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LA: 45 HOUR LREC POST-LICENSE COURSE EXAM
LATEST UPDATES - 2025/2026- ACTUAL QUESTIONS
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Redhibition concerns: the condition of the property. If a dispute regarding the deposit occurs regarding ownership or entitlement to the deposit then the broker is obligated, within _____ days of the scheduled closing date, or determination or knowledge that such a dispute exists, whichever shall first occur, to disburse the funds upon the order of a court of competent jurisdiction. 90 The failure to follow the rules for formation of a contract means no contract will come into existence. Even if it appears that a contract exists, it can have a defect that can affect the existence of what appears to be a contract resulting in what is called nullity. There are two types of nullity: _____ null and _____ null contracts. absolutely, relatively A minor can become judicially emancipated from his parents at the age of: 16 Another term for "Cause" would be: Motive In Louisiana, majority is attained upon reaching the age of: 18 years
Consent is vitiated when it has been obtained by ____of such a nature as to cause a reasonable fear of unjust and considerable injury to a party's person, property or reputation. duress A contract made by a person without legal capacity is _____null and may be rescinded only at the request of that person or his legal representative. relatively Most purchase agreements fall into which of the following categories? Private signature A contract that violates a rule intended for the protection of private parties, as when a party lacked capacity or did not give free consent at the time the contract was made is said to be: relatively null Parties may stipulate the damages to be recovered in case of nonperformance, defective performance, or delay in performance of an obligation. These are called: liquidated damages. The opposite of gratuitous is: Onerous Ownership is composed of three basic rights: usus, fructus, and abusus which mean the right to: to use, to receive income and to dispose of. Building restrictions may be enforced by: mandatory and prohibitory injunctions. Brokers who accept deposits must place the deposit in the: Broker's Sales Escrow Account What eventually happens to the deposit given when a purchase agreement is executed?
buyer and the purchase agreement shall be declared null and void for all of the following reasons EXCEPT: The real estate agent quits. Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell: (Fill in the blank with the best term or statement) The owner of the mineral rights has ____________to go on the surface of the property for any purpose of developing the mineral rights. the absolute right Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell: Real property consisting of one to four residential dwelling units, which are buildings or structures, each of which are occupied or intended for occupancy as single family residences is known as: Residential real property Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell: Items that will remain with the house after the sale, but are not included in the sale price, such as the refrigerator, should be listed on: Lines 20 - 22 Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell: The Statewide Purchase Agreement provides that the deposit is due immediately upon acceptance of the offer. TRUE or FALSE? True Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell: Within how many days prior to the act of sale, does the buyer have the right to re-inspect the property? 5 days Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell: Lines 168-183 of the purchase
agreement refer to warranties, as is clauses, and new home warranties. In this section the agent should check: Only one box Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell: In regards to acceptance of the purchase agreement, which of the following is true? Acceptance may be communicated by fax. Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell: The inspection and due diligence period mentioned in lines 154-191 is where the: Buyer acknowledges that the sales price has been negotiated on the current condition of the property. Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell: During home inspections, the utilities should be supplied by the: Seller Lines 273 - 278 refer to the offender notification. Which of the following is a source of information for purchasers? Louisiana Bureau of Criminal Identification and Information The agreement will be interpreted and governed according to: the laws of Louisiana Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell: Defects in a property that are not apparent, or visible, or cannot be discovered by simple inspection are called _______ defects. redhibitory Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell: For the agreement to be legally binding it must be notarized by a Louisiana Notary. TRUE or FALSE? False
several assurances. One of these assurances is that so long as Lessee is not in default of the lease, lender and other third parties agree to maintain Lessee in peaceable possession of the leased premises under the same terms as the lease. This is known as: Non-Disturbance TRUE or FALSE: Commercial Lessors and Lessees are required by law to record their leases. These recordings of leases make all parts and conditions of the lease contract public record. False TRUE or FALSE: If the Lessee knows of vices or defects to the property and fails to notify the lessor, the Lessee's recovery for breach of warranty may be reduced accordingly. True A __________________ is a residential mortgage financing option in which a property is purchased using more than one mortgage from one or more mortgages. Very often, a second mortgage is secured from a lender different from the one providing the first mortgage. Piggyback Loan An instrument involving immovable property shall have effect against third persons only from the time it is: filed for registry in the parish where the property is located. Which type of contract is one in which parties obligate themselves reciprocally (both parties are obligated) thus requiring more than one performance? Bilateral A _________________ can be used to shorten a loan and thus reduce interest costs. The basic pattern is for the borrower to voluntarily make certain increased payments each period. The entire amount of the increased payment is applied to repayment of the principal. Growing Equity Mortgage
