Disclosure is applicable when:
- In Louisiana, an offer to purchase may be revoked by the buyer:
- A Louisiana seller includes a 'right to continue showing' clause in the accepted purchase agreement. This allows the seller to:
- In Louisiana, a real estate purchase agreement becomes binding on the seller's estate if the seller dies after accepting but before closing. This means the seller's:
- The 'merger doctrine' in Louisiana real estate law means that after closing:
- In Louisiana, when a buyer makes a written offer with a 48-hour acceptance deadline, and the seller counters after 50 hours, the original offer is:
- Louisiana law requires that the 'condition of property' information in a seller's Property Disclosure Document be:
- In Louisiana, the 'vendor's privilege' gives the seller a special lien on the property for:
- A Louisiana 'co-borrower' on a mortgage differs from a 'co-signer' in that a co-borrower:
- In Louisiana, a 'listing agreement' is best characterized legally as:
- In Louisiana, a buyer's offer that states 'contingent upon the sale of the buyer's existing home' includes a:
- In Louisiana, when a property is sold with an existing tenant, the buyer takes the property:
- In Louisiana, which of the following best describes an 'auction sale' of real property?
- In Louisiana, an 'acceleration clause' in a mortgage means the lender can:
- A 'due on sale' clause in a Louisiana mortgage prevents:
- In Louisiana, 'breach of contract' by a buyer who refuses to close without valid cause may result in:
- A 'novation' in a Louisiana real estate contract occurs when:
- In Louisiana, a purchase agreement that is 'contingent upon buyer obtaining financing at a stated rate' becomes binding on the seller when:
- In Louisiana, when a buyer and seller agree to modify a signed purchase agreement (e.g., to change the closing date), this modification must be:
- A Louisiana purchase agreement includes an appraisal contingency stating the property must appraise at the purchase price. The appraisal comes in $15,000 below the purchase price. The buyer may:
- In Louisiana, a 'promissory note' in a real estate transaction is a:
- Louisiana's 'redhibition' remedy allows a buyer to seek which of the following when a hidden defect is discovered after closing?
- In Louisiana, which of the following is NOT a valid way to terminate a listing agreement?
- In Louisiana, 'liquidated damages' in a real estate purchase agreement refer to:
- In Louisiana, a 'home warranty plan' included in a real estate transaction provides:
- In Louisiana, a 'back-up offer' is submitted while another contract is in effect. The back-up offer becomes effective when:
- In Louisiana, 'anticipatory breach' of a real estate contract occurs when:
- In Louisiana, when a seller accepts an offer contingent on the buyer's home sale, the seller should be aware that:
- In Louisiana, a 'release deed' is used to:
- In Louisiana, which type of deed provides the buyer with the greatest protection against title claims?
- In Louisiana, a 'Uniform Offer to Purchase' form, when properly completed and accepted, constitutes a:
- In Louisiana, a seller's obligation to maintain the property between contract signing and closing includes:
- In Louisiana, a 'walk-through inspection' by the buyer before closing is designed to:
- In Louisiana, a purchase contract that includes a 'survey contingency' gives the buyer the right to:
- In Louisiana, which of the following is an example of a 'unilateral contract'?
- In Louisiana, a real estate contract clause that states 'Seller to provide clear title' means the seller must:
- In Louisiana, 'equitable conversion' means that once a purchase agreement is signed, the buyer has:
- In Louisiana, who typically bears the risk of loss if a property is destroyed between contract signing and closing?
- In Louisiana, a 'right of first refusal' in a commercial lease gives the tenant the right to:
- In Louisiana, 'rescission' of a real estate contract returns both parties to their original positions by:
- In Louisiana, when a seller accepts multiple offers, the seller should:
- In Louisiana, the 'merger clause' (integration clause) in a real estate contract states that:
- In Louisiana, a 'right of first offer' (ROFO) differs from a right of first refusal because with a ROFO:
- In Louisiana, which of the following would make a real estate purchase contract 'void' (not merely voidable)?
- In Louisiana, which of the following is NOT a required element of a valid contract?
- In Louisiana, an Agreement to Purchase or Sell real estate is enforceable only if it contains which of the following?
- A Louisiana cash sale deed (Act of Sale) differs from a credit sale deed in that:
- Under Louisiana law, a bond for deed contract allows the buyer to:
- Under Louisiana law, an authentic act (such as an Act of Sale) differs from a private act in that an authentic act:
- A Louisiana purchase agreement contains a 'time is of the essence' clause. This means:
- A Louisiana purchase agreement is contingent upon the buyer obtaining financing at no more than 7% interest. The buyer cannot obtain financing below 7.5%. This contingency:
- A Louisiana buyer makes an offer with an acceptance deadline of 5:00 PM Friday. The seller signs the offer at 4:55 PM Friday but the buyer's agent does not receive notification until 6:00 PM. Is there a valid contract?
- Under Louisiana law, a purchase agreement that contains an 'as is' clause generally means the buyer:
- In Louisiana, 'lesion beyond moiety' is a concept that allows a seller to rescind a sale if:
- A Louisiana purchase agreement includes a 'survey contingency.' This contingency allows the buyer to:
- Under Louisiana law, which of the following would make a real estate contract voidable?
- In Louisiana real estate, 'earnest money' is best described as:
- In Louisiana, which of the following is an example of a 'potestative condition' that would make a contract unenforceable?
- Under Louisiana law, a contract of sale for immovable property must be in writing to be enforceable under the:
- A Louisiana buyer and seller execute a purchase agreement on March 1 with a closing date of April 15. On April 10, the seller informs the buyer they want to push closing to May 15. The buyer's options include:
- In Louisiana, when a buyer's offer is rejected by the seller who then submits a counteroffer, the legal effect is that:
- A Louisiana seller receives two simultaneous purchase offers. The seller is legally permitted to:
- A Louisiana buyer includes an 'inspection contingency' in their offer. If the home inspection reveals significant defects, the buyer may:
- In Louisiana, a purchase agreement is considered 'bilateral' because:
- A Louisiana seller who refuses to close on a valid purchase agreement without justification may be compelled to close through a court action for:
- In Louisiana, 'earnest money forfeiture' occurs when a buyer defaults on a real estate contract that includes a forfeiture clause. The seller may retain the earnest money as:
- In Louisiana, a 'suspensive condition' in a purchase agreement is one that:
Property Ownership
145 questions- In Louisiana, the legal system that governs how property acquired during marriage is owned is called:
- Under Louisiana law, which type of property is considered the separate property of a spouse?
- In Louisiana, 'usufruct' is a right that allows a person to:
- Which type of lien has the highest priority in Louisiana?
- A predial servitude in Louisiana is equivalent to which concept in common law states?
- In Louisiana, how does a married person's separate property become community property?
- Under Louisiana law, a 'naked owner' of property subject to a usufruct:
- A 'fee simple' ownership interest in Louisiana means the owner:
- In Louisiana, when does title to real property transfer to the buyer?
- Which type of ownership interest gives a person the right to occupy a property for the duration of their life?
- A 'judicial mortgage' in Louisiana is created by:
- A 'building restriction' in Louisiana is similar to which concept in common law states?
- Under Louisiana law, property owned by a single person (not married) is classified as:
- Which of the following best describes a 'co-ownership' of immovable property in Louisiana?
- In Louisiana, a 'mineral servitude' grants the holder the right to:
- In Louisiana, the homestead exemption reduces property taxes on a primary residence by exempting the first:
- To qualify for the Louisiana homestead exemption, the property owner must:
- Under Louisiana law, a 'gratuitous alienation' is a transfer of property:
- Louisiana's 'forced heirship' law protects certain heirs by:
- The term 'succession' in Louisiana property law refers to:
- A 'mortgage note' in Louisiana serves as:
- An encroachment occurs when:
- In Louisiana, a 'servitude of passage' is most similar to which common law concept?
- Which of the following best describes 'riparian rights' as they apply to Louisiana property?
- A 'plat map' in real estate is:
- A 'partition action' in Louisiana allows co-owners to:
- In Louisiana, which type of ownership interest is automatically inherited by surviving co-owners upon one owner's death?
- The legal description method most commonly used for urban lots in Louisiana subdivisions is:
- The government's right to collect property taxes and the consequence of non-payment (tax lien and eventual sale) is an example of which governmental power?
- In Louisiana, a 'mineral right' that is severed from the surface estate creates:
- A 'tax certificate' or 'tax sale certificate' in Louisiana represents:
- Under Louisiana law, 'acquisitive prescription' (similar to adverse possession) allows a person to acquire title to property by openly, continuously, and exclusively possessing it for:
- A 'boundary dispute' in Louisiana is typically resolved by:
- Which of the following is a 'personal servitude' under Louisiana Civil Law?
- In Louisiana, what happens to community property when spouses divorce?
- Louisiana's system of marital property is based on:
- In Louisiana, 'usufruct' is best described as:
- In Louisiana, 'naked ownership' refers to:
- A 'predial servitude' in Louisiana is:
- Under Louisiana community property law, which of the following is typically classified as separate property?
- When a Louisiana property owner dies intestate (without a will) leaving a surviving spouse and children, the surviving spouse typically receives:
- In Louisiana, condominium ownership means the unit owner holds:
- A 'servitude of passage' in Louisiana is equivalent to which common law concept?
- The 'fruits' of property in Louisiana's Civil Law context refers to:
- Which of the following best describes 'immovable property' under Louisiana Civil Law?
- In Louisiana, 'acquisitive prescription' is similar to which common law doctrine?
- Under Louisiana law, acquisitive prescription of immovable property in good faith with just title requires possession for:
- A Louisiana property owner dedicates land to the public for use as a road. This is an example of:
- The bundle of rights in real property ownership includes all of the following EXCEPT:
- A life estate in Louisiana gives the life tenant:
- In Louisiana, the forced heirship laws require that:
- A condominium declaration in Louisiana must be recorded in:
- In Louisiana, land that is lost to a navigable waterway through gradual erosion is subject to which principle?
- Louisiana's Civil Code recognizes which types of personal servitudes?
- Which of the following is a characteristic of Louisiana's community property regime?
