reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 17 - Termination Responsibilities › Section LXVII-1701 - Relinquishment of Business Related Property and Data

Current through Register Vol. 50, No. 6, June 20, 2024
A. A licensee whose business relationship
				  with a sponsoring broker has been terminated for any reason shall immediately
				  relinquish all business related property to the sponsoring broker, including:
1. the keys to any and all properties listed
				  with the broker;
2. any documents
				  that in any way pertain to real estate transactions wherein a broker or
				  licensees sponsored by the broker has appeared in a licensing capacity. This
				  does not preclude the licensee from retaining copies of such
				  documents.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 17 - Termination Responsibilities › Section LXVII-1703 - Financial Obligations; Commissions and Dues; Disputes

Current through Register Vol. 50, No. 6, June 20, 2024
A. The commission shall not intervene or
				  become otherwise involved in employment disputes or disputes pertaining to
				  financial obligations that are the result of a business relationship between a
				  broker and a sponsored licensee or a timeshare developer and timeshare sales
				  registrant, including the payment of commissions and dues to professional
				  organizations. Such disputes shall be settled by the respective parties or by a
				  court of competent jurisdiction.
B.
				  Employment disputes or disputes over financial obligations, commissions, or
				  dues shall not be cause for the failure of a sponsoring broker to return a
				  license or registration to the commission.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 18 - Broker Responsibilities › Section LXVII-1801 - Broker Supervision

Current through Register Vol. 50, No. 6, June 20, 2024
A. A broker
				  must provide a sponsored licensee with written notice and acknowledgement of
				  the activities that the broker authorizes the sponsored licensee to engage in
				  under R.S.
				  37:1431(24).
B. A broker who sponsors licensees or is a
				  qualifying broker for a corporation shall have written policies and procedures
				  to ensure the following:
1. each sponsored
				  licensee maintains their license in the active status at all times while they
				  are engaging in real estate activates as described in
				  R.S.
				  37:1431(24).
2. each sponsored licensee complies with the
				  advertising and team rules;
3. a
				  method and process for the sponsored licensee to provide documents to the
				  broker for compliance with record keeping.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 18 - Broker Responsibilities › Section LXVII-1803 - Record Keeping

Current through Register Vol. 50, No. 6, June 20, 2024
A. In a format
				  that is readily available to the commission and for a period of no less than
				  five years a broker must maintain at minimum the following records:
1. disclosures;
2. listing agreements, buyer representation
				  agreements, other written agreements that authorize licensees to advertise or
				  represent property for sale or lease, other written agreements that authorize
				  licensees to receive compensation;
3. contracts and related addenda;
4. receipts and disbursements of compensation
				  for services as defined under
				  R.S.
				  37:1431(24);
5. property management agreements;
6. appraisal, broker price opinions, and
				  comparative market analyses;
7.
				  sponsorship agreements and termination paperwork; and
8. independent contract agreements between
				  brokers and sponsored salespersons.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 18 - Broker Responsibilities › Section LXVII-1805 - Compensation

Current through Register Vol. 50, No. 6, June 20, 2024
A. Licensees who
				  are part of a group or team shall not receive compensation for acts or services
				  subject to
				  R.S.
				  37:1431.(24) from anyone within their
				  team.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1435.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 19 - Real Estate Teams and Groups › Section LXVII-1901 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. For the purpose
				  of this Chapter,
team
or
group
shall mean a
				  collective name used by two or more real estate licensees, who represent
				  themselves to the public as a part of one entity that performs real estate
				  license activities under the supervision of the same sponsoring
				  broker.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1430 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 19 - Real Estate Teams and Groups › Section LXVII-1903 - Sponsorship

Current through Register Vol. 50, No. 6, June 20, 2024
A. Team or group
				  members shall be sponsored by the same broker and, if applicable, shall conduct
				  all real estate license activity from the office or branch office where their
				  individual license is held.
B.
				  Licensees shall not form a team or group without written approval from the
				  sponsoring broker.
C. The
				  sponsoring broker shall designate a member of each approved team or group as
				  the contact member responsible for all communications between the broker and
				  the team.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1430 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 19 - Real Estate Teams and Groups › Section LXVII-1905 - Team or Group Names

