Terms Used In Louisiana Revised Statutes > Title 33 > Chapter 1 > Part IV > Subpart B-20 - Madison Parish Economic and Industrial Development District

• Agent: means a licensee acting under the provisions of this Chapter in a real estate transaction. See Louisiana Revised Statutes 37:1431
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appraisal: A determination of property value.
• Arrest: Taking physical custody of a person by lawful authority.
• 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
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Buyer: includes a lessee. See Louisiana Revised Statutes 37:1431
• Client: means one who engages the professional advice and services of a licensee as his agent and whose interests are protected by the specific duties and loyalties imposed by that relationship. 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
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Inactive licensee: means any currently licensed person whose license has been transferred to inactive status and who is not authorized to act in the capacity of a real estate broker or salesperson as provided for in this Chapter. See Louisiana Revised Statutes 37:1431
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• 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
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• 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
• Listing agreement: means a written document signed by all owners of real estate or their authorized attorney in fact authorizing a broker to offer or advertise real estate described in such document for sale or lease on specified terms for a defined period of time. 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.
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• Personal property: All property that is not real property.
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Qualifying broker: means the sponsoring broker for a licensed corporation, limited liability company, or partnership and is the individual real estate broker designated by a licensed corporation, limited liability company, or partnership, by resolution, as its representative in all matters relating to its real estate business activities in Louisiana and in administrative and regulatory matters before the commission. See Louisiana Revised Statutes 37:1431
• 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
• Real estate transaction: means the selling, offering for sale, buying, offering to buy, soliciting for prospective purchasers, managing, offering to manage, leasing, offering to lease, renting, or offering to rent any real estate or improvements thereon, or any business or other entity whose assets include real estate or leases of real estate. See Louisiana Revised Statutes 37:1431
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Seller: includes a lessor. 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
• Subagent: means a licensee, other than a listing agent or a buyer's agent, who acts in cooperation with a listing agent in a real estate transaction. 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
• Timeshare interest salesperson: means a person who directly sells or offers to sell any timeshare interest. See Louisiana Revised Statutes 37:1431
• Timeshare registrant: means timeshare interest salespersons or timeshare developers registered by the commission. See Louisiana Revised Statutes 37:1431