Finance
In Louisiana, a 'vendor's privilege' (privilege du vendeur) is a type of:
APersonal right to repurchase the property
BStatutory lien on immovable property in favor of the unpaid seller for the purchase price✓ Correct
CDiscount given to repeat buyers
DFirst refusal right on adjacent properties
Explanation
A vendor's privilege is a statutory lien (privilege) in favor of the seller of immovable property for the unpaid purchase price. Under Louisiana Civil Law, the seller has a privileged claim on the property until the price is fully paid, ranking ahead of certain other creditors.
Related Louisiana Finance Questions
- Louisiana's 'usury laws' historically limited the interest rate lenders could charge. Today, these limits are primarily relevant because:
- A 'construction loan' in Louisiana is typically characterized by:
- Private mortgage insurance (PMI) is typically required when the buyer's down payment is:
- What is the maximum seller concession allowed on a conventional loan with a down payment between 10% and 25%?
- A VA loan in Louisiana is available to:
- HMDA (Home Mortgage Disclosure Act) requires lenders to:
- An 'assumable mortgage' in Louisiana allows:
- An FHA loan in Louisiana differs from a conventional loan primarily because:
Practice More Louisiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Louisiana Quiz →