Current through Register Vol. 50, No. 6, June 20, 2024
A. Team or
				  group names shall not contain terms that could lead the public to believe that
				  the team or group is offering real estate brokerage services independent of the
				  sponsoring broker. These terms shall include, but are not limited to:
1. real estate;
2. brokerage or real estate
				  brokerage;
3. realty;
4. company.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 19 - Real Estate Teams and Groups › Section LXVII-1907 - Team or Group Leaders

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  sponsoring broker shall be responsible for all license activity of team or
				  group members sponsored by the broker.
B. The designated contact member of each team
				  or group shall maintain a current list of all team or group members, which
				  shall be provided to the sponsoring broker upon formation of the team or group
				  and immediately upon any change thereafter.
C. A current record of all team or group
				  names, and the members thereof, shall be maintained by the sponsoring broker in
				  a manner that can be made readily available to the LREC upon request, including
				  record inspections.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1430 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 19 - Real Estate Teams and Groups › Section LXVII-1909 - Team Advertising

Current through Register Vol. 50, No. 6, June 20, 2024
A. A team
				  or group name shall not be used in advertising without the written approval of
				  the sponsoring broker.
B. The term
				  "team" or "group" may be used to advertise real estate license activities
				  provided that:
1. the use of the term does
				  not constitute the unlawful use of a trade name and is not deceptively similar
				  to a name under which any other person or entity is lawfully doing
				  business;
2. the team or group is
				  composed of more than one licensee;
3. the advertising complies with all other
				  applicable provisions of this Chapter and LAC 46:LXVII.Chapter 25 of these
				  rules and regulations.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 19 - Real Estate Teams and Groups › Section LXVII-1911 - Disputes

Current through Register Vol. 50, No. 6, June 20, 2024
A. The commission
				  shall not intervene or become otherwise involved in team or group disputes,
				  including those pertaining to financial obligations that are the result of a
				  business relationship between a team or group, team or group member, branch
				  manager, sponsoring broker, or any combination thereof, including the payment
				  of commissions and dues to professional organizations. Such disputes shall be
				  settled by the respective parties or by a court of competent
				  jurisdiction.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1430 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 21 - Concurrent Licenses and Registrations › Section LXVII-2101 - Broker or Salesperson License; Timeshare Interest Salesperson Registration

Current through Register Vol. 50, No. 6, June 20, 2024
A. A broker
				  may be concurrently licensed as an individual and as the designated qualifying
				  broker of one or more corporations, limited liability companies, and/or
				  partnerships.
B. Associate brokers
				  and salespersons shall not be sponsored by more than one sponsoring
				  broker.
C. A real estate license
				  and a timeshare interest salesperson registration shall not be issued
				  concurrently to any person. A broker shall not concurrently conduct real estate
				  activities as an individual real estate broker and as an associate broker
				  exclusively affiliated with another real estate broker.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 23 - Branch Offices › Section LXVII-2301 - Branch Office License

Current through Register Vol. 50, No. 6, June 20, 2024
A. An
				  office established by a broker or sponsored licensee for conducting any real
				  estate license activity at a separate address from the registered address of
				  the broker, wherein the name and telephone number of the broker or agency is
				  advertised in any way, shall be considered a branch office and shall be
				  licensed as such.
B. An application
				  for a branch office license shall be submitted on the forms prescribed by the
				  commission and accompanied by the fees prescribed in
				  R.S.
				  37:1443.
C. Every branch office shall be under the
				  direct supervision of a licensed individual broker who shall be designated in
				  writing as the branch office manager. A copy of the designation shall be
				  submitted to the commission within five days following the date of the original
				  designation or any changes thereto. Nothing shall preclude a sponsoring broker
				  from acting as the branch office manager for one or more branch
				  offices.
D. A broker designated as
				  a branch office manager shall be subject to the duties and penalties prescribed
				  for sponsoring brokers in
				  R.S.
				  37:1430 et seq.; however, this shall not
				  relieve the sponsoring broker of the ultimate responsibility for the branch
				  office operation.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 25 - Advertising; Disclosures; Representations › Section LXVII-2503 - Owner Authorization

