Louisiana Real Estate Salesperson Exam

Louisiana Real Estate Salesperson Exam: National Portion

The National Portion of the Louisiana Real Estate Salesperson exam consists of questions aimed at measuring an individual's understanding of real estate concepts at a broader level. To succeed in this portion of the exam, candidates must be familiar with the following 11 topics:

• Property Ownership: Content covered in this section includes a comparison of different types of property, encumbrances, and land characteristics. Candidates should also be familiar with the different types of ownership, including those related to tenancy and condominiums.
• Land Use Controls and Regulation: Test takers must be familiar with concepts regarding property taxes and eminent domain. This topic also covers specific government controls such as building codes and land regulations. Examinees should also be familiar with concepts related to deeds and covenants.
• Valuation and Market Analysis: Candidates should prepare to answer questions regarding the basics of and procedures for utilizing appraisals. Additionally, individuals should be aware of the different factors that affect property valuation and the methods used to calculate this. Finally, one must understand varied approaches to market analysis.
• Financing: Test takers must understand the terminology used in the real estate profession. This topic also covers loans and their varying forms. Test takers should be familiar with lending processes, including the laws associated with this, and the concept of underwriting.
• General Principles of Agency: Candidates should understand the multifaceted landscape related to agencies. Individuals must understand an agent's obligation to their clients and identify pertinent components of agreements and contracts. This topic also covers the ethical responsibilities of agents and terminations.
• Property Disclosures: Candidates must understand the importance of assessing property conditions and disclosing relevant findings. Test takers should know the requirements and conditions for disclosures, such as those regarding environmental factors, as mandated by the government.
• Contracts: To prepare for the Louisiana Real Estate Salesperson exam, test takers should ensure their knowledge of contracts; this includes concepts such as validity and breaches. Candidates should also be familiar with purchase agreements and counteroffers.
• Leasing and Property Management: For this topic, test takers should understand leases and their varying forms, such as percentage and ground leases. Individuals must also be aware of the rights held by the members of a lease agreement, including what proper management should look like.
• Transfer of Title: This topic asks candidates to be familiar with the title transfer process. Candidates should be able to explain the role of deeds and warranties within this process, as well as the duties associated with closing.
• Practice of Real Estate: Candidates should possess a working knowledge of escrow accounts and laws related to the practice of real estate including ADA laws and antitrust laws. Within this topic, individuals must also demonstrate their knowledge of ethical advertising.
• Real Estate Calculations: Test takers must understand standard mathematical concepts relevant to real estate, including calculations used for loan-to-value ratios and equity. Candidates must also show proficiency in transactional mathematics, which includes calculations such as prorations and property tax.

Louisiana Real Estate Salesperson Exam: State Portion

The State Portion of the Louisiana Real Estate Salesperson exam is designed to test candidates' knowledge of state-specific real estate concepts. When preparing for this portion, individuals should ensure their familiarity with the following 5 topics:

• Duties and Powers of the Real Estate Commission: This topic tests candidates' knowledge of the Real Estate Commission and its powers. These powers include the ability to access records and conduct investigations. Depending on the outcome of an investigation, it may also impose sanctions.
• Licensing Requirements: Examinees must possess a knowledge of licensing in terms of eligibility and renewal. Test takers should understand the purpose of obtaining licensure and the varying options available to prospective licensees.
• Statutory Requirements Governing the Activities of Licensees: Individuals should be aware of the legal foundations of real estate sales in Louisiana, including items such as commissions, disclosures, and listings. This topic also explores the differing roles of brokers and salespersons.
• Louisiana Civil Law System: This topic focuses further on the relevant aspects of Louisiana law. Candidates should be familiar with concepts such as property, ownership, and sales. Test takers should also be familiar with the different types of contracts and offers, including revocable and irrevocable offers.
• Louisiana Law of Agency: Finally, individuals should be aware of Louisiana-specific statutes that impact how real estate professionals interact with various parties, such as clients. Test takers should be able to define key concepts related to agency and explain the responsibilities of real estate licensees to their clients.