- In Louisiana, an 'encumbrance' on real property refers to:
- In Louisiana's Civil Law, a 'donation inter vivos' of immovable property must be:
- Louisiana's 'homestead exemption' applies to a property owner who:
- In Louisiana, minerals below the surface of a property (subsurface rights) are:
- Under Louisiana law, the 'servitude of drain' (servitude d'écoulement) allows:
- A Louisiana property owner's right to build on their land is primarily limited by:
- In Louisiana, which of the following describes 'alluvion'?
- In Louisiana, 'perfect ownership' (full ownership) of property includes:
- A Louisiana property owner dies leaving a will that violates forced heirship by disinheriting a child under 24. The will is:
- In Louisiana, co-ownership of immovable property (co-indivision) means:
- Which of the following events would terminate a usufruct in Louisiana?
- In Louisiana, a mineral servitude allows the holder to:
- Louisiana's Mineral Code provides that a mineral servitude prescribes (expires) if minerals are not being produced or worked within:
- In Louisiana, which of the following best describes 'accession' as a means of acquiring ownership?
- The Louisiana homestead exemption from property taxes requires the owner to:
- In Louisiana, a property donated to a child as a birthday gift is classified as:
- In Louisiana, a 'testament' (will) disposing of immovable property must be in which form to be valid?
- When a Louisiana property owner places immovable property in an LLC, the LLC:
- In Louisiana, a 'co-owner' of immovable property may seek a partition of the property because:
- In Louisiana, 'immovable property by destination' refers to:
- In Louisiana, when a person dies leaving no heirs and no will, their estate goes to:
- In Louisiana, a 'habitation' servitude is:
- Under Louisiana's Condominium Act, a condominium unit owner's share of common expenses is typically:
- A Louisiana property owner who allows another to openly use their land for 10 years without objection may find the user has acquired:
- In Louisiana, the 'ownership in indivision' (co-ownership) can be terminated by:
- In Louisiana, a 'mineral reservation' in an Act of Sale occurs when:
- In Louisiana, 'civil fruits' produced by immovable property include:
- Under Louisiana law, a predial servitude cannot be created for the benefit of a particular person, only for the benefit of:
- In Louisiana, what distinguishes an 'apparent servitude' from a 'non-apparent servitude'?
- The Louisiana Homestead Exemption constitutional provision (Art. VII, Sec. 20) exempts from taxation the first $7,500 of assessed value. If the homestead is worth $250,000 and assessed at 10%, the tax exemption saves the homeowner:
- In Louisiana, the 'principle of accession' applies when a tenant installs trade fixtures in a commercial space. These fixtures:
- In Louisiana, the 'right of first refusal' given to a co-owner of immovable property means that if one co-owner wants to sell their share to a third party:
- In Louisiana, 'onerous' title refers to property acquired:
- In Louisiana, the 'registry doctrine' provides that a recorded Act of Sale:
- In Louisiana, a 'testamentary trust' holding immovable property must be:
- In Louisiana, a property can be classified as 'separate property' of a spouse even if purchased during the marriage if:
- The 'right of passage' (servitude de passage) may be created in Louisiana by necessity when:
- In Louisiana, a 'partition by licitation' of co-owned property means:
- In Louisiana, the concept of 'riparian rights' relates to land adjacent to:
- In Louisiana, land under a navigable waterway is owned by:
- In Louisiana, a 'trust deed' (deed of trust) as commonly used in other states is effectively replaced by:
- In Louisiana, an 'immovable by anticipation' is an example of:
- In Louisiana, a mortgage may be given priority over earlier-recorded liens in which of the following situations?
- In Louisiana, the owner of a dominant estate has a right to use the servient estate for the specified purpose. The owner of the servient estate:
- In Louisiana, when land is formed by the natural attachment of sediment (alluvion) along a waterway's bank, this new land belongs to:
- In Louisiana, a real estate investor who holds properties through a Louisiana LLC benefits primarily from:
- In Louisiana, which of the following best describes the 'duty of the naked owner' during a usufruct?
- In Louisiana, property acquired by spouses before marriage is classified as their separate property. If this separate property produces income during the marriage, the income is:
- In Louisiana, the 'right to build' as a component of property ownership is subject to which controls?
- In Louisiana, when all of the bundle of rights are held by one person, this is called:
- In Louisiana, when property held in co-ownership (indivision) generates rental income, each co-owner:
- In Louisiana, a 'notarial act' is an instrument that has legal effect because it is:
- In Louisiana, the 'principle of indivision' means that a co-owner cannot:
- In Louisiana, a 'mortgage' grants the mortgagee (lender) a real right in the property. This means the mortgage:
- In Louisiana, a 'sale with assumption of mortgage' differs from a 'sale subject to mortgage' in that with an assumption:
- In Louisiana, when a married person dies leaving a surviving spouse and separate property, the separate property passes according to:
- In Louisiana, a 'dation en paiement' (giving in payment) used to resolve a mortgage default means the borrower:
- In Louisiana, the owner of the 'naked ownership' of a property subject to a usufruct may sell or mortgage their naked ownership interest, but the sale or mortgage is:
- In Louisiana, a property owner's right to 'exclude others' means:
- In Louisiana, a landowner who builds a fence that encroaches on a neighbor's property has created what type of issue?
- In Louisiana, a 'testament' (will) that disposes of real property must generally be probated through:
- In Louisiana, a 'personal servitude of use' allows the holder to:
- In Louisiana, a condominium association may place a lien on a unit for:
- In Louisiana, a 'piggyback mortgage' arrangement involves:
- In Louisiana, property held in a 'family limited partnership' (FLP) for estate planning purposes provides which benefit to real estate investors?
- In Louisiana, a 'building restriction line' (setback line) shown on a subdivision plat represents:
- In Louisiana, a 'quitclaim deed' (used in some other states) is essentially replaced by a Louisiana:
- In Louisiana, 'contractual capacity' to convey real property requires the grantor to be:
- In Louisiana, a property held in a 'revocable trust' (living trust) for estate planning purposes has the owner as trustee during their lifetime. When used for real estate, the trust:
- In Louisiana, a 'certificate of title' issued by an attorney after reviewing the abstract of title provides the buyer with:
- In Louisiana, the term 'predial servitude' refers to:
- Under Louisiana Civil Law, 'naked ownership' (nue propriété) means the owner:
- Louisiana's 'acquisitive prescription' is the legal concept by which a person may acquire ownership of immovable property by:
- In Louisiana, when a spouse dies without a will (intestate), their half of the community property typically passes to:
- A Louisiana farmer grants a neighbor the right to cross their property to reach a public road. This right, attached to the neighbor's land, is an example of a:
- In Louisiana, a 'dation en paiement' (dation in payment) occurs when:
- In Louisiana, a 'juridical person' that can own immovable property includes:
- In Louisiana, 'immovable property' (immovables) includes:
- In Louisiana, 'component parts' of immovable property are things that:
- A Louisiana property owner who co-owns property with another person as 'indivision' (co-ownership) may:
- Under Louisiana Civil Law, the usufructuary (the holder of a usufruct) has the right to:
- In Louisiana, which of the following is an example of an 'incorporeal immovable'?
- In Louisiana, a 'right of habitation' (droit d'habitation) is a personal servitude that gives the holder the right to:
- In Louisiana, a 'right of first refusal' in a real estate transaction means:
- In Louisiana, which of the following is true about a 'right of redemption' in a property tax sale?
- In Louisiana, which type of ownership form is commonly used for commercial real estate investment where owners want liability protection and pass-through taxation?
- Under Louisiana Civil Code, a 'building restriction' (restrictive covenant) running with the land is created when:
- In Louisiana, a 'forced heir' is a child who has a legal right to:
- In Louisiana, which document formally transfers ownership of immovable property from seller to buyer?
- In Louisiana, when property held by a limited liability company (LLC) is sold, the Act of Sale must be signed by:
Agency
136 questions- In Louisiana, a 'mandatary' in the context of real estate agency is best described as:
- In Louisiana, a designated agency arrangement means:
- Under Louisiana agency law, which duty requires the agent to keep the client's personal and financial information private?
- A Louisiana licensee acting as a dual agent must:
- The duty of 'reasonable care and diligence' in a Louisiana agency relationship means the agent must:
- In Louisiana, when must a licensee provide an agency disclosure to a potential client?
- In Louisiana, a 'mandant' in a real estate agency relationship refers to:
- The fiduciary duty of 'loyalty' in a Louisiana agency relationship requires the agent to:
- When a seller's agent learns that the buyer is willing to pay significantly more than the offering price, the agent should:
- An agent who discloses the seller's minimum acceptable price to the buyer without authorization has violated which fiduciary duty?
- A transaction broker in Louisiana:
- In Louisiana, an agency relationship may be created by all of the following EXCEPT:
- The duty of 'obedience' in a Louisiana agency relationship requires the agent to:
- A subagent in real estate is an agent who:
- A Louisiana real estate agent who also has a personal financial interest in the property being sold must:
- Under Louisiana law, an agency relationship terminates automatically upon:
- When a real estate agent represents the seller in a transaction, the agent owes which duties to the buyer (non-client)?
- A buyer's representation agreement in Louisiana creates:
- Puffing in real estate occurs when an agent:
- A real estate agent who has material information about a property must disclose it to prospective buyers. This duty arises from:
- An agent who discovers that their seller-client made a material misrepresentation in the listing should:
- A 'material fact' that an agent must disclose in Louisiana includes:
- In Louisiana, 'informed consent' in a dual agency situation requires that the parties:
- An agent who earns a referral fee from a home warranty company without disclosing this to the client is violating which duty?
- A 'net listing' in Louisiana is generally considered:
- When does a listing agreement typically terminate in Louisiana?
- A seller tells their agent that they are going through a divorce and must sell quickly. The agent should:
- Under Louisiana law, an agency relationship created without a written agreement but where the principal's conduct leads a third party to reasonably believe an agency exists is called:
- A Louisiana buyer's agent who advises their client to offer $15,000 below list price is exercising their duty of:
- A Louisiana real estate agent who provides false information on a listing about the property's square footage is engaged in:
- The duty of 'disclosure' in Louisiana agency requires the agent to:
- In Louisiana, a real estate licensee who represents the seller owes which primary duty to the buyer?
- A Louisiana licensee acting as a dual agent represents:
- When must a Louisiana real estate licensee provide the Agency Disclosure form to a prospective buyer?
- Which of the following best describes a 'designated agency' arrangement in Louisiana?
