Chapter LXVII

A. A sum not to exceed $2,500 may be kept in each sales escrow checking account, rental trust checking account, and security deposit trust checking account, which sum shall be specifically identified and deposited to cover bank service charges relating to the accounts, and shall …

A. Funds deposited into a sales escrow checking account, rental trust checking account, or security deposit trust checking account shall not be withdrawn for any purposes except: 1. upon the mutual written consent of all parties having an interest in the funds; 2. upon court orde…

A. Funds received in a real estate sales, lease or management transaction shall be deposited in the appropriate sales escrow checking account, rental trust checking account or security deposit trust checking account of the listing or managing broker unless all parties having an i…

A. No sales escrow checking account, rental trust checking account, or security deposit trust checking account may be closed until such time as all deposits therein have been properly disbursed. B. Bankruptcy and/or the revocation, suspension, or lapse of a broker license for any…

A. When a licensed agency is sold or otherwise acquired by another licensed agency the sponsoring broker of the acquiring agency shall notify the commission in writing of the acquisition and the anticipated date of the transfer of trust funds. The notice shall specify the name of…

A. When a dispute exists in a real estate transaction regarding the ownership or entitlement to funds held in a sales escrow checking account, the broker holding the funds shall send written notice to all parties and licensees involved in the transaction. Within 60 days of the sc…

A. Initial license applications shall be in such form and detail as prescribed by the commission and shall be accompanied by the fees prescribed in R.S. 37:1443 . B. Initial license applications shall be classed in the following categories: 1. salesperson; 2. broker-individual; 3…

A. The rules and regulations of the Louisiana Real Estate Appraisers Board pertaining to the licensing and regulation of appraisal management companies have been adopted pursuant to and in compliance with R.S. 37:3415.1 et seq. Any violation of these rules and regulations shall b…

A. Applicants for a salesperson license shall be sponsored by an active licensed broker and shall submit the Affidavit of Sponsorship Form (Part B) prescribed by the commission as proof of sponsorship. B. The Affidavit of Sponsorship Form (Part B) may be submitted with the initia…

A. Applications for initial licensing as an appraisal management company shall be in such form s and detail as prescribed by the board. Applicants shall submit all documentation requested on the application and shall adhere to any directions and deadlines prescribed therein. B. A…

A. Applicants for licensing as an appraisal management company shall submit proof of a surety bond in the amount of $20,000 with a surety company qualified to conduct business in Louisiana. B. Bonds shall be in favor of the state of Louisiana and conditioned for the benefit of a …

A. Each appraisal management company license shall be renewed annually. Timely submission of a renewal application shall rest solely with the licensee. B. The renewal application shall be in such form and detail as prescribed by the board and shall be accompanied by all documenta…

A. Prior to making an assignment to a real estate fee appraiser, licensees shall have a system in place to verify that the appraiser holds a license in good standing in this state pursuant to the Louisiana Real Estate Appraisers Law, R.S. 37:3391 et seq. Licensees may rely on the…

A. All initial license applications for an individual real estate broker or salesperson license shall be submitted with the following documentation: 1. proof of completion of the real estate instruction hours prescribed by R.S. 37:1437 ; a. real estate pre-license instruction hou…

A. Licensees shall maintain the following records in a complete and accurate manner: 1. all requests for appraisal services that have been referred to state certified real estate appraisers by the appraisal management company; 2. the amount of fees collected from borrowers or cli…

A. Licenses, registrations and certificates issued to individual real estate brokers, real estate salespersons, timeshare registrants, and real estate school instructors shall be issued in the legal name of the individual person. B. Licenses, registrations and certificates issued…

A. Licensees shall not permit an agent, or anyone acting on behalf of the licensee, to engage in any of the following activities: 1. requiring the appraiser to collect the appraisal fee from a borrower, homeowner or third party; 2. requiring the appraiser to provide the appraisal…

A. It shall not be deemed a prohibitive activity to: 1. provide an appraiser with a copy of the sales contract for a purchase transaction; 2. request additional information from an independent appraiser about the basis for a valuation; 3. request that an independent appraiser cor…

A. The board may, upon its own motion, and shall, upon the verified complaint in writing of any person, investigate the actions of a licensee or certificate holder, or any person who assumes to act as such. Written complaints shall bear the signature of the complainant or that of…

A. The Louisiana Real Estate Appraisers Board may censure, deny, suspend, or revoke an appraisal management company license, or may restrict or limit the activities of an appraisal management company or a person who owns an interest in or participates in the business of the appra…

A. Rehearings 1. An order of the board shall be subject to rehearing, reopening, or reconsideration by the board on receipt of a written request from a respondent. An application for rehearing, reopening, or reconsideration must be postmarked or received at the office of the boar…

A. On a finding that a respondent has committed the violation(s) as alleged in any formal or informal adjudicatory proceeding, the respondent may be assessed the administrative costs of the proceeding as determined by the board. Payment of these costs shall be a condition of sati…

A. The filing of a petition for judicial review does not itself stay enforcement of an order issued by the board. A stay of enforcement will be granted only when directed by the court conducting a judicial review of adjudication. Notes La. Admin. Code tit. 46 , § LXVII-30907 Prom…

A. The commission shall be notified in writing within 10 days of a change in the following information of a licensee, registrant, or certificate holder: 1. mailing address, physical address, or email address; 2. primary telephone number; or 3. any other contact information for th…

A. Except in the case of breach of contract or substandard performance of real estate appraisal activity, an appraisal management company shall make payment to an independent contractor appraiser for the completion of an appraisal or appraisal review assignment within 30 days aft…

