LOUISIANA LIFE INSURANCE EXAM 2026-2027
QUESTIONS AND ANSWERS GRADED A+
Licensed brokers or salespersons advertising property, which they own, must
include the term _______ in all printed and other materials.
owner/agent
All advertisements of residential property must have a _____ that the
advertisement is published or distributed on.
date
If the advertisement is published in a magazine or newspaper the date of the
publication is sufficient.
Brokers affiliated with franchises must include what in all advertising?
The names of both the franchise and the broker
Salespersons and associate brokers may only receive payments of commissions
from?
their sponsoring broker
Salespersons and brokers are required to present all offers to principals as soon as
possible after they have been submitted.
,Under state licensing law, fully executed purchase or listing agreements must be
delivered to all parties within ___ days of all signatures being obtained on the
document.
5
All sales escrow accounts shall include the wording "_____________", in their title
in addition to the name of the broker as licensed by the commission to do business.
Sales Escrow Account
What is it called, when a broker puts a deposit in his personal account?
co-mingling
What if a broker used a deposit to pay an electricity bill?
What would this be called?
Conversion
Brokers are not to commingle their own funds with deposits received from or on
behalf of principals to a transaction, except that the broker may deposit up to
$____ of his personal money in an escrow account to avoid bank charges.
$2,500
, It is the responsibility of licensed salespersons and associate brokers to deliver all
deposits to their sponsoring broker. When should they do this?
Immediately upon receipt
If you close your escrow account down. How long do you have to notify the
Commission?
10 days AFTER closing.
Who holds the deposit?
Typically, the broker
The Louisiana Real Estate Recovery Fund was established to compensate any
person who has suffered monetary damages as a result of a licensee's violation of
the license law as part of any transaction involving the sale or lease of real
property. This fund is maintained at a level or $________ with excess funds
transferred each year to the _____________ of the Commission.
$400,000
Research and Education Fund
Persons who ARE NOT eligible for Recovery fund compensation include:
-The spouse of the judgement debtor or personal rep of each spouse.
-A licensed broker or salesperson who acted as a principal or an agent in the
transaction which is the subject of the claim.
QUESTIONS AND ANSWERS GRADED A+
Licensed brokers or salespersons advertising property, which they own, must
include the term _______ in all printed and other materials.
owner/agent
All advertisements of residential property must have a _____ that the
advertisement is published or distributed on.
date
If the advertisement is published in a magazine or newspaper the date of the
publication is sufficient.
Brokers affiliated with franchises must include what in all advertising?
The names of both the franchise and the broker
Salespersons and associate brokers may only receive payments of commissions
from?
their sponsoring broker
Salespersons and brokers are required to present all offers to principals as soon as
possible after they have been submitted.
,Under state licensing law, fully executed purchase or listing agreements must be
delivered to all parties within ___ days of all signatures being obtained on the
document.
5
All sales escrow accounts shall include the wording "_____________", in their title
in addition to the name of the broker as licensed by the commission to do business.
Sales Escrow Account
What is it called, when a broker puts a deposit in his personal account?
co-mingling
What if a broker used a deposit to pay an electricity bill?
What would this be called?
Conversion
Brokers are not to commingle their own funds with deposits received from or on
behalf of principals to a transaction, except that the broker may deposit up to
$____ of his personal money in an escrow account to avoid bank charges.
$2,500
, It is the responsibility of licensed salespersons and associate brokers to deliver all
deposits to their sponsoring broker. When should they do this?
Immediately upon receipt
If you close your escrow account down. How long do you have to notify the
Commission?
10 days AFTER closing.
Who holds the deposit?
Typically, the broker
The Louisiana Real Estate Recovery Fund was established to compensate any
person who has suffered monetary damages as a result of a licensee's violation of
the license law as part of any transaction involving the sale or lease of real
property. This fund is maintained at a level or $________ with excess funds
transferred each year to the _____________ of the Commission.
$400,000
Research and Education Fund
Persons who ARE NOT eligible for Recovery fund compensation include:
-The spouse of the judgement debtor or personal rep of each spouse.
-A licensed broker or salesperson who acted as a principal or an agent in the
transaction which is the subject of the claim.