Current through Register Vol. 50, No. 6, June 20, 2024
A. No
				  broker or licensee sponsored by said broker shall in any way advertise property
				  belonging to other persons as being for sale or rent or place a sign on any
				  such property offering the property for sale or rent without first obtaining
				  the written authorization to do so by all owners of the property or their
				  authorized attorney in fact.
B.
				  Undivided real estate may be offered for sale or lease with the written consent
				  of the owner of the property to be sold or leased as to his undivided portion
				  of the property.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 25 - Advertising; Disclosures; Representations › Section LXVII-2505 - Accuracy in Advertising

Current through Register Vol. 50, No. 6, June 20, 2024
A. All
				  advertising shall be an accurate representation of the property advertised. No
				  broker or licensee sponsored by said broker shall use advertising which is
				  misleading or inaccurate or in any way misrepresents any property, terms,
				  value, policies, or services of the business conducted. The advertising shall
				  not include any name or trade name of any franchiser or real estate
				  organization or association of which the licensee is not a member or
				  franchisee.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 25 - Advertising; Disclosures; Representations › Section LXVII-2507 - Advertisements of Residential Property

Current through Register Vol. 50, No. 6, June 20, 2024
A. All printed advertisements for the sale or
				  lease of residential real estate shall indicate the month and year the
				  advertisement is printed, published, or distributed. Advertisements printed or
				  published in newspapers, real estate trade publications and commercial
				  magazines and brochures bearing an issue or publication date will be considered
				  in compliance with this Section.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 25 - Advertising; Disclosures; Representations › Section LXVII-2509 - Advertisements by Franchise Organizations

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any licensed broker or salesperson
				  affiliated with a franchise organization must disclose to the public that the
				  real estate brokerage firm is independently owned and operated in all
				  advertising.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 25 - Advertising; Disclosures; Representations › Section LXVII-2511 - Agent Owner-Licensed Agent

Current through Register Vol. 50, No. 6, June 20, 2024
A. A
				  licensed broker or salesperson who offers property in which he or she owns any
				  interest as being for sale or rent shall state in any advertising, and on any
				  sign placed on the property, that he or she is a licensed real estate
				  agent.
B. Any licensed broker or
				  salesperson that advertises, or offers to purchase or rent property for his or
				  her own full or partial interest shall state in any advertisement that he or
				  she is a licensed real estate agent.
C. Including the term "licensed real estate
				  agent" in any advertisement or on any sign shall be sufficient to satisfy this
				  requirement.
D. This Section is not
				  applicable to the sale, rental, or acquisition of property by licensees under a
				  contractual agreement with a licensed Louisiana real estate broker.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 25 - Advertising; Disclosures; Representations › Section LXVII-2515 - Internet Advertising

Current through Register Vol. 50, No. 6, June 20, 2024
A. A real
				  estate broker advertising or marketing on a site on the Internet must include
				  the following data on each page of the site on which the advertisement appears:
1. the broker's name or trade name as
				  registered with the commission;
2.
				  the city and state in which the broker's main office or branch office is
				  located.
3. the regulatory
				  jurisdiction(s) in which the broker holds a real estate brokerage
				  license.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 26 - Residential Property Management › Section LXVII-2601 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Property Management
-the marketing,
					 leasing, or overall management of real property for others for a fee,
					 commission, compensation, or other valuable consideration.
Property Manager
-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.
Residential Real Property
-real property
					 consisting of one or not more than four residential dwelling units, which are
					 buildings or structures each of which are occupied or intended for occupancy as
					 single-family residences.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 26 - Residential Property Management › Section LXVII-2603 - Management Authorization

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Licensees shall not engage in property management on behalf of another without
				  written authorization from the property owner(s). Salespersons and associate
				  brokers shall not conduct property management functions on behalf of another,
				  except through their sponsoring broker.
B. Written authorization to manage property
				  must at minimum include the following:
1. the
				  duties and responsibilities of the property manager;
2. the authority and powers given by the
				  property owner to the property manager;
3. the period of the agreement; and
4. the management fees charged to the
				  property owner
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 26 - Residential Property Management › Section LXVII-2605 - Trust Funds, Deposits, and Accounts for Property Management