A. When an appraisal obtained through an appraisal management company is used for loan purposes, the borrower or loan applicant shall be provided with a written disclosure of the total compensation to the appraiser or appraisal firm within the certification body of the appraisal …

A. The license status of a principal in a real estate transaction, whether individually or through an entity in which an interest is held by the licensee, shall be disclosed in writing to all other principals in the real estate transaction prior to entering into negotiations conc…

A. Buyer broker compensation shall not be included as part of closing costs paid by the seller, unless such compensation is disclosed in a written offer and accepted by the seller, which specifically states the amount of compensation being paid to the licensee. Notes La. Admin. C…

A. In accordance with R.S. 9:3196 through 9:3200, unless exempted therein, the seller of residential real property shall complete a property disclosure document in a form prescribed by the Louisiana Real Estate commission or a form that contains at least the minimum language pres…

A. Effective March 1, 1998, agency relations in real estate transactions will be governed by Chapter 4 of Code XV of Title 9 of the Louisiana Revised Statutes of 1950 comprised of R.S. 9:3891 - 3899 . Notes La. Admin. Code tit. 46 , § LXVII-3701 Promulgated by the Department of E…

A. Licensees shall provide the agency disclosure informational pamphlet or the agency disclosure form to all parties to a real estate transaction involving the sale or lease of real property. B. Licensees shall ensure that the pamphlets and forms are the most current versions pre…

A. The dual agency disclosure form will be used by licensees acting as a dual agent under R.S. 9:3897 . B. Licensees are responsible for ensuring that the form is the most current version prescribed by the commission and that reproductions of the form contain the identical langua…

A. The United States Environmental Protection Agency (EPA) shall be the official source of any mold informational pamphlet approved by the Louisiana Real Estate Commission. B. A licensee who chooses to deliver mold information to a buyer shall be deemed in compliance with R.S. 37…

A. The purchase agreement form used by licensees representing the buyer or seller in a residential real estate transaction shall be the Residential Agreement to Buy or Sell , or any successor thereof, prescribed by the Louisiana Real Estate Commission. B. The Residential Agreemen…

A. All written offers and counter offers for the purchase of real estate shall be presented to all buyers and/or sellers for their consideration and decision immediately, without delay. B. The licensee who prepares an offer or counter offer in a real estate transaction shall ensu…

A. Negotiations concerning property listed exclusively with a broker shall be carried on with the listing broker or agent designated by the listing broker, not the owner, except with the expressed consent of the listing broker. B. Negotiations with a buyer who has entered into an…

A. Designated agents receiving written offers or counter offers intransactions shall annotate the offers or counter offers to indicate the time of day and date the offers or counter offers were received. B. It shall be the responsibility of each of the designated agents to make r…

A. All written offers and counter offers presented to a seller and/or buyer and not accepted shall be clearly marked as rejected and signed by the seller and/or buyer. In any circumstance in which a seller and/or buyer refuses to sign a rejected offer or counter offer, the licens…

A. In the event the owner (seller) is not available and grants authority to the listing broker to reject an offer or counter offer, the listing broker or a licensee designated by the listing broker shall mark the offer or counter offer as rejected and sign the offer or counter of…

A. A complaint filed with the commission alleging one or more violations of the Louisiana Real Estate License Law or this Subpart shall bear the signature of the complainant or that of his or her legal representative. The commission shall not be required to take any action relati…

A. The commission's executive director may issue written authorization, upon documented probable cause, to investigate apparent violations of the Louisiana Real Estate License Law or this Subpart. Notes La. Admin. Code tit. 46 , § LXVII-4105 Promulgated by the Department of Econo…

A. The filing of a petition for judicial review by a respondent licensee does not itself stay enforcement of an order issued by the commission. A stay of enforcement shall be granted only when ordered by a court of appropriate jurisdiction. Notes La. Admin. Code tit. 46 , § LXVII…

A. Following a finding that a respondent has committed one or more violations alleged in any adjudicatory proceeding, the commission may assess the respondent with the administrative costs of the proceeding, as reasonably determined by the commission. Payment of the assessed cost…

A. It shall be the duty of all licensees, certificate holders, and registrants to have knowledge and be aware of all laws regulating the real estate industry in Louisiana including, but not limited to, these rules and regulations and the Louisiana Real Estate License Law as set f…

A. Licensees who are inducted into military service or those licensees in the military who are transferred out of state shall, upon furnishing appropriate evidence of their honorable service, be entitled to renewal of their licenses, without penalty, provided application is filed…

A. The commission may enter into a reciprocal agreement with the appropriate authority of any other state to permit any resident of that other state who is licensed there as a real estate broker or salesperson to obtain an equivalent Louisiana non-resident license and engage in t…

A. Any person residing in and licensed as a real estate broker or salesperson in a state whose appropriate authority has entered into a reciprocal agreement with the commission shall be granted an equivalent non-resident license by the commission upon applying and complying with …

A. The non-resident licensee is bound, in all respects, by the provisions of the Louisiana Real Estate License Law ( R.S. 37:1431 et seq.) and these regulations. Notes La. Admin. Code tit. 46 , § LXVII-4905 Promulgated by the Department of Economic Development, Real Estate Commis…

A. The commission shall issue an examination authorization to each eligible applicant. The examination authorization shall be valid for one year. B. It shall be the responsibility of each applicant that has received an examination authorization from the commission to contact the …

A. Any applicant who copies or communicates or attempts to copy or communicate examination content shall be considered in violation of examination security, which shall be grounds for denial of a license and the forfeiture of all fees. Notes La. Admin. Code tit. 46 , § LXVII-503 …