Of the two cap varieties available for ARM products, which can result in negative amortization? Payment Caps In an attempt to mitigate and reduce the risk of payment shock induced defaults, ARM product offerings were modified to incorporate caps on both adjusted rates and their resulting payments. The two types of caps are rate caps and payment caps. _________________ is the starting point for calculating a new note rate once the adjustment intervals arrive, and a new monthly payment must be calculated. The Index TRUE or FALSE: Bi-Weekly loans are a variant of a fixed rate level annuity loan, which simply increases the frequency of payment, while in the process of reducing the loan's overall interest carry costs. Over the course of a year 23 bi-weekly payments are made rather than 12 monthly ones. False Traditionally, the standard fixed rate level annuity loan was based on an amortization period of ____________. 30 Years __________________ step up the monthly payments at a pre-determined pace until the loan is then amortized at fixed, level payments. The payments are graduated from a discounted level in the initial year over a three to five year period. This payment schedule can lead to negative amortization, therefor lenders generally require a higher down payment. Graduated Payment Mortgage A provision built into the ARM that gives the borrower an option to change the loan to a fixed rate at certain points during the duration of the mortgage agreement is known as ________________. It is a provision that lenders may build into the loan, but at a cost to the borrower. Convertibility
__________ refers to the relative supply of properties that can meet the needs of potential buyers or tenants. It can be impacted by location and demographics as well as government policies and regulations. Scarcity __________, as a determinant of value, focuses on the study of people to establish whether or not they are present in sufficient numbers with needs, wants, and the ability and willingness to pay, to justify the introduction of specific goods or services. Demand Real estate brokers and their salespersons facilitate __________ by promoting the sale/lease of property, providing information which buyers and sellers can use to make decision, assisting principals in the negotiations process, and shepherding the sale to a closing. Transferability __________focuses on how well the product (property) meets the needs of its intended consumers; it relates directly to the benefits which the property can provide. Utility The principle of __________ states that market value is determined by the interaction of these two forces in the appropriate market as of the appraisal date. The appraiser must evaluate conditions and trends which are likely to influence these two forces. supply and demand Modern mortgages came into use when the __________ initiated a new type of mortgage for buyers who didn't have the 20 percent down payment required by other institutions. They eventually introduced amortized mortgages as well. Federal Housing Administration __________ are guaranteed by the Veteran's Administration. This program was created as a gesture of national gratitude for military personnel and
includes a home buying loan program that required virtually no down payment for qualified veteran applicants. VA Loans The __________ buyer has visited with a loan originator and answered questions regarding his financial and economic status. No credit report has been secured, nor has employment or savings been verified. The lender is saying, in effect, if this potential borrower has told the truth, he probably is eligible for a mortgage loan from some lender. pre-qualified All of the following are features of FHA loans EXCEPT Discount points are not allowed to be charged TRUE or FALSE: Conventional loan lenders require an appraisal and property inspection prior to writing the loan. False TRUE or FALSE: The down payment required for FHA loans is ten percent. False VA home loans may be used for all of the following except: Purchase of a second residence to be used as a vacation home __________ are up-front interest charges made by lenders who wish to offer a lower interest rate on loans. They are often charged to help purchasers who are close to, but do not actually, qualify at a slightly higher rate. Discount points Which of the following statements is TRUE regarding loans? Low borrower equity loans generally mean that there is a greater risk of borrower default. Which of the following is a disadvantage of private mortgage insurance (PMI)? It can be very expensive
Depository institutions such as commercial banks Demand for office and industrial space is linked to Economic and employment growth on both regional and national levels In essence, __________space is the best available space in a local market in that it is the best building available at the time in the best location. It is a relatively new building with modern architecture that projects an image of success with a large open entrance, often with a dramatic eye catching atrium. These buildings also have amenities such as shops or restaurants, health clubs, child care facilities, a cafeteria, package delivery stores and the like. Security will be obvious and the building will be exceptionally well maintained. Tenants in these buildings are typically paying the highest rents in the local market and thus for the prestigious image that the building projects. Tenants are making a statement to their customers and want to impress their clients and their competitors. Companies typically locating in these spaces include law firms, office of Fortune 500 companies, corporate office of banks and insurance companies, stock brokerage firms, and large advertising, public relations and lobbying firms. Class A In the for-sale segment of the market, active adult communities offer traditional homeownership in single-family detached homes, townhouses or multi-level condominiums targeted to households that have at least one member age _______ or above. 55 Which of the following statements regarding industrial space is TRUE? Rents and occupancy of industrial space tends to remain steady with modest increases and declines Which of the following statements concerning community development financing is TRUE? Community development finance decisions are more easily made in areas where the new entrants can gain market position without the necessity of taking business away from existing goods and services providers.
