Terms Used In Louisiana Revised Statutes > Title 23 > Chapter 9 > Part II - Contracts

• Associate broker: means a person who holds a broker's license and who is exclusively affiliated with and sponsored by another licensed real estate broker to participate in any activity described in this Section. See Louisiana Revised Statutes 37:1431
• Commission: means the Louisiana Real Estate Commission. See Louisiana Revised Statutes 37:1431
• Commission: means the Louisiana Workforce Commission. See Louisiana Revised Statutes 23:1
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Individual real estate broker: means an individual person licensed as a real estate broker and does not mean a licensed corporation, limited liability company, or partnership licensed as a real estate broker. See Louisiana Revised Statutes 37:1431
• Licensee: means any person who has been issued a license by the commission to participate in any activity described in this Section. See Louisiana Revised Statutes 37:1431
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Quorum: The number of legislators that must be present to do business.
• Real estate: shall mean and include condominiums and leaseholds, as well as any other interest in land, with the exceptions of oil, gas and other minerals and whether the real estate is situated in this state or elsewhere. See Louisiana Revised Statutes 37:1431
• real estate broker: means a licensed real estate broker performing activities as an individual real estate broker, a sponsoring broker or designated qualifying broker, or a corporation, partnership, or limited liability company which has been granted a real estate license through a designated qualifying broker. See Louisiana Revised Statutes 37:1431
• Sponsoring broker: means any individual real estate broker who sponsors associate brokers or real estate salespersons who participate in any activity described in this Section. See Louisiana Revised Statutes 37:1431
• Timeshare developer: means an individual, partnership, limited liability company, corporation, or other legal entity, or the successor or assignee thereof, who creates a timeshare plan or who is in the business of making sales of timeshare interests which it owns or purports to own. See Louisiana Revised Statutes 37:1431
• Trustee: A person or institution holding and administering property in trust.