§ 37:1430 Short title
§ 37:1431 As used in this Chapter the following words have the meaning ascribed to them in this Section unless the context clearly indicates otherwise:
§ 37:1432 Louisiana Real Estate Commission; qualifications; terms of office
§ 37:1433 A. The commission shall elect from its members a chairman and a secretary and shall select a vice chairman to serve in the absence of the chairman.
§ 37:1434 Domicile
§ 37:1435 A. The commission shall have the full power and authority to:
§ 37:1435.1 A. As used in this Section, the following terms have the following meanings:
§ 37:1436 A. Licenses issued by the commission shall be classed as active and inactive.
§ 37:1437 A. Any person, partnership, limited liability company, association, or corporation, or other legal entity desiring to conduct real estate activity in this state, shall file an applic
§ 37:1437.1 A. Any person or entity desiring to engage directly in the business of selling timeshare interests must register with the commission.
§ 37:1437.2 A. Any corporation, limited liability company, or partnership formed under the laws of this state or any foreign corporation, limited liability company, or partnership that has been
§ 37:1437.3 A. An inactive license status shall be established.
§ 37:1438 A. The provisions of this Chapter shall not apply to:
§ 37:1439 A. Upon compliance with the provisions of this Chapter and with the rules and regulations of the commission, the commission shall issue the appropriate license, certificate, or regis
§ 37:1440 Examination
§ 37:1441 A. When the sponsorship of an associate broker or salesperson is terminated for any reason, the terminating party shall submit a form attesting to the termination to the commission,
§ 37:1442 A.(1) Each license or registration issued pursuant to this Chapter shall be:
§ 37:1443 The commission may charge:
§ 37:1444 Broker, place of business; branch office license
§ 37:1445 Unlicensed persons cannot recover brokerage charges
§ 37:1446 A. No payment of a commission or compensation shall be made by any licensee or registrant to any person who has not first secured a license or registration under the provisions of th
§ 37:1447 Referral fees; interference with brokerage relationships
§ 37:1448 Revocation or suspension of licenses
§ 37:1448.1 Non-compete agreements
§ 37:1448.2 Revocation or suspension of registration
§ 37:1448.3 Acts 2015, No. 81, §1.
§ 37:1449 A. Licensees acting in the capacity of an agent or subagent, and registrants shall insure that their respective principal party signing any document in a real estate transaction is p
§ 37:1449.1 Duty of real estate licensees to use purchase agreement forms
§ 37:1450 Duty of licensees, registrants, and certificate holders to report legal action pertaining to real estate activities
§ 37:1451 A. (1) The commission shall be notified in writing when a sponsoring broker dies and shall have the authority to appoint an active licensed associate broker or salesperson to complet
§ 37:1453 Investigations
§ 37:1454 False information
§ 37:1455 Causes for censure, suspension, or revocation of license, registration, or certification
§ 37:1456 Notice of charges; hearing; censure, suspension, or revocation of license, registration, or certificate; criminal action
§ 37:1457 A. If an appeal is taken under R.S. 37:1456, the court shall receive the entire record of the hearing.
§ 37:1458 Penalty
§ 37:1459 A.(1) In addition to any other civil remedy or civil penalty provided for in this Chapter, the commission may issue a subpoena to any person or persons who the commission has probabl
§ 37:1460 Certification and regulation of real estate schools, instructors and continuing education vendors
§ 37:1460.1 A. A vendor which has been licensed by the Louisiana Real Estate Commission to provide continuing education courses to licensees of the commission shall be exempt from the continuing
§ 37:1461 Real estate recovery fund
§ 37:1462 Conditions for recovery; eligibility
§ 37:1463 Payment from the fund
§ 37:1464 Real Estate Research and Education Fund
§ 37:1465 A person, partnership, limited liability company, association, or corporation, foreign or domestic, acting in the capacity of a franchisor shall not enter into a franchise agre
§ 37:1466 A. All active licensees licensed in accordance with the provisions of this Chapter are mandated to carry errors and omissions insurance to cover all activities contemplated under thi
§ 37:1467 Agency
§ 37:1468 A. The fact or suspicion that a property might be or is psychologically impacted, such impact being the result of facts or suspicions, including but not limited to:
§ 37:1469 Offender notification
§ 37:1470 Mold informational pamphlet; liability of licensees

Terms Used In Louisiana Revised Statutes > Title 37 > Chapter 17 - Louisiana Real Estate License Law

  • 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
  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • 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.
  • Benefit: means any advantage, profit, privilege, gain, status, account or interest other than wages or salary for work performed that accrues by reason of the employment or an employer policy, plan or practice that includes rights and benefits under a pension plan, insurance coverage, vacation, or employee stock ownership plan. See Louisiana Revised Statutes 23:1017.1
  • Buyer: includes a lessee. See Louisiana Revised Statutes 37:1431
  • 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
  • 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
  • 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
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Dependent: A person dependent for support upon another.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • 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
  • 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
  • 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
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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
  • Ex officio: Literally, by virtue of one's office.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • 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
  • 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
  • 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.
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • 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.
  • 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
  • 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.
  • 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 agent: means a licensee who has obtained a listing of real estate to act as an agent for compensation. 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
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Mold: means any form of multicellular fungi that live on plant or animal matter and in indoor or outdoor environments. See Louisiana Revised Statutes 37:1431
  • Oath: A promise to tell the truth.
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Property management: means the marketing, leasing, or overall management of real property for others for a fee, commission, compensation, or other valuable consideration. See Louisiana Revised Statutes 37:1431
  • Property manager: means one who, for a fee, commission, or other valuable consideration, manages real estate, including the collection of rents, supervision of property maintenance, and accounting for fees received for another. See Louisiana Revised Statutes 37:1431
  • 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 activity: means any activity relating to any portion of a real estate transaction performed for another by any person, partnership, limited liability company, association, or corporation, foreign or domestic, whether pursuant to a power of attorney or otherwise, who for a fee, commission, or other valuable consideration or with the intention, in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration:

                (a) Sells, exchanges, purchases, manages, rents, or leases or negotiates the sale, exchange, purchase, rental, or leasing of real estate. 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 continuing education vendor: means any school, place, individual, or institution certified by the Louisiana Real Estate Commission which offers courses or seminars in real estate and related subjects to fulfill continuing education requirements for license or certificate renewal purposes. 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 school: includes any place or institution certified by the commission which is open to the public for the instruction or training of individuals to engage in the selling of real estate. 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
  • 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
  • Subpoena: A command to a witness to appear and give testimony.
  • Subpoena duces tecum: A command to a witness to produce documents.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • 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
  • Trustee: A person or institution holding and administering property in trust.
  • Uphold: The decision of an appellate court not to reverse a lower court decision.
  • Venue: The geographical location in which a case is tried.
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.