Current through Register Vol. 50, No. 6, June 20, 2024
A. Licensees
				  engaged in property management on behalf of another shall open and maintain
				  accounts in accordance with Chapter 27 of the rules and regulations of the
				  commission.
B. All security deposit
				  and rental trust funds shall not be withdrawn for any purpose except:
1. upon the mutual written consent of all
				  parties having an interest in the funds;
2. upon court order;
3. to deposit funds into the registry of the
				  court in a concursus proceeding;
4.
				  to disburse funds upon a reasonable interpretation of the contract that
				  authorizes the broke to hold such funds, provided that the disbursement is not
				  made until 10 days after the broker has notified all parties and licensees in
				  writing;
5. to cover the payment of
				  service charges on security deposit and rental trust accounts;
6. upon approval by the commission in
				  connection with the sale or acquisition of a licensed entity;
7. to comply with the provision of 9:3251 or
				  any other state or federal statute governing the transfer of rents, security
				  deposits or other escrow funds.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 26 - Residential Property Management › Section LXVII-2607 - Property Management Records

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Licensees engaged in property management shall retain all of the following
				  records, readily available and properly indexed, for a period of five years:
1. Bank statements, deposit slips, management
				  agreements, lease agreements, owner ledgers or statements, deposit slips,
				  disbursement checks, invoices, cash receipts, and any other documents that
				  pertain to the management of the property.
2. Copies of all documents that pertain in
				  any way to real estate transactions wherein the individual real estate broker
				  or licensees sponsored by the individual real estate broker have appeared in a
				  licensing capacity.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 26 - Residential Property Management › Section LXVII-2609 - Exemptions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The provisions
				  of this section shall not apply to an unlicensed person, partnership, limited
				  liability company, association or corporation, foreign or domestic, who
				  performs acts of ownership regarding the property, either individually or
				  through an employer or representative.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431
					 etseq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2701 - Resident Broker Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A. A
				  resident broker, including corporations, partnerships and limited liability
				  companies, who accepts any funds on behalf of clients in a real estate sales
				  transaction shall open and maintain a sales escrow checking account in a
				  financial institution in the state of Louisiana. All sales escrow accounts
				  shall be titled in the identical wording as stated on the broker's license and
				  the wording "Sales Escrow Account" shall be imprinted on all checks and bank
				  statements issued in connection with this account. Except as otherwise provided
				  in this Chapter, all funds received by a broker in connection with the sale of
				  real estate shall be deposited in this account when there is a written contract
				  to buy and sell real estate that has been fully executed and accepted by both
				  buyer and seller.
B. A resident
				  broker, including corporations, partnerships and limited liability companies,
				  engaged in the management of property owned by other persons shall open and
				  maintain a rental trust checking account in a financial institution in the
				  state of Louisiana. All rental trust accounts shall be titled in the identical
				  wording as stated on the broker's license and the wording "Rental Trust
				  Account" shall be imprinted on all checks and bank statements issued in
				  connection with this account. Except as otherwise provided in this Chapter, all
				  funds collected as rental payments from or on behalf of clients in connection
				  with the management of properties owned by other persons shall be deposited
				  into this account.
C. A resident
				  broker, including corporations, partnerships and limited liability companies,
				  engaged in the collection of rental security or damage deposits in connection
				  with property management activities on behalf of clients shall open a security
				  deposit trust checking account in a financial institution in the state of
				  Louisiana. All security deposit trust accounts shall be titled in the identical
				  wording as stated on the broker's license and the wording "Security Deposit
				  Trust Account" shall be imprinted on all checks and bank statements issued in
				  connection with this account. Except as otherwise provided in this Chapter, all
				  funds collected as rental security or damage deposits from or on behalf of
				  clients shall be deposited into this account.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2703 - Non-Resident Broker Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Non-resident brokers shall open and maintain sales escrow checking accounts,
				  rental trust checking accounts, and security deposit checking accounts, as
				  provided in
				  §2701 of
				  this Chapter; however, these accounts shall be opened and maintained in a
				  Louisiana financial institution or a financial institution located in the
				  resident state of the broker.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2705 - Change in License Status; Associate Broker and Inactive Broker Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Associate brokers are prohibited from opening and maintaining a sales escrow
				  checking account, rental trust checking account, or security deposit trust
				  checking account. All funds received by an associate broker in any real estate
				  transaction shall be placed in the custody of the sponsoring broker.
B. An associate broker previously licensed as
				  an individual broker or an active broker transferring to inactive status:
1. shall maintain all sales escrow checking
				  accounts, rental trust checking accounts, or security deposit trust checking
				  accounts for the limited and specific purpose of completing pending
				  transactions and disbursing all deposits contained therein;
2. shall not deposit additional funds in
				  sales escrow checking accounts, rental trust checking accounts, or security
				  deposit trust checking accounts as of the effective date of affiliation with a
				  sponsoring broker or transfer to inactive status
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2707 - Branch Office Accounts