- A listing broker has a fiduciary duty to the seller that includes:
- In Louisiana, a transaction broker (facilitator) owes which duties?
- A Louisiana salesperson receives an earnest money deposit from a buyer. Who is legally responsible for the proper handling of these funds?
- Subagency in Louisiana means:
- Which of the following would terminate an agency relationship in Louisiana?
- In Louisiana, if a buyer's agent discovers a material defect in a property, the agent must:
- A seller's agent in Louisiana may NOT disclose to a buyer:
- In Louisiana, commingling refers to a licensee's illegal practice of:
- A Louisiana buyer's agent has a duty of 'reasonable care and diligence' which requires the agent to:
- In Louisiana, a buyer's representation agreement is:
- Under Louisiana agency law, 'ratification' occurs when:
- Which of the following best describes 'apparent authority' in a Louisiana agency context?
- In Louisiana, the listing broker earns their commission when:
- When a Louisiana listing agent receives an offer far below the asking price, the agent's duty to the seller is to:
- A Louisiana real estate broker's duty of 'accounting' to clients means:
- In Louisiana, which of the following is an example of a licensee violating the duty of confidentiality?
- In Louisiana, a broker can represent a buyer as a client in a transaction where their own listing is for sale. This is called:
- A Louisiana real estate team's leader (team leader/broker) is responsible for:
- In Louisiana, 'puffing' by a real estate agent is best described as:
- A Louisiana agent who represents neither party in a real estate transaction but assists them in completing it is called a:
- The fiduciary duty of 'loyalty' in Louisiana requires a listing agent to:
- A Louisiana real estate licensee must disclose their agency relationship to both parties by the time they:
- When a Louisiana seller's agent learns the buyer is being transferred and must close within 30 days, this information:
- In Louisiana, when a licensee enters into a buyer representation agreement, they must:
- A listing in Louisiana's Multiple Listing Service (MLS) constitutes an offer of compensation to:
- Under Louisiana law, which of the following would create an agency relationship by estoppel?
- A Louisiana licensee's duty of 'obedience' means they must follow:
- When does the listing agent's duty to the seller typically end in Louisiana?
- In Louisiana, a buyer working with a real estate licensee but without a signed buyer representation agreement is typically treated as a:
- In Louisiana, a licensee who acts as the seller's agent but is NOT the listing broker is called a(n):
- A Louisiana listing agent who knows the listing will expire without a sale and pressures the seller to accept a below-market offer to earn a commission is violating their duty of:
- In Louisiana, a real estate broker may act as a 'principal' in a transaction when they are:
- In Louisiana, a buyer's agent is paid by the seller through the commission split. This arrangement means the buyer's agent:
- In Louisiana, 'express agency' is created when:
- A Louisiana seller's agent receives an offer that includes a financing contingency. The agent should inform the seller that:
- In Louisiana, a real estate agent's 'scope of authority' is the range of actions the agent is authorized to perform for the principal. Actions outside this scope may:
- When a Louisiana real estate team operates, all team members must:
- In Louisiana, the broker's trust account must be used to hold:
- In Louisiana, a real estate licensee who serves as a property manager for a residential tenant is generally acting as an agent of the:
- A Louisiana buyer's agent who has actual knowledge that a seller's listing price significantly undervalues the property should:
- In Louisiana, a 'gratuitous agent' is one who:
- In Louisiana, a listing broker's duty of 'disclosure' to the buyer (who is a customer, not a client) includes:
- A Louisiana licensee should NOT disclose which of the following to any party without the client's consent?
- A Louisiana buyer's representative who learns the seller has already purchased another home and is under financial pressure to sell quickly must:
- In Louisiana, an 'open listing' gives the seller the right to:
- A Louisiana agent who represents the seller should inform prospective buyers that the agent:
- Under Louisiana agency law, if a listing agent intentionally or negligently misrepresents a property's condition to a buyer, both the listing agent AND the broker may be liable because:
- In Louisiana, when the listing agent and selling agent are from the same brokerage, the transaction is typically handled as:
- In Louisiana, which of the following best describes the concept of 'informed consent' in a dual agency situation?
- In Louisiana, a buyer's agent who submits an offer on behalf of their buyer on a property where the buyer's agent's brother is the seller:
- A Louisiana licensee who advises their buyer-client to submit a 'best and final offer' in a multiple offer situation is:
- A Louisiana seller's agent may disclose the existence of other offers to a buyer (without disclosing specific terms) when:
- In Louisiana, a 'fiduciary' relationship in real estate agency means the agent must act with the highest degree of good faith, with the principal's interests taking:
- A Louisiana buyer's representative has a client who wants to make an offer significantly below the listed price. The agent should:
- In Louisiana, a listing agent who discovers during a property showing that the property has a serious undisclosed structural problem must:
- A Louisiana seller's agent who advises the seller that they should price the property $30,000 higher than the market supports because the agent wants a higher commission is:
- In Louisiana, which of the following is true regarding a licensee who represents no party (transaction broker/facilitator)?
- When a Louisiana listing broker accepts an offer and enters into a contract on behalf of the seller without the seller's authorization, the seller may:
- In Louisiana, a buyer's agent is representing a buyer in a market with low inventory and multiple offers. The agent's duty of reasonable care requires them to:
- In Louisiana, 'material facts' that must be disclosed by a licensee include which of the following?
- A Louisiana real estate agent who uses confidential information obtained from a former client to benefit a new client is violating:
- In Louisiana, a seller can terminate a listing agreement early without paying a commission if:
- In Louisiana, a real estate team member who is not licensed may NOT:
- In Louisiana, a licensee who represents multiple buyers competing for the same property must:
- A Louisiana buyer's agent writes an offer for their buyer at $325,000 on a property listed at $340,000. The listing agent must:
- In Louisiana, an agent who receives an offer on behalf of the buyer must communicate the offer to the seller:
- A Louisiana real estate licensee who earns a referral fee for referring a mortgage broker to a client must ensure this fee is:
- In Louisiana, when does a real estate licensee's duty to their client typically end?
- In Louisiana, a listing agent who facilitates a sale in which the agent's undisclosed family member is the buyer has violated the duty of:
- In Louisiana, a buyer's agent who discovers during a showing that the property has unpermitted additions must:
- When a Louisiana real estate agent's brokerage closes or the agent changes brokers, pending client transactions should be:
- A Louisiana listing agent who tells prospective buyers that the property has new plumbing when the agent has not verified this is:
- In Louisiana, a 'pocket listing' (off-market listing) raises potential issues because:
- In Louisiana, if a seller's disclosure reveals termite damage, the buyer's agent should advise their client to:
- In Louisiana, a 'net listing' is prohibited primarily because it creates which concern?
- A Louisiana real estate agent discovers that the buyer they represent has a prior bankruptcy. Regarding this information and the seller:
- In Louisiana, a listing broker who represents a seller in a transaction where no buyer's broker is involved owes which duties to the unrepresented buyer?
- In Louisiana, a buyer's agent's duty to exercise 'reasonable care' means the agent should:
- In Louisiana, a buyer who signs an exclusive buyer agency agreement has:
- A Louisiana listing agent learns that the seller's property has a history of flooding that the seller did not disclose. The agent's duty under Louisiana law is to:
- Under Louisiana's dual agency disclosure requirements, a transaction broker (intermediary) must:
- In Louisiana, a seller's agent who volunteers information about the seller's urgent need to sell (bottom-line price) to the buyer's agent is:
- In Louisiana, when a broker represents both the buyer and seller in the same transaction with written consent from both parties, this is known as:
- In Louisiana, a licensee's duty to account to their client requires them to:
- A Louisiana licensee who represents a buyer and receives an offer from a seller's agent is required to:
- A Louisiana listing agent who discovers a material defect in the listed property after the listing agreement is signed must:
- In Louisiana, a subagent is a licensee who:
- In Louisiana, a licensee who represents a seller in a listing agreement and also has a buyer client interested in that same property must:
- A Louisiana real estate agent's duty of 'obedience' to their client means:
- A Louisiana buyer's agent who discovers that a property has a latent (hidden) defect not disclosed by the seller must:
- Under Louisiana agency law, the principal (client) is generally liable for the acts of their agent performed:
- A Louisiana real estate licensee who provides a customer (rather than a client) with information about the market is providing:
- A Louisiana licensee who is representing a buyer notices that the seller has painted over a water stain in the basement. The agent should:
- A Louisiana licensee working as a 'transaction broker' owes all of the following duties EXCEPT:
- In Louisiana, when a listing broker cooperates with a selling broker through the MLS, the selling broker's relationship to the seller is typically:
- In Louisiana, the agency relationship between a broker and client is created by:
- In Louisiana, a licensee who provides 'ministerial acts' to an unrepresented party must disclose to that party that:
- Which of the following actions by a Louisiana listing agent would be a violation of their fiduciary duty to the seller?
- In Louisiana, a buyer's agency agreement that includes an 'exclusive right to represent' provision means:
- Under Louisiana law, a real estate agent must present a written agency disclosure to a prospective buyer or seller:
- A Louisiana real estate agent who has successfully completed all required pre-licensing education and passed the state and national licensing exams must, before practicing real estate, also:
Property Valuation
123 questions- A property's gross rent multiplier (GRM) is calculated by dividing:
- In Louisiana, who is authorized to perform a formal real estate appraisal for a federally related transaction?
- The principle of 'contribution' in real estate valuation states that:
- What does 'highest and best use' mean in real estate appraisal?
- Which appraisal approach estimates value by calculating the cost to rebuild the structure plus the land value, minus depreciation?
- In the income capitalization approach, a property with a net operating income (NOI) of $36,000 and a capitalization rate of 8% has an estimated value of:
- What is 'economic obsolescence' as a form of depreciation in real estate appraisal?
- What is 'functional obsolescence' in real estate appraisal?
- In the sales comparison approach, 'comparables' (comps) should be:
- A property is appraised at $280,000. The assessment ratio in the parish is 10%. What is the assessed value?
- The 'principle of substitution' in real estate appraisal states that:
- In Louisiana, property tax assessments are conducted by:
- What does 'net operating income' (NOI) represent for an income property?
- The principle of 'progression' in real estate valuation means:
- Which appraisal approach is most appropriate for appraising a single-family residence in an active market with many similar sales?
- An appraiser makes a 'downward adjustment' to a comparable sale when the comparable property:
- What does 'physical deterioration' mean as a form of depreciation in real estate?
