Louisiana Real Estate Salesperson Exam — All Questions
455 questions
How long must a possessor hold a Louisiana immovable to acquire ownership by prescription without just title or good faith?
- a.Ten years
- b.Twenty years
- c.Three years
- d.Thirty years✓
The requisites for acquisitive prescription of ten years are possession of ten years, good faith, just title, and a thing susceptible of acquisition by prescription. Without just title or good faith, ownership and other real rights in immovables may still be acquired by the prescription of thirty years. Cite: La. Civil Code arts. 3475 and 3486.
After closing, a Louisiana buyer finds a hidden defect that makes the house all but unusable. Which action does the Civil Code give him?
- a.An action in lesion
- b.An action in redhibition✓
- c.An action to reform the act of sale
- d.An action in eviction against the seller
The seller warrants the buyer against redhibitory defects in the thing sold. A defect is redhibitory when it renders the thing useless, or its use so inconvenient that a buyer must be presumed not to have bought it had he known, which gives the buyer the right to rescission; a defect that merely diminishes usefulness or value limits him to a reduction of the price. Cite: La. Civil Code art. 2520.
What makes a Louisiana act of sale an authentic act?
- a.Execution before a notary and two witnesses, all of whom sign✓
- b.Recording it in the parish conveyance records
- c.The signature of both parties before a notary public
- d.An attorney's certificate of title attached to the act
An authentic act is a writing executed before a notary public or other authorized officer, in the presence of two witnesses, and signed by each party who executed it, by each witness, and by each notary before whom it was executed. It need not all be signed at one time or place so long as each party signs before a notary and two witnesses. Cite: La. Civil Code art. 1833(A) and (B).
A Louisiana seller hands over the property disclosure document after the buyer has already made his offer. What may the buyer do?
- a.Terminate at any time before the act of sale is passed
- b.Nothing, because his offer became binding when made
- c.Terminate within seventy-two hours of receiving the document✓
- d.Demand a price reduction equal to the cost of repairs
The seller must deliver the completed and signed property disclosure document no later than the time the purchaser makes an offer. If it comes later, the purchaser may terminate the resulting contract or withdraw the offer no later than seventy-two hours after receipt, excluding weekends and federal and state holidays, without penalty and with any deposit promptly returned. The right is waived if not exercised before transfer of title or occupancy, whichever comes first. Cite: La. R.S. 9:3198(B)(2) and (3).
How much of a Louisiana broker's own money may sit in the firm's sales escrow checking account?
- a.None whatsoever, under any circumstance
- b.One month of anticipated bank service charges
- c.Up to ten percent of the balance in the account
- d.Up to two thousand five hundred dollars for bank service charges✓
A sum not to exceed two thousand five hundred dollars may be kept in each sales escrow, rental trust, and security deposit trust checking account, specifically identified and deposited to cover bank service charges on that account, and used for no other purpose. A broker engaged in property management may keep more than that in a rental trust account for the temporary and limited purpose of meeting obligations for clients. Cite: LAC 46:LXVII.2713(A) and (B).