Current through Register Vol. 50, No. 6, June 20, 2024
A. A
				  broker may open additional sales escrow checking accounts, rental trust
				  checking accounts, and security deposit trust checking accounts to accommodate
				  business transacted out of a branch office.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2708 - Signatory Rights on Checking Accounts

Current through Register Vol. 50, No. 6, June 20, 2024
A. An individual real estate broker shall be
				  an authorized signatory on each sales escrow checking account, rental trust
				  checking account, or security deposit trust checking account and shall be
				  responsible for the proper maintenance and disbursal of any funds contained
				  therein The addition of sponsored licensees and/or employees of the broker as
				  signatories on the accounts shall not relieve the individual real estate broker
				  of this responsibility.
B. The
				  qualifying broker of a licensed corporation, partnership or limited liability
				  company shall be an authorized signatory on sales escrow checking accounts,
				  rental trust checking accounts and security deposit trust checking accounts
				  maintained by the licensed entity and shall be responsible for the proper
				  maintenance and disbursal of any funds contained therein. The addition of
				  sponsored licensees, principals and/or employees of the licensed entity as
				  signatories on the accounts shall not relieve the qualifying broker of this
				  responsibility.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2709 - Additional Accounts

Current through Register Vol. 50, No. 6, June 20, 2024
A. Where the
				  interest of the principal parties to a transaction or series of transactions
				  would be served thereby, and with the prior written consent of the principal
				  parties, a broker or non-resident broker may open an additional sales escrow
				  checking account, rental trust checking account or security deposit trust
				  checking account, as prescribed in
				  §2701 of
				  this Chapter, and shall deposit therein all funds received in trust on behalf
				  of the parties to the transaction or series of transactions.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2711 - Non-Interest Bearing Checking Accounts

Current through Register Vol. 50, No. 6, June 20, 2024
A. Every sales escrow checking account,
				  rental trust checking account or security deposit trust checking account shall
				  be opened as a non-interest bearing checking account unless all parties having
				  an interest in the funds to be deposited therein have agreed otherwise in
				  writing.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2713 - Personal Funds in Escrow and Trust Checking Accounts

Current through Register Vol. 50, No. 6, June 20, 2024
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 not
				  be used for any other purpose.
B. A
				  broker engaged in property management activities may keep funds in excess of
				  $2,500 in a rental trust checking account for the temporary, limited, and
				  specific purpose of enabling the broker to satisfy financial obligations for or
				  on behalf of clients.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2715 - Withdrawal

Current through Register Vol. 50, No. 6, June 20, 2024
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 order;
3. to deposit funds into the registry of the
				  court in a concursus proceeding;
4.
				  to disburse funds upon a reasonable interpretation of the contract that
				  authorizes the broker to hold such funds, provided that the disbursement is not
				  made until 10 days after the broker has notified all parties and licensees in
				  writing;
6. to return the funds to
				  a buyer at the time of closing;
7.
				  to cover the payment of service charges on sales escrow checking accounts,
				  rental trust checking accounts, and security deposit trust checking
				  accounts;
8. upon approval by the
				  commission in connection with the sale or acquisition of a licensed
				  entity;
9. to comply with the
				  provisions of
				  R.S.
				  9:3251 or any other state or federal statute
				  governing the transfer of rents, security deposits or other escrow
				  funds.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2717 - Deposits

Current through Register Vol. 50, No. 6, June 20, 2024
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 interest in the funds have agreed otherwise in
				  writing.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2719 - Account Closing