- A property in Louisiana is appraised at $340,000. It is assessed at 10% of appraised value. The millage rate is 90 mills. What are the annual property taxes?
- In the income approach to value, the 'effective gross income' (EGI) is calculated as:
- A 'comparative market analysis' (CMA) differs from an appraisal in that a CMA:
- The 'principle of regression' in real estate valuation states that:
- What is the capitalization rate if a property with an NOI of $42,000 sells for $560,000?
- The Uniform Standards of Professional Appraisal Practice (USPAP) are developed and maintained by:
- An appraiser's 'reconciliation' in the appraisal report involves:
- Which approach to value is most commonly used by appraisers for single-family residential properties in Louisiana?
- An appraiser uses the income approach to value a New Orleans commercial building. The property produces a net operating income of $60,000 annually. Using a 6% capitalization rate, what is the estimated value?
- In the cost approach to value, the appraiser estimates the value of the land:
- Which type of depreciation results from factors external to a property, such as a new industrial facility built near a residential neighborhood?
- The principle of 'substitution' in real estate appraisal states that:
- A Louisiana home sold for $250,000. A comparable sale was made for $245,000 but the comparable had a covered patio worth $3,000 that the subject property lacks. The adjusted value of the comparable is:
- Which of the following best describes 'highest and best use' in Louisiana property valuation?
- In a CMA (Comparative Market Analysis), a Louisiana REALTOR® adjusts comparable sales for differences in:
- Functional obsolescence in a Louisiana property could be caused by:
- A Louisiana duplex generates $2,400 per month in total rent. If the gross rent multiplier (GRM) is 110, what is the estimated value?
- An appraiser performing a retrospective appraisal in Louisiana is estimating value as of:
- Which of the following is an example of economic (external) obsolescence in a New Orleans property?
- In an income property appraisal, the capitalization rate is determined by:
- What does 'as-is' value mean in a Louisiana appraisal?
- When appraisers make adjustments in the sales comparison approach, they add to the comparable when the comparable is:
- A Louisiana appraisal report that identifies the property, states the purpose and date of the appraisal, and provides the value conclusion is commonly called a:
- The principle of 'conformity' in Louisiana real estate valuation holds that:
- A Louisiana broker's price opinion (BPO) is:
- In a declining Louisiana real estate market, which adjustment would an appraiser typically make to older comparable sales?
- A Louisiana property has a replacement cost of $280,000, land value of $60,000, and total accrued depreciation of $40,000. What is the estimated value using the cost approach?
- A Louisiana appraiser is asked to determine the value of a proposed development project. This type of appraisal is called a:
- In Louisiana appraisal practice, which best describes the 'income capitalization approach' for a small rental house?
- An appraiser notes that a Louisiana home has a swimming pool that cost $35,000 to install but only adds $15,000 to market value. This demonstrates the principle of:
- In Louisiana, the 'effective age' of a building in an appraisal refers to:
- A Louisiana appraiser uses a paired sales analysis to:
- USPAP (Uniform Standards of Professional Appraisal Practice) applies to Louisiana appraisers because:
- A Louisiana appraiser doing a mass appraisal for property tax purposes is assessing:
- Gross income multiplier (GIM) in Louisiana real estate valuation differs from GRM because GIM uses:
- In a declining Louisiana neighborhood, the principle of 'regression' means:
- In Louisiana appraisal, 'arms-length transaction' means a sale between:
- A Louisiana appraiser considers a property's 'plottage value' when:
- In the income approach, 'potential gross income' differs from 'effective gross income' because:
- The 'reconciliation' step in a Louisiana appraisal requires the appraiser to:
- In Louisiana, the 'depth factor' in land valuation refers to:
- Functional obsolescence that is considered 'curable' means:
- A Louisiana appraiser notes that a comparable sale was a foreclosure and the seller was highly motivated to sell at a discount. This sale would likely be:
- The 'land residual technique' in Louisiana income property appraisal determines land value by:
- In a Louisiana income approach analysis, 'reserves for replacement' are included in operating expenses to account for:
- In Louisiana, 'economic life' of an improvement in appraisal refers to:
- A Louisiana appraiser performing a 'drive-by' or 'exterior-only' appraisal is completing a:
- In Louisiana, when an appraiser identifies a 'superadequacy' in a property, it means:
- A Louisiana appraiser uses the 'band of investment' technique to estimate a capitalization rate. This technique considers:
- In Louisiana coastal areas, an appraiser valuing a beachfront property must consider:
- The 'income multiplier' approach is limited in accuracy because it:
- In Louisiana, an appraiser who discovers after issuing a report that they made a significant error must:
- When a Louisiana appraiser determines that an industrial property adjacent to a residential neighborhood is an example of 'overimprovement,' it means:
- In Louisiana appraisal, the 'scope of work' in an assignment is determined by:
- A Louisiana appraisal identifies that recent comparable sales indicate a market trend of 0.5% increase per month. A comparable sold 4 months ago for $250,000. The time-adjusted value of the comparable is:
- In Louisiana, 'stabilized value' in an income property appraisal assumes:
- In Louisiana, an appraiser who has a financial interest in the outcome of a real estate transaction should:
- A Louisiana appraiser must be 'independent' in their work because bias or partiality would:
- In Louisiana's income approach, 'gross income multipliers' work best for:
- A Louisiana appraiser developing a capitalization rate from market data should use sales of:
- Which type of Louisiana property would most commonly be valued using the cost approach as the primary method?
- In a Louisiana neighborhood experiencing 'gentrification,' an appraiser should recognize that:
- In Louisiana, which of the following would be considered a 'negative adjustment' to a comparable sale in the sales comparison approach?
- In Louisiana, 'exposure time' in an appraisal means:
- A Louisiana appraiser discovering that a comparatively recently sold property in the neighborhood sold for an unusually high price due to a bidding war between motivated buyers should:
- In a Louisiana appraisal, 'reproduction cost' differs from 'replacement cost' in that reproduction cost estimates the cost to:
- In Louisiana, 'market rent' in an income approach analysis differs from 'contract rent' in that market rent is:
- An appraiser in Louisiana is asked to estimate the 'insurable value' of a property. This differs from market value because insurable value:
- In Louisiana, which of the following is a characteristic of 'value in use' as opposed to 'market value'?
- A Louisiana appraiser finds that a subject property has a garage while all comparable sales do not. To adjust for this difference, the appraiser should:
- In Louisiana, the 'principle of anticipation' in real estate valuation holds that:
- In Louisiana, an appraiser who violates USPAP may face sanctions from which body?
- In a Louisiana new home construction scenario, the appraiser must often complete a(n):
- In Louisiana, the 'neighborhood boundaries' an appraiser uses are determined by:
- In Louisiana, what is the significance of a property's 'elevation certificate' to its value?
- In Louisiana, the 'market conditions adjustment' in an appraisal's sales comparison approach accounts for:
- In Louisiana, which organization issues the Uniform Residential Appraisal Report (URAR) form used for most residential appraisals?
- In Louisiana, a licensed appraiser must NOT accept an appraisal assignment where their fee is:
- In Louisiana, the 'sales comparison approach' requires an appraiser to make adjustments that are:
- In Louisiana, an appraiser must retain workfile documentation for a minimum of:
- In Louisiana, the 'gross living area' (GLA) of a residential property used in appraisals typically includes:
- In Louisiana, the 'income approach' would be LEAST appropriate for valuing which property type?
- In Louisiana, the '1004MC' form appended to a residential URAR appraisal provides information about:
- In Louisiana, which approach to value typically provides the most reliable indicator for appraising a single-family home in a developed neighborhood with abundant comparable sales?
- An appraiser in Louisiana determines a residential comparable sale has 200 more square feet of living area than the subject. If the appraiser uses $50 per square foot for size adjustments, the adjustment to the comparable is:
- In Louisiana, which type of appraisal report provides the most detailed documentation and is typically required for complex or high-value properties?
- In Louisiana, a property's value is said to exhibit 'plottage' when:
- In the sales comparison approach, an appraiser makes a negative adjustment to a comparable sale when:
- A Louisiana appraiser is using the gross rent multiplier (GRM) method to value a single-family rental home. The property rents for $1,200/month and comparable sales indicate a GRM of 140. The indicated value is:
- A Louisiana commercial property generates an annual NOI of $95,000. If the market capitalization rate for similar properties is 7.5%, the indicated value is approximately:
- When appraising a New Orleans shotgun house, an appraiser finds very few recent sales of comparable properties. The appraiser should:
- In the cost approach to appraisal, 'functional obsolescence' refers to:
- A Louisiana appraiser is valuing a property using the income approach. If the property's potential gross income is $120,000, vacancy and collection loss is $9,600, and operating expenses are $42,000, what is the NOI?
- An appraiser is using the sales comparison approach and finds that the subject property has a superior view compared to all comparable sales. The appraiser should make:
- The principle of 'contribution' in real estate appraisal states that:
- A Louisiana appraiser completing a URAR (Uniform Residential Appraisal Report) must certify that their appraisal is:
- In a Louisiana appraisal, the 'neighborhood analysis' section examines factors that include:
- When a Louisiana appraiser uses the 'paired sales analysis,' they are:
- A Louisiana appraiser performing an appraisal of a property in a flood zone must disclose in the appraisal report:
- A Louisiana property appraiser must comply with USPAP (Uniform Standards of Professional Appraisal Practice) because:
- An appraiser is asked to provide a 'restricted use appraisal report' for a Louisiana client. This type of report:
- A Louisiana appraiser is required to maintain workfiles for a minimum of:
- The 'effective age' of a building, as used in Louisiana appraisals, refers to:
- A Louisiana appraiser is required to sign a certification in their appraisal report stating they have no undisclosed:
- A Louisiana appraiser is valuing a historic New Orleans property using the sales comparison approach. Which of the following adjustments might be appropriate?
- In Louisiana, an appraiser who discovers information after completing an appraisal that would have materially affected the value conclusion must:
Property Management
110 questions- In Louisiana, a property manager who manages properties on behalf of others for compensation must hold a:
- A property manager's primary responsibility is to:
- The management agreement between a property owner and a property manager should include all of the following EXCEPT:
- Security deposits collected from tenants in Louisiana must be:
- Under Louisiana landlord-tenant law, a landlord must return a security deposit within how many days after the tenant vacates?