TRUE or FALSE: Alternative financing sources should always be considered even when conventional sources are more than sufficient to accomplish community economic development goals and execute specific projects or programs. False TRUE or FALSE: You may see commercial lenders, investors, or potential buyers at a professional gathering of commercial real estate agents. True TRUE or FALSE: In one way or another, every Class A building becomes a victim of the passage of time and thus subject to the intrusion of functional obsolescence which reflects changes in market needs and preferences as well as the march of new and ever-changing technology which renders some building systems inefficient and marginally useful. True __________ centers are groupings of discount stores directly operated by brand manufacturers or store chains selling non seasonal items and production overruns. Outlet Which of the following statements concerning commercial real estate is false? Commercial real estate salespeople should be embarrassed about asking questions because it demonstrates a lack of knowledge about the industry. Generally speaking, __________ building were once a higher class building that have good locations, are professionally managed, are of high quality construction, and have an impressive tenant mix. Although they are not new, these properties usually show very little deterioration, but may lack state of the art HVAC, lighting, or mechanical systems. Generally, they suffer from modest functional obsolescence that can be feasibly cured within current market rent levels. Class B
All of the following fuel demand for office space within a local market EXCEPT: Company downsizing and office consolidation TRUE or FALSE: Downtown locations still dominate office inventory with over two-thirds of multitenant office space being located in the heart of major cities. False __________ buildings cater to corporate and professional businesses that need to impress clients and customers and that require locations in good relative proximity to the concentrations of higher class building tenants in the same market. In many cases these buildings are able to accommodate the needs of those in the medical professions as well as consolidated concentrations of local, state or federal government agencies. Class B Community or super community shopping centers also provide for daily necessities, but include more ________ and specialty retailers. apparel Conventional lenders/investors typically should gauge their interest in a project by looking carefully at all of the following except: the political clout that will be gained by supporting an elected official's pet project Today, warehouse and industrial space most closely parallels __________ in terms of physical characteristics, classifications, and market forces. This is because many businesses now require flexible space to accommodate a growing range and mix of activities. office space TRUE or FALSE: It is unusual for a commercial real estate broker to specialize in one or two aspects of the CRE field because of the narrow focus of the industry. False
__________ is a category of the residential market where the definition of eligible population segments is based on criteria dictated by government funding programs. Affordable Housing _________center business tenants typically sell convenience goods such as food, drugs, toiletries, cards, flowers or provide personal services like dry cleaning, banking, package, shipping, hair and nail care, shoe repair, and video rentals. Neighborhood Which of the following would not be considered a desirable building amenity? One parking space per thousand square feet of office space TRUE or FALSE: The development of commercial real estate ventures usually only involves one or two people. False All of the following are benefits of sale-leasebacks except: The tenant corporation must now find a new facility to lease within a year TRUE or FALSE: Experienced commercial brokers should be able to provide all of the needed local information regarding zoning and land-use policies, economic issues, political dynamics as well as access to information and reliable resources addressing the competitive environment and supply/demand market forces. True Which of the following statements concerning commercial real estate is false? The Internet is not a good resource for commercial real estate agents because the information is generic and difficult to search through. Generally speaking, __________ buildings are typically the oldest and most functionally obsolete structures within a local market's office space inventory. They also suffer from locational obsolescence and usually are
large mall to reach one or two stores and thus are designed to reflect a more appealing pedestrian-oriented neighborhood business district. Lifestyle centers All of the following have lowered demand for office space EXCEPT: Corporate job growth and an increase in hiring __________ are common development types which usually include a range of housing types along with recreational amenities, supporting retail, and other commercial activities. The amenity packages are a consideration for potential buyers and usually represent significant up front infrastructure investments. Master-planned communities Which of the following statements regarding residential real estate agents and the commercial real estate industry is true? Residential and commercial real estate agents can mutually benefit from serving the needs of the same client or business associate. _____________________ may include rental or for sale units that have one or two bedrooms and full kitchens in buildings that have lounges, libraries, and activity and meeting rooms. Services can range from scheduled transportation to social and recreational activities, wellness programs, and sometimes meals and housekeeping, either optional or included in the rent. Age-restricted housing How many square miles are in a township? 36 Flood plain maps are published by: FEMA A property that has a limited market appeal, with a unique physical design, special construction materials, or a layout that restricts its utility to the use for which it was built is considered what type of property? special purpose
The term used to identify retail space is known as: gross leasable area Real estate analysts utilize vast amounts of data of different types which emanate from a variety of sources. Data is generally classified as general, specific, primary or: secondary According to the US EPA, green buildings are designed to reduce the overall impact of the built environment on human health and natural environment by all of the following EXCEPT: Profligately using energy, water, and other resources. Which of the following best describes the condition that indicates that significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion? Remodeled In appraisal theory, the conclusion of a value is called: reconciliation An analysis that describes adjustments and the direction of adjustments, however, does not provide numerical adjustment for various features is a: qualitative analysis A comparative analysis is: the process by which a value indication is derived by analyzing comparable sales. External obsolescence is the remaining loss after _______ and functional obsolescence have been deducted. physical deterioration [physical deterioration The vertical framings extending from the floor to the ceiling of a floor are called: studs A sale between related parties is considered to be what type of sale?
