Terms Used In Louisiana Revised Statutes > Title 33 > Chapter 1 > Part IV > Subpart B-22 - Concordia Economic and Industrial Development District

• Active licensee: means any currently licensed person whose license has not been transferred to inactive status and who is 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
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Agent: means a licensee acting under the provisions of this Chapter in a real estate transaction. See Louisiana Revised Statutes 37:1431
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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.
• Child: means a person who is less than the maximum age specified for compulsory school attendance as provided in La. See Louisiana Revised Statutes 23:1015.1
• 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
• Compensation: means normal or regular base pay, but does not include overtime, per diem, differential pay or any other allowance for expenses incurred. See Louisiana Revised Statutes 23:1017.1
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• Disability: means a physical or mental impairment, which substantially limits one or more of the major life activities including but not limited to: caring for one's self, walking, hearing, speaking, breathing, learning, performing manual tasks and earning a living. See Louisiana Revised Statutes 23:1017.1
• Employee: means a natural person who is paid compensation in return for the performance of services. See Louisiana Revised Statutes 23:1015.1
• Employee: means any person employed by any private or public employer including an elected or appointed official. See Louisiana Revised Statutes 23:1017.1
• Employer: means any person, as provided for in Article 24 of the Civil Code, who in this state pays compensation to an employee in exchange for the performance of services. See Louisiana Revised Statutes 23:1015.1
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Essential functions: means the fundamental job duties of the employment position that the person with a disability held. See Louisiana Revised Statutes 23:1017.1
• 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.
• First responder: means a volunteer engaged in activities involving the Governor's Office of Homeland Security and Emergency Preparedness pursuant to La. See Louisiana Revised Statutes 23:1017.1
• Franchise agreement: means an agreement whereby one party, the franchisor, authorizes a real estate broker, the franchisee, to use registered trademarks or other advertising tools to create a common identity among several brokers nationally or regionally for marketing purposes. See Louisiana Revised Statutes 37:1431
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• 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.
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• 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 salesperson: means a person, other than an associate broker, sponsored by a licensed real estate broker to participate in any activity described in this Section. 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.
• Reasonable accommodation: means those actions taken by the employer including but not limited to training, changes to work schedule, job reassignment or modification, or physical modification to the work station that do not place an undue hardship on the employer or pose a direct threat or significant risk to the health and safety of the individual or others. See Louisiana Revised Statutes 23:1017.1
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• School: means an accredited public or private educational institution that provides educational services to children of compulsory attendance age. See Louisiana Revised Statutes 23:1015.1
• Secretary: means the secretary of the commission. See Louisiana Revised Statutes 23:1
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Uphold: The decision of an appellate court not to reverse a lower court decision.