- A property manager who mixes tenant security deposits with the owner's operating funds is guilty of:
- A gross lease in commercial property management means:
- A triple net (NNN) lease in commercial real estate requires the tenant to pay:
- The Americans with Disabilities Act (ADA) requires commercial properties to:
- Which type of lease gives the tenant the right to purchase the property within a specified period?
- A property manager who receives a referral fee from a vendor without the property owner's knowledge is violating:
- A property manager must keep accurate financial records for each managed property. Under Louisiana practice, these records must typically be retained for at least:
- Which of the following is a 'capital expense' for a rental property as opposed to an operating expense?
- In Louisiana, a landlord who enters a tenant's dwelling without proper notice (except in emergency) may be liable for:
- A 'percentage lease' in commercial real estate means the tenant pays:
- An 'operating expense ratio' (OER) for a rental property is calculated as:
- Louisiana's residential landlord-tenant law generally requires landlords to:
- A 'month-to-month tenancy' in Louisiana differs from a fixed-term lease in that:
- A landlord who attempts to evict a tenant by changing the locks, removing the tenant's belongings, or cutting off utilities is engaged in:
- In Louisiana, the legal process to remove a tenant for nonpayment of rent or lease violations begins with:
- In Louisiana, a property manager who collects rent on behalf of property owners must:
- A Louisiana property management agreement is primarily a contract between:
- Security deposits collected from Louisiana tenants must be:
- Under Louisiana law, a landlord must return a tenant's security deposit within how many days after the tenant vacates?
- A gross lease requires the tenant to pay:
- A triple net (NNN) lease requires the tenant to pay:
- In Louisiana, the eviction process is initiated by filing a:
- Which of the following is typically the property manager's responsibility under a management agreement?
- A Louisiana apartment complex has 50 units with average monthly rent of $900. The annual gross potential income is:
- The Americans with Disabilities Act (ADA) applies to Louisiana commercial properties and requires:
- A Louisiana property manager receives a tenant request for a repair to a leaking roof. The manager should:
- In Louisiana, which document formally establishes the terms of a residential tenancy?
- In Louisiana, a month-to-month lease may be terminated by either party with how much advance notice?
- The management fee structure for a Louisiana commercial property is typically based on:
- A property manager must provide the property owner with regular financial accounting reports. These reports typically include:
- Under the Americans with Disabilities Act (ADA), what is a 'reasonable accommodation' in a Louisiana rental context?
- The capitalization rate used by Louisiana investors to value a property indicates:
- A Louisiana apartment owner with 10 units wants to convert them to condominiums. This process is called:
- In Louisiana, a property manager who signs leases on behalf of the owner is acting in the capacity of a(n):
- What is the primary purpose of a property management reserve fund in Louisiana?
- A Louisiana property manager should update the property owner on major repairs when the cost exceeds the:
- In Louisiana, the implied warranty of habitability in residential leases requires landlords to:
- A Louisiana commercial tenant with a 'percentage lease' pays:
- The 'vacancy rate' of a Louisiana apartment complex is calculated as:
- A property manager's fiduciary duty to the property owner includes which of the following?
- Under Louisiana's Residential Landlord-Tenant statutes, which of the following is a valid reason for withholding part of a tenant's security deposit?
- A Louisiana property manager discovers that the building they manage has structural deficiencies. Their immediate duty is to:
- In Louisiana commercial real estate, a 'CAM' charge refers to:
- The IREM (Institute of Real Estate Management) designation 'CPM' stands for:
- In Louisiana, a 'sublease' occurs when:
- In Louisiana, a residential tenant who is constructively evicted has grounds for this claim when:
- A Louisiana property manager's 'annual operating budget' for a managed property should include:
- In Louisiana, a landlord who enters a tenant's apartment without proper notice (except in emergencies) may be liable for:
- In commercial property management, a 'tenant improvement allowance' (TI) is:
- Under Louisiana law, the landlord's obligation to maintain common areas in a multi-tenant residential complex includes:
- In Louisiana, a commercial lease 'holdover' provision specifies what happens when a tenant remains in possession after the lease term. Without such a clause, a holdover tenancy in Louisiana typically becomes:
- In Louisiana property management, 'gross leasable area' (GLA) of a retail property refers to:
- When managing a Louisiana shopping center, a property manager must consider which of the following in setting tenant mix?
- A Louisiana property manager conducting a rental market survey should evaluate:
- In Louisiana, a property manager who collects a tenant's security deposit must:
- Under Louisiana law, if a landlord fails to return a security deposit within 30 days of the tenant vacating without good cause:
- An 'owner's report' (or management report) provided to property owners by a Louisiana property manager should ideally be provided:
- In Louisiana, eviction (expulsion) proceedings for non-payment of rent typically require the landlord to first:
- The 'break-even ratio' for a Louisiana rental property is calculated as:
- In Louisiana, a property manager negotiating a commercial lease on behalf of the property owner must ensure the lease is consistent with:
- In Louisiana, which of the following represents a 'capital expenditure' versus a regular operating expense?
- In Louisiana commercial property management, a 'tenant estoppel certificate' is used to:
- In Louisiana, a 'SNDA agreement' (Subordination, Non-Disturbance, Attornment) in commercial real estate protects:
- In Louisiana, a property manager who shows preferential treatment to certain tenants (e.g., waiving late fees for some but not others) may be creating:
- The 'operating expense ratio' (OER) for a Louisiana property is:
- In Louisiana, a lease clause requiring tenants to purchase insurance from a specific company recommended by the landlord would likely violate:
- In Louisiana, a 'certificate of occupancy' (CO) for a residential property confirms that:
- In Louisiana, a 'rent-to-own' or 'lease-purchase' agreement gives the tenant:
- In Louisiana, a property manager's duty to screen tenants includes using criteria that:
- In Louisiana, 'build-to-suit' leasing arrangements in commercial real estate involve:
- In Louisiana, an 'anchor tenant' in a shopping center is important to property management because:
- In Louisiana, a property manager's 'standard of care' in managing a property requires them to:
- In Louisiana, a 'lease audit' of a commercial property involves:
- In Louisiana, a property manager's 'emergency repair authorization' in a management agreement allows the manager to:
- A Louisiana property manager is responsible for which of the following in multi-family housing?
- In Louisiana, a property manager's handling of a tenant abandonment situation should include:
- In Louisiana, a property manager's fiduciary duty to the property owner requires them to put the owner's financial interests first, which means they should NOT:
- In Louisiana, a tenant's 'right to quiet enjoyment' means the tenant has the right to:
- In Louisiana, a 'net lease' where the tenant pays base rent plus property taxes only is called a:
- In Louisiana, the 'due diligence period' in a commercial property acquisition allows the buyer to:
- In Louisiana, 'deferred maintenance' on a managed property refers to:
- In Louisiana, a property manager who receives notice of a habitability complaint from a tenant should:
- In Louisiana, a 'lease renewal option' in a commercial lease allows the tenant to:
- The 'stabilized net operating income' of a Louisiana income property is used in appraisal because it represents:
- In Louisiana, which of the following is an example of a property manager exceeding their authority under the management agreement?
- A Louisiana property manager who collects rents on behalf of the owner must:
- Under Louisiana landlord-tenant law, when a residential tenant's lease expires and the tenant remains in possession with the landlord's implied consent, the tenancy becomes:
- A Louisiana property manager is responsible for maintaining a commercial building. Which of the following is typically the manager's responsibility under a gross lease?
- A Louisiana commercial tenant on a triple net (NNN) lease is responsible for paying:
- Under Louisiana residential landlord-tenant law, a landlord must maintain the rental property in a condition fit for its intended use. This obligation is known as the:
- In Louisiana, a written lease for a residential property must:
- A Louisiana property manager who fails to deliver the security deposit or an itemized list of deductions within the legal time period after lease termination may be liable to the tenant for:
- A Louisiana property manager who terminates a month-to-month residential lease must give the tenant a minimum advance notice of:
- A Louisiana residential property manager receives a complaint from a tenant about a pest infestation. The manager's first obligation is to:
- A Louisiana property manager who charges a management fee based on a percentage of collected rents is using which type of fee structure?
- A Louisiana property manager who has authority to sign leases on behalf of the property owner has which type of authority?
- A Louisiana property manager discovers that the owner has failed to pay property taxes and the property is at risk of a tax sale. The manager should:
- In Louisiana, a residential landlord may deduct from the security deposit amounts for:
- A Louisiana property manager overseeing a mixed-use building must ensure that the property complies with:
- A Louisiana property management company that manages properties for multiple owners must:
- A Louisiana property manager who evicts a tenant without following the proper legal process (unlawful detainer) may be liable for:
- A Louisiana property manager who signs a management agreement on behalf of the property management company is acting as an agent of:
- A Louisiana apartment building has 50 units with an average monthly rent of $900. If the building maintains a 92% occupancy rate, what is the annual effective gross income (ignoring other income)?
- In Louisiana, a commercial property manager responsible for a multi-tenant office building should maintain which of the following for each tenant?
- A Louisiana commercial property manager who executes a lease on behalf of an owner without proper authority may have created a(n):
Environmental
99 questions- Under the Louisiana Residential Property Disclosure Act, sellers are required to disclose knowledge of:
- Louisiana has extensive wetlands that affect real estate. Before developing property that may contain wetlands, an owner typically needs permits from:
- The federal law that requires disclosure of lead-based paint hazards in homes built before 1978 is:
- Radon is a hazardous gas in real estate that enters homes primarily through:
- In Louisiana, flood zone disclosures are important because:
- Asbestos in real estate is most hazardous when:
- CERCLA (Superfund) places liability for environmental cleanup of contaminated property on:
- An underground storage tank (UST) on a Louisiana commercial property is a concern because:
- In Louisiana real estate transactions, the seller must disclose known environmental hazards including:
- Land subsidence in Louisiana is a significant concern because:
- Which federal law governs the cleanup of hazardous waste sites and brownfields in Louisiana?
- A 'Phase I Environmental Site Assessment' is conducted to:
- Sellers of homes built before 1978 in Louisiana must provide buyers with a lead paint disclosure form and:
- The National Flood Insurance Program (NFIP) is administered by:
- What is the primary health concern associated with lead-based paint in homes?
