Free Louisiana Real Estate Practice Exam

Q1.A borrower receives a Closing Disclosure on Monday. Under TRID rules, what is the earliest day the closing can occur?

• A.Tuesday
• B.Wednesday
• C.Thursday
• D.Friday

Q2.A Louisiana dual agent learns that the buyer client is pre-approved for a higher loan amount than their current offer but wants to offer less to get a better deal. The seller has indicated they might accept a lower offer due to time constraints. How should the dual agent handle this situation?

• A.Tell the seller about the buyer's higher pre-approval
• B.Tell the buyer about the seller's time constraints
• C.Maintain confidentiality for both parties
• D.Encourage both parties to disclose information directly

Q3.A Louisiana real estate salesperson license must be renewed every:

• A.1 year
• B.2 years
• C.3 years
• D.4 years

Q4.In Louisiana, which form is required to be signed by both parties when there is a change to an existing purchase agreement?

• A.Amendment to Purchase Agreement
• B.Addendum to Purchase Agreement
• C.Modification Notice
• D.Contract Revision Form

Q5.What is the primary purpose of the Uniform Standards of Professional Appraisal Practice (USPAP)?

• A.To establish minimum licensing requirements for real estate appraisers
• B.To provide ethical and performance standards for appraisal practice
• C.To determine the maximum fees appraisers can charge for their services
• D.To regulate which properties require professional appraisals

Q6.Under Louisiana Real Estate License Law, what is a transaction broker's primary obligation to the parties?

• A.To negotiate the best possible price for the buyer
• B.To negotiate the best possible price for the seller
• C.To provide honest and fair dealing to all parties
• D.To maintain confidentiality only for the listing agent

Q7.A life estate holder (life tenant) has the right to:

• A.Sell the property and keep all proceeds
• B.Use and occupy the property during their lifetime
• C.Will the property to their heirs
• D.Demolish buildings without restriction

Q8.What is the gross rent multiplier (GRM) if a property's monthly rental income is $2,000 and it sold for $240,000?

• A.10
• B.12
• C.120
• D.240

Q9.A Louisiana licensee representing a buyer learns that the seller is divorcing and needs to sell quickly. Can the licensee share this information with their buyer client to help in negotiations?

• A.Yes, because it's material information for negotiations
• B.No, because it violates the seller's privacy rights
• C.Yes, if the information was obtained from public records
• D.No, unless the seller specifically authorized disclosure

Q10.Under Louisiana law, what is the minimum age requirement for a person to enter into a real estate purchase agreement?

• A.16 years old
• B.17 years old
• C.18 years old
• D.21 years old

Q11.Under Louisiana fair housing law, which of the following characteristics is NOT protected when making housing decisions?

• A.Sexual orientation
• B.Income level
• C.Disability
• D.Familial status

Q12.A buyer's lender requires an environmental assessment before approving a commercial loan. The Phase I ESA reveals a recognized environmental condition (REC). What should the broker recommend as the next step?

• A.Proceed with the transaction since Phase I found no actual contamination
• B.Cancel the transaction immediately
• C.Recommend a Phase II Environmental Site Assessment to determine if contamination exists
• D.Require the seller to remediate the property before closing

Q13.According to Louisiana Real Estate Commission rules, what must be included in every real estate purchase agreement to make it enforceable?

• A.The buyer's pre-approval letter
• B.A property inspection contingency
• C.The purchase price and property description
• D.The seller's disclosure statement

Q14.Under Louisiana Real Estate License Law, which of the following activities requires a real estate license when performed for compensation?

• A.Collecting rent for an owner of five or more rental units
• B.Collecting rent for an owner of three rental units
• C.Managing property owned by your employer as their employee
• D.Collecting rent as a licensed attorney in the course of legal practice

Q15.Disparate impact discrimination differs from disparate treatment because:

• A.It requires proof of discriminatory intent
• B.It involves a facially neutral policy that disproportionately affects a protected class
• C.It only applies to commercial properties
• D.It is not actionable under the Fair Housing Act