- A 'brownfield' is defined as:
- In Louisiana, coastal erosion and loss of wetlands primarily affect real estate by:
- Mold in a Louisiana home is particularly significant as a disclosure item because:
- Which of the following is a required disclosure under the Louisiana Residential Property Disclosure Act?
- A 'Coastal Zone Management' permit in Louisiana may be required for:
- Under Louisiana law, sellers must disclose if their property is located in a Special Flood Hazard Area (SFHA). This disclosure is required by:
- What does the term 'environmental due diligence' mean in a Louisiana commercial real estate transaction?
- Formaldehyde is an environmental concern in real estate primarily because:
- In Louisiana, coastal properties are subject to disclosure requirements because:
- A 'Wetland Delineation' in Louisiana is performed to:
- The Clean Water Act (Section 404) regulates:
- Polychlorinated biphenyls (PCBs) are environmental hazards sometimes found in:
- The Louisiana Department of Environmental Quality (LDEQ) is responsible for:
- Hurricane storm surge in Louisiana coastal real estate is a material disclosure concern because:
- An 'innocent landowner defense' under CERCLA protects a buyer who:
- Which Louisiana agency is primarily responsible for regulating environmental quality and hazardous waste in the state?
- Louisiana's coastal zone regulations are primarily designed to:
- Lead-based paint disclosure is required in Louisiana for homes built before:
- Radon is a concern in real estate because it is:
- Wetland areas in Louisiana are regulated under federal law primarily by:
- CERCLA (the 'Superfund' law) in real estate is significant because it:
- An 'innocent landowner' defense under CERCLA requires the property owner to prove they:
- Asbestos-containing materials in Louisiana commercial buildings are regulated because:
- In Louisiana, a property seller's disclosure of known environmental hazards is:
- Underground storage tanks (USTs) at Louisiana gas stations and industrial sites can cause environmental liability concerns because:
- In Louisiana, the coastal use permit is required for activities in the coastal zone because:
- Mold in Louisiana homes is particularly common because of the state's:
- A Phase I Environmental Site Assessment (ESA) involves:
- In Louisiana, the Louisiana Wetlands Conservation and Restoration Program addresses:
- When selling a Louisiana home known to be in a Special Flood Hazard Area (SFHA), the seller should disclose:
- Which federal law requires property sellers to disclose the presence of known lead-based paint hazards to buyers?
- Formaldehyde is a concern in some Louisiana homes primarily because it:
- The term 'brownfield' in Louisiana real estate refers to:
- In Louisiana coastal areas, the Wind and Hail insurance market is often affected by hurricane risk. Properties in high-risk areas may require coverage from the:
- A Louisiana property owner discovers Chinese drywall installed during post-Katrina reconstruction. The primary concern is that this drywall:
- In Louisiana, the 'FIRM' (Flood Insurance Rate Map) is used to:
- A Louisiana buyer is purchasing a home that the listing agent knows has had recurring flooding from a nearby bayou. This information is:
- Post-Hurricane Katrina, which environmental issue became particularly significant in Louisiana real estate disclosures?
- Louisiana's 'Legacy Contamination' issues typically involve oil and gas industry sites where:
- In Louisiana, the 'Coastal Wetlands Planning, Protection and Restoration Act' (CWPPRA) addresses:
- A Louisiana property buyer discovers the property was used as a dry cleaning facility for 20 years. Their primary environmental concern should be:
- The Clean Air Act significance for Louisiana real estate is primarily in:
- Under Louisiana's Coastal Zone Management program, activities involving the 'dredge and fill' of coastal wetlands typically require a:
- A Louisiana real estate licensee should recommend that buyers of older commercial properties consider:
- The 'Hazardous Materials Disclosure' required in some Louisiana real estate transactions provides buyers with information about:
- In Louisiana, a 'brownfield redevelopment' project typically involves which government incentive?
- Louisiana's 'Voluntary Remediation Program' (VRP) administered by LDEQ allows property owners to:
- Which of the following Louisiana properties is most likely to have naturally occurring asbestos in building materials?
- In Louisiana, the Mississippi River Corridor contains many industrial facilities. Properties near these facilities should be evaluated for:
- In Louisiana, 'vapor intrusion' is an environmental concern because:
- In Louisiana, the 'Private Works Act' (RS 9:4801 et seq.) is relevant to real estate buyers because it governs:
- In Louisiana, a property near a sugarcane processing facility may have environmental concerns related to:
- The term 'RCRA' (Resource Conservation and Recovery Act) is relevant to Louisiana real estate because it regulates:
- A Louisiana property seller is required to disclose the existence of a prior termite infestation when:
- In Louisiana, the 'Coastal Restoration and Protection Authority' (CPRA) was created after Hurricanes Katrina and Rita to:
- In Louisiana, elevated house construction (raised foundations) is most commonly required to comply with:
- In Louisiana, a 'mitigation bank' for wetlands allows developers who must fill wetlands to:
- In Louisiana, the 'Hazard Mitigation Grant Program' (HMGP) provides funding after federally declared disasters to:
- In Louisiana, a property buyer should know that a 'Community Rating System' (CRS) classification of their community affects their:
- In Louisiana, the 'Atchafalaya Basin' is ecologically important and relevant to real estate because:
- In Louisiana, 'saltwater intrusion' is an environmental and real estate concern because:
- In Louisiana, a homeowner who discovers their property is within 300 feet of a Superfund (CERCLIS) listed site should:
- In Louisiana, the 'Louisiana Environmental Quality Act' (LEQA) grants the LDEQ authority to:
- In Louisiana, properties near the Mississippi River Industrial Corridor often show lower values due to which environmental principle?
- Louisiana properties near former industrial sites may require testing for which of the following environmental hazards associated with petrochemical operations?
- Under federal law, sellers of pre-1978 residential properties must provide buyers with:
- In Louisiana, the state agency responsible for environmental permitting and remediation oversight is:
- A Louisiana property is located in a Special Flood Hazard Area (SFHA) designated Zone AE on the FEMA flood map. Which of the following is required for a federally backed mortgage on this property?
- A Louisiana property owner discovers an underground storage tank (UST) on their recently purchased commercial property. The owner should:
- Wetlands in Louisiana are regulated primarily by which combination of agencies?
- Louisiana's coastal parishes are required to comply with floodplain management regulations to remain eligible for the National Flood Insurance Program (NFIP). A community that does NOT participate in NFIP:
- A Louisiana residential property built before 1978 that is being renovated must comply with which federal regulation regarding lead-based paint?
- Louisiana's 'Cancer Alley' region refers to an area along the Mississippi River that has elevated health concerns primarily due to:
- Under CERCLA (Superfund), an 'innocent landowner' defense may be available to a Louisiana property purchaser who:
- Louisiana's coastal erosion problem affects real estate because:
- Louisiana's 'Statewide Order 29-B' regulates which of the following real estate-related environmental activities?
- Which of the following Louisiana property types would most likely require a Phase II environmental site assessment before a commercial purchase?
- A Louisiana real estate agent representing a buyer of a commercial property near a former gasoline station should recommend that the buyer:
- Formaldehyde is a potential indoor air quality concern in Louisiana homes primarily because it off-gasses from:
- A Louisiana residential property owner discovers black mold (Stachybotrys) behind the walls during renovation. The appropriate response is to:
- Under Louisiana law, a seller of residential property is generally required to disclose known hazardous substances on the property. This disclosure requirement is found in:
- Louisiana's 'Notification of Voluntary Remedial Action' program allows property owners to:
- Louisiana buyers of residential property built before 1978 have a federally mandated right to conduct a lead-based paint inspection for a period of:
- The 'Community Right-to-Know' provisions of SARA Title III require facilities in Louisiana that use certain hazardous chemicals to:
Escrow & Title
97 questions- In Louisiana, the public official who traditionally closes real estate transactions and authenticates deeds is the:
- In Louisiana, a real estate sale is recorded in the:
- Constructive notice in real estate means:
- An 'act of sale' in Louisiana real estate is equivalent to which document in most other states?
- In Louisiana, which office maintains the public records of real estate transactions?
- Title insurance in Louisiana protects against:
- In a Louisiana real estate closing, the party that typically acts as a settlement agent and prepares the act of sale is the:
- A 'lis pendens' recorded against a Louisiana property means:
- An owner's title insurance policy in Louisiana is typically paid for by:
- What is a 'cloud on title' in Louisiana real estate?
- In Louisiana, mortgage loans are recorded in the:
- Which document in Louisiana certifies that the property has no outstanding liens or encumbrances before the act of sale?
- Which of the following best describes 'actual notice' in real estate?
- In Louisiana, a 'quitclaim deed' equivalent would transfer:
- In Louisiana, the 'chain of title' refers to:
- A 'title defect' in Louisiana may be caused by all of the following EXCEPT:
- In Louisiana, a 'vendor's lien' or 'seller's lien' is:
- What does a 'title commitment' (or binder) represent in a Louisiana real estate transaction?
- In Louisiana, when must a notice of lis pendens be filed to provide constructive notice of a pending lawsuit?
- A 'mortgagee's title insurance policy' in Louisiana protects:
- In a Louisiana real estate closing, disbursements from the closing proceeds are typically made by the:
- The ALTA (American Land Title Association) closing protection letter in Louisiana protects:
- What is the purpose of 'proration' of property taxes at a Louisiana closing?
- In Louisiana, 'recordation' of the act of sale in the parish conveyance records is important because it:
- In Louisiana, an 'Act of Sale' must be executed before a:
- Title to Louisiana immovable property is transferred by recording the Act of Sale in:
- A title search in Louisiana typically examines the chain of title for how many years?
- Which of the following best describes 'constructive notice' in Louisiana real estate?
- Owner's title insurance in Louisiana protects the:
- In Louisiana, the closing agent's responsibility for handling funds during a real estate closing is governed by:
- RESPA requires that buyers receive a Loan Estimate within how many business days of submitting a loan application?
- A lender's title insurance policy in Louisiana protects the:
- In Louisiana, real estate closing costs are typically prorated between buyer and seller as of the:
- A 'cloud on title' in Louisiana means:
- Title to Louisiana real property may be acquired by all of the following EXCEPT:
- A Louisiana title company discovers a judgment lien on a property prior to closing. The most likely resolution is:
- In Louisiana, the purpose of recording the Act of Sale in the parish conveyance records is to:
- A buyer's attorney in a Louisiana real estate transaction typically reviews the title abstract and issues a(n):
- The 'closing disclosure' in a Louisiana mortgage transaction must be provided to the borrower at least how many business days before closing?
- A Louisiana buyer wants to verify that there are no outstanding tax liens against the property before closing. They should order a:
- In Louisiana, the transfer tax on the sale of immovable property is called:
- Which of the following is a title defect that would be covered by a standard owner's title insurance policy in Louisiana?
- In Louisiana, a 'survey exception' in a title insurance policy means the insurer:
- In Louisiana, which of the following represents a 'marketable title'?
- In Louisiana, RESPA prohibits all of the following EXCEPT:
- In Louisiana, a 'judgment lien' becomes a lien on a debtor's immovable property when it is:
- The primary purpose of a Louisiana title abstract is to:
- In Louisiana, the 'law day' in an older mortgage refers to:
- In a Louisiana closing, the 'closing statement' (settlement statement) provides both buyer and seller with:
- A 'mechanic's lien' in Louisiana (materialmen's lien) arises when:
- In Louisiana, the seller's obligation at closing includes:
- Which of the following is typically a buyer's closing cost in Louisiana?
- In Louisiana, a property may have both a conventional mortgage and a judgment lien. In the event of a foreclosure, which would typically be paid first?
- A Louisiana property owner grants a servitude of passage to their neighbor's property. For this predial servitude to be binding on subsequent buyers of the servient estate, it must be:
- In Louisiana, 'title by estoppel' can arise when:
- Louisiana's 'registry system' means that real property transactions are effective against third parties only when:
- In Louisiana, which party typically pays the seller's real estate commission and title/attorney fees?
- In Louisiana, 'interpleader' in a real estate escrow dispute allows a broker to:
- A 'gap in the chain of title' in Louisiana means:
- In Louisiana, the 'Cancellation of Mortgage' (Act of Release) must be filed to:
- In Louisiana, a 'writ of seizure and sale' in a mortgage foreclosure is the court order that:
- In Louisiana, a buyer who purchases at a sheriff's sale typically takes title by way of a(n):
- In Louisiana, a 'tax sale' occurs when:
- In Louisiana, what is the period for redemption after a property tax sale?
- A 'title search' for a Louisiana property typically searches the public records back:
- In Louisiana, the term 'paraphe' refers to:
- In Louisiana, the closing attorney (notary) represents:
- In Louisiana, the 'dedication of streets' in a subdivision plat means:
- In Louisiana, when competing liens exist on a property, which lien typically has the highest priority in a foreclosure?
- In Louisiana, which of the following documents is used to transfer ownership of immovable property from a deceased person's estate to heirs?
- In Louisiana, a 'usufruct over community property' is often granted to a surviving spouse in a succession because it:
- In Louisiana, a 'procès-verbal de bornage' (boundary survey) serves to:
- In Louisiana, a 'title binder' (or title commitment) from a title insurance company is:
- In Louisiana, a 'tax certificat' (tax certificate) obtained at closing verifies that:
- In Louisiana, 'adverse possession' of immovable property (acquisitive prescription) requires the possession to be:
- In Louisiana, the 'abstract of title' is prepared from which public records?
- In Louisiana, a buyer who takes title from a seller who had a voidable title (e.g., title obtained by fraud) in good faith and for value generally:
- In Louisiana, which public records system is used to search for recorded mortgages and encumbrances on real property?
- A title insurance policy that protects the lender against defects in title is called a(n):
- At a Louisiana real estate closing, the notary public's primary role is to:
- In Louisiana, an 'encumbrance' on real property includes which of the following?
- In Louisiana, a judicial mortgage is created by:
- A Louisiana title examiner discovers that a prior deed in the chain of title was signed by only one spouse on property that was community property. This is:
- In Louisiana, a 'lis pendens' notice filed against a property serves to:
- In Louisiana, a 'cancellation of mortgage' (mainlevée) is required to:
- A Louisiana title company discovers that a property has a recorded servitude of view that prevents construction of a fence above a certain height. This servitude would be found in:
- In Louisiana, which of the following is a 'general warranty' covenant provided in a warranty deed?
- In Louisiana, a 'survey exception' in a title insurance commitment means:
- In Louisiana, a 'cash for keys' arrangement between a landlord and a departing tenant or foreclosed homeowner is typically structured as:
- In Louisiana, a 'partition by licitation' is a court-ordered process that:
- In Louisiana, the Act of Sale for a residential transaction is typically prepared by:
- In Louisiana, 'constructive notice' through recordation means that:
- In Louisiana, a 'title plant' maintained by a title company refers to:
- In Louisiana, which of the following is typically prorated between buyer and seller at closing?
- In Louisiana, a 'sheriff's deed' is issued when property is sold:
- In Louisiana, a 'tax certificate' (also called a tax sale certificate) represents:
- In Louisiana, which of the following documents is used to release a buyer from a purchase agreement due to failure of a suspensive condition?
Fair Housing
95 questions- Under the Fair Housing Act, which of the following advertising statements would be considered a violation?
- The Americans with Disabilities Act (ADA) requires real estate businesses to:
- A landlord who refuses to rent to a tenant because the tenant is pregnant is violating which protected class?
- Fair housing complaints at the federal level may be filed with:
- The Fair Housing Act of 1968 originally protected against discrimination based on which classes?
- Steering in real estate refers to the illegal practice of:
- Under the Fair Housing Act, which of the following housing exemptions permits an owner of a single-family home to discriminate without using a licensed agent?
- Blockbusting is an illegal fair housing practice where a real estate agent:
- A person who believes they have been a victim of housing discrimination must file a complaint with HUD within:
- Which of the following is a reasonable accommodation under the Fair Housing Act for a person with a disability?
- Redlining in real estate refers to the illegal practice of:
- Which of the following is NOT a protected class under the federal Fair Housing Act?
- Which Louisiana law prohibits housing discrimination and may offer additional protections beyond the federal Fair Housing Act?
- A landlord may legally refuse to rent to a tenant who has a disability if:
- Which of the following is an example of 'disparate impact' under the Fair Housing Act?
- Under the Fair Housing Act, a housing provider may deny a request for a reasonable accommodation only if:
- Which of the following actions by a real estate agent would be considered illegal under the Fair Housing Act?
- The Civil Rights Act of 1866 prohibits discrimination based on:
- A landlord who charges a higher security deposit to a tenant from a particular national origin is violating the Fair Housing Act because:
- Which of the following properties is EXEMPT from the Fair Housing Act?
- Under the Fair Housing Act, which of the following is a lawful housing practice?
- In Louisiana, fair housing complaints may be filed with which state agency?
- A real estate agent who informs a prospective buyer that 'this neighborhood is changing' as a coded reference to the racial composition is engaged in:
- Which of the following is a reasonable modification under the Fair Housing Act for a disabled tenant?
- The federal Fair Housing Act prohibits discrimination in the sale or rental of housing based on all of the following EXCEPT:
- The Louisiana Fair Housing Act covers protections that are:
- Steering in real estate means:
- Blockbusting is an illegal practice that involves:
- A Louisiana landlord refuses to rent to a family with children, citing a 'no children' policy. This most likely violates the Fair Housing Act prohibition on discrimination based on:
- Which of the following is a legitimate exemption under the federal Fair Housing Act?
- What is 'redlining' in the context of fair housing?
- Under the Fair Housing Act, which of the following persons with disabilities may request a reasonable accommodation from a landlord?
- A Louisiana real estate licensee should respond to a prospective buyer's question about the racial makeup of a neighborhood by:
- A person who believes they have been the victim of housing discrimination in Louisiana may file a complaint with:
- A Louisiana landlord may legally ask a prospective tenant:
- Under fair housing law, a 'reasonable modification' for a tenant with a disability in Louisiana means:
- Which type of housing is exempt from the familial status protections of the Fair Housing Act?
- A Louisiana real estate agent who only shows Asian clients homes in predominantly Asian neighborhoods and discourages them from viewing homes in other areas is guilty of:
- Under the Fair Housing Act, the prohibition against discrimination in 'terms and conditions' of a rental would include:
- A Louisiana landlord refuses to rent to a tenant because the tenant has a support animal for a mental health disability. The landlord's actions:
- The 'disparate impact' theory of housing discrimination holds that:
- Under the Fair Housing Act, sex discrimination in housing includes:
- In Louisiana, which entity investigates fair housing complaints filed under state law?
- A real estate broker in Louisiana creates a separate 'minority relocation service' for Hispanic clients with different property listings than the mainstream service. This is:
- Under the Fair Housing Act, a newspaper in Louisiana that publishes a rental advertisement stating 'No children' is:
- A Louisiana real estate agent should respond to a seller's request to 'only show the house to American buyers' by:
- The Fair Housing Act's prohibitions on disability discrimination require all NEW multifamily buildings of 4 or more units built after March 1991 to have:
- Which federal agency enforces the Fair Housing Act?
- The Louisiana Fair Housing Act provides protection at the state level that covers at minimum the same classes as federal law. A unique feature of the New Orleans Human Relations Commission is that it also covers:
- A Louisiana landlord with a criminal background screening policy that results in rejecting a higher percentage of African American applicants than white applicants:
- A Louisiana real estate agent who markets a property using only images of people of a specific race to suggest the neighborhood's demographic character is:
- Under ECOA, within how many days must a creditor notify an applicant of a credit decision?
- The Fair Housing Act requires that all covered multifamily housing built after March 13, 1991 provide accessible design features. This applies to buildings with:
- A Louisiana housing provider may charge a tenant with a disability a refundable pet deposit for a pet (non-service animal), but for a service or assistance animal, the housing provider:
- Which of the following is an example of illegal discrimination based on national origin in Louisiana housing?
- A Louisiana landlord can legally deny housing to a person with a disability if:
- The 'testers' used by fair housing organizations in Louisiana visit real estate offices and rental properties to:
- In Louisiana, a landlord who uses income requirements (e.g., rent must not exceed 1/3 of gross income) applied consistently to all applicants:
- The federal Fair Housing Act was enacted primarily in response to:
- Under the ADA, which of the following Louisiana businesses is required to be accessible to persons with disabilities?
- The 1988 amendments to the Fair Housing Act added which two new protected classes?
- A Louisiana REALTOR® who is asked by a seller to exclude their property from certain databases based on the buyer's race is obligated to:
- In Louisiana, a potential buyer with a disability asks a seller if the house can be modified to accommodate their wheelchair. The seller must:
- Which of the following is a permissible occupancy standard under Louisiana fair housing law?
- A Louisiana real estate broker who receives a fair housing complaint from a consumer should:
- In Louisiana, a landlord who adds a surcharge only to tenants who pay with Housing Choice (Section 8) vouchers because of the administrative requirements is:
- Under Louisiana fair housing law, advertising a property as being in a 'good Christian neighborhood' would most likely violate protections based on:
- A Louisiana real estate company that refuses to hire African American agents 'because our clients in this area prefer white agents' is violating:
- In Louisiana, a 'no vouchers accepted' rental policy may violate fair housing because:
- The purpose of the Louisiana Commission on Human Rights (LCHR) includes:
- In Louisiana, a real estate agent who uses social media algorithms to target housing ads to specific demographic groups may violate fair housing law if:
- The 'Affirmatively Furthering Fair Housing' (AFFH) rule requires HUD recipients (including Louisiana entities receiving HUD funds) to:
- In Louisiana, a homeowner renting out a room in their owner-occupied single-family home may be exempt from certain Fair Housing Act provisions under the:
- In Louisiana, the federal Fair Housing Act prohibits 'discriminatory terms and conditions' in housing transactions. An example of this is:
- The Civil Rights Act of 1866 provides protection against racial discrimination in property transactions that is broader than the Fair Housing Act because:
- Under the federal Fair Housing Act, a landlord who requires a higher security deposit from applicants with disabilities than from applicants without disabilities is:
- In Louisiana, which of the following is NOT a protected class under the federal Fair Housing Act?
- A Louisiana property manager who steers minority applicants away from certain neighborhoods and toward others is engaging in:
- A Louisiana condominium association that refuses to allow a unit owner to install a wheelchair ramp at their own expense is likely violating the Fair Housing Act because:
- A Louisiana real estate agent who tells a prospective white buyer that a neighborhood is 'changing' to discourage them from purchasing there is engaging in:
- Under the Fair Housing Act, a landlord may legally refuse to rent to a prospective tenant who:
- Under the Fair Housing Act's familial status protections, 'familial status' means:
- A Louisiana apartment complex that advertises exclusively in publications targeting one ethnic group to the exclusion of others is likely engaging in:
- Under the Fair Housing Act, 'reasonable accommodation' for a person with a disability means:
- Which Louisiana state agency investigates complaints of housing discrimination that fall under state fair housing law?
- A Louisiana property owner with four or fewer units who lives in one of the units is exempt from the federal Fair Housing Act for certain types of discrimination. This is known as the:
- A Louisiana property manager who requires all applicants to earn at least 3 times the monthly rent is:
- A Louisiana housing provider who asks on a rental application 'Do you have any children?' is:
- Under the Fair Housing Act, a housing provider who sets different lease terms and conditions for applicants based on national origin is engaging in:
- Under the Fair Housing Act, which of the following is an example of 'quid pro quo' sexual harassment in housing?
- A Louisiana housing development that is restricted to residents aged 55 or older and meets the requirements of the Housing for Older Persons Act (HOPA) is exempt from the Fair Housing Act's:
- Under the Fair Housing Act, a landlord may legally require a tenant with a disability who installs a wheelchair ramp to:
- A Louisiana real estate company whose advertising consistently shows only white families in property photos may be violating the Fair Housing Act's prohibition against:
- A Louisiana housing provider who retaliates against a tenant for filing a Fair Housing complaint by attempting to evict them is:
- A Louisiana REALTOR® who belongs to an MLS is generally required by NAR Code of Ethics to:
Land Use & Zoning
90 questions- In Louisiana, zoning authority is exercised primarily by:
- A 'variance' in zoning law is:
- A 'non-conforming use' in zoning refers to:
- The right of eminent domain allows the government to:
- A 'special use permit' (conditional use permit) in Louisiana allows:
- A deed restriction differs from zoning in that deed restrictions are:
- The term 'setback' in zoning refers to:
- A 'buffer zone' in land use planning is typically used to:
- The police power of government in real estate refers to its authority to:
- In Louisiana, a 'parish' is the equivalent of which political subdivision in other U.S. states?
- A 'planned unit development' (PUD) in Louisiana allows:
- Spot zoning is generally considered illegal because it:
- A 'regulatory taking' under U.S. constitutional law occurs when:
- In Louisiana, a 'comprehensive plan' or 'master plan' serves as:
- Under Louisiana law, who has the authority to grant variances from local zoning requirements?
- The term 'floor-area ratio' (FAR) in zoning refers to:
- A 'restrictive covenant' in a residential subdivision runs with the land, meaning:
- In Louisiana, the 'Coastal Use Permit' program is administered by:
- A 'building permit' is required in Louisiana before:
- Escheat in Louisiana refers to the right of the:
- Zoning in Louisiana is primarily a power exercised by:
- A 'variance' in zoning law refers to:
- A 'nonconforming use' in Louisiana zoning occurs when:
- A 'conditional use permit' (special use permit) in Louisiana allows:
- The comprehensive plan (master plan) in Louisiana municipalities serves as:
- A Louisiana property is subject to private deed restrictions that are more restrictive than local zoning. Which governs?
- Eminent domain in Louisiana allows the government to:
- In Louisiana, the term 'expropriation' is equivalent to which common law term?
- Building codes in Louisiana are intended to:
- A buffer zone in zoning is typically used to:
- A 'spot zone' in Louisiana occurs when:
- Historic preservation districts in Louisiana, such as the New Orleans French Quarter, restrict:
- Agricultural use classification in Louisiana real estate means the property is primarily used for:
- In Louisiana, a 'plat' is a:
- The 'police power' that allows Louisiana governments to enact zoning laws is based on:
- A 'taking' under the Fifth Amendment occurs in real estate when:
- In Louisiana, subdivision regulations typically control all of the following EXCEPT:
- A 'mixed-use' zoning district in a Louisiana city allows:
- Which of the following best describes a 'scenic easement' in Louisiana land use?
- In Louisiana, a developer who creates a planned unit development (PUD) must typically receive approval from:
- In Louisiana, a 'Vieux Carré Commission' (or similar historic district authority) regulates development in historic districts by:
- In Louisiana, 'interim zoning' is sometimes used when:
- A Louisiana developer who constructs housing in a floodplain without required elevation certificates and NFIP compliance is at risk of:
- A 'transfer of development rights' (TDR) program in Louisiana allows a property owner to:
- Under Louisiana's Coastal Zone Management Program, development activities within the coastal zone generally require:
- In Louisiana, 'setback requirements' in zoning refer to:
- A Louisiana municipality's 'floor area ratio' (FAR) controls:
- An 'agricultural servitude' in the context of Louisiana land conservation refers to:
- In Louisiana, a 'use variance' is more difficult to obtain than an 'area variance' because:
- The Louisiana 'Local Government Comprehensive Zoning Enabling Act' authorizes local governments to:
- In Louisiana, a 'Neighborhood Conservation District' (NCD) is designed to:
- In Louisiana, 'amortization' in the context of nonconforming uses means:
- In Louisiana, 'contract zoning' is generally discouraged or prohibited because:
- In Louisiana, 'impact fees' charged by local governments when new development is approved are designed to:
- The Louisiana 'Coastal Use Permit' is not required for which of the following activities in the coastal zone?
- In Louisiana, 'inclusionary zoning' requires developers to:
- In Louisiana, a 'master-planned community' typically features:
- A Louisiana property's 'highest and best use' may change over time because of:
- In Louisiana, the 'comprehensive plan' typically addresses which of the following planning elements?
- In Louisiana, a 'Historic Tax Credit' program encourages property owners to rehabilitate historic buildings by providing:
- In Louisiana, a 'corridor study' conducted before a major highway expansion is intended to:
- In Louisiana, 'form-based zoning' focuses primarily on:
- In Louisiana, an 'overlay district' in zoning:
- A Louisiana municipality's 'zoning map amendment' (rezoning) changes the zoning classification of specific property. This requires:
- In Louisiana, 'tax increment financing' (TIF) for development districts works by:
- In Louisiana, a 'design review' process for commercial buildings in a historic district considers:
- In Louisiana, a 'density bonus' in zoning is an incentive that allows developers to:
- In Louisiana, 'urban renewal' and 'redevelopment' programs typically involve:
- In Louisiana, a 'Right of Reversion' (possibility of reverter) in a deed means the property:
- In Louisiana, restrictive covenants in subdivision deed restrictions typically run with the land, meaning they:
- A Louisiana municipality wants to allow a specific property use that does not conform to current zoning but is in the public interest. This is accomplished through a:
- In Louisiana, the Coastal Zone Management Act regulates development in coastal areas primarily to:
- A property owner in a Louisiana municipality wishes to subdivide a large lot into several smaller building lots. This process requires approval of a:
- In New Orleans, the Vieux Carré Commission regulates development in the French Quarter primarily to:
- A Louisiana property that was legally used as a commercial laundry before surrounding properties were rezoned residential may continue as a laundry as a:
- A 'buffer zone' in Louisiana land use planning is an area that:
- A 'planned unit development' (PUD) in Louisiana allows developers to:
- In Louisiana, which of the following is a characteristic of a 'general plan' (comprehensive plan)?
- In Louisiana, the right of 'eminent domain' allows government entities to:
- A Louisiana parish with a newly adopted Master Plan must ensure that its zoning ordinances are:
- A 'takings' claim under the 5th Amendment arises when government action:
- A 'floor area ratio' (FAR) is a zoning regulation that controls:
- In Louisiana, a 'spot zone' occurs when:
- In Louisiana, a 'development agreement' between a municipality and a developer typically:
- In Louisiana, a 'transfer of development rights' (TDR) program allows property owners in designated conservation areas to:
- In Louisiana, the 'police power' that enables municipalities to enact zoning laws is derived from:
- An 'overlay district' in Louisiana zoning is a district that:
- In Louisiana, a 'historic preservation easement' is a voluntary legal agreement in which a property owner:
- A Louisiana municipality's 'interim development ordinance' or 'moratorium' temporarily prohibits new development while:
- In Louisiana, which of the following best describes the relationship between state enabling legislation and local zoning authority?
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