Current through Register Vol. 50, No. 6, June 20, 2024
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 reason shall not be cause to close or discontinue maintenance of any sales
				  escrow checking account, rental trust checking account, or security deposit
				  trust checking account.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 27 - Escrow and Trust Accounts › Section LXVII-2721 - Transfer of Trust Funds on Sale or Acquisition of Agency

Current through Register Vol. 50, No. 6, June 20, 2024
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 the acquired agency and account numbers of the sales escrow
				  checking accounts, rental trust checking accounts, or security deposit trust
				  checking accounts from which the funds will be transferred and the account
				  numbers of the accounts into which the funds will be deposited.
B. A letter requesting approval to transfer
				  the funds shall be jointly signed by the sponsoring brokers of the acquired
				  agency and the acquiring agency and shall accompany the notification to the
				  commission.
C. The transfer of
				  funds shall not occur without written approval from the commission, as
				  prescribed in
				  §2715.
				  A.9 of this Chapter.
D. Within five working days following the
				  transfer of funds a letter jointly signed by the sponsoring brokers of the
				  acquired agency and the acquiring agency shall be forwarded to the commission
				  certifying that all trust funds have been transferred. The letter shall include
				  the following:
1. certification that all
				  sales escrow checking account, rental trust checking account, and security
				  deposit trust checking account funds have been transferred to and received by
				  the acquiring agency;
2.
				  certification that supporting documents for all trust funds have been delivered
				  to and received by the acquiring agency;
3. a listing of all sales escrow checking
				  accounts, rental trust checking accounts, or security deposit trust checking
				  accounts from which a transfer was made and the amount of funds transferred
				  from each account;
4. a listing of
				  all sales escrow checking accounts, rental trust checking accounts, and
				  security deposit trust checking accounts into which funds were deposited and
				  the amount of funds deposited into each account.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 29 - Disbursement of Escrow Deposits › Section LXVII-2901 - Escrow Disputes

Current through Register Vol. 50, No. 6, June 20, 2024
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 scheduled closing date or
				  knowledge that a dispute exists, whichever occurs first, the broker shall do
				  one of the following:
1. disburse the funds
				  upon the written and mutual consent of all of the parties involved;
2. disburse the funds upon a reasonable
				  interpretation of the contract that authorizes the broker to hold the funds.
				  Disbursement may not occur until 10 days after the broker has sent written
				  notice to all parties and licensees;
3. place the funds into the registry of any
				  court of competent jurisdiction and proper venue through a concursus
				  proceeding;
4. disburse the funds
				  upon the order of a court of competent jurisdiction.
5. disburse the funds in accordance with the
				  Uniform Unclaimed Property Act of 1997 as set forth in
				  R.S.
				  9:151 et seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 31 - Change of Address and/or Telephone Number › Section LXVII-3101 - Reporting Change of Address and/or Telephone Number

Current through Register Vol. 50, No. 6, June 20, 2024
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 the
				  business or the domicile of record for the licensee, registrant, or certificate
				  holder.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 35 - Disclosure by Licensee › Section LXVII-3501 - Licensee as Principal in a Real Estate Transaction

Current through Register Vol. 50, No. 6, June 20, 2024
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
				  concerning the execution of a real estate contract.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 35 - Disclosure by Licensee › Section LXVII-3503 - Buyer Broker Compensation; Written Disclosure and Acknowledgment

Current through Register Vol. 50, No. 6, June 20, 2024
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.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 36 - Residential Property Disclosure › Section LXVII-3601 - Property Disclosure Document for Residential Real Estate

Current through Register Vol. 50, No. 6, June 20, 2024
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 prescribed by
				  the commission.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S. 9:3195 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 37 - Agency Disclosure › Section LXVII-3701 - Agency Relationships in Real Estate Transactions

Current through Register Vol. 50, No. 6, June 20, 2024
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.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 37 - Agency Disclosure › Section LXVII-3705 - Dual Agency Disclosure

Current through Register Vol. 50, No. 6, June 20, 2024
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 language prescribed by the
				  commission.
C. Licensees shall
				  ensure that the dual agency disclosure form is signed by all clients at the
				  time the brokerage agreement is entered into or at any time before the licensee
				  acts as a dual agent. A copy of this documentation shall be retained by the
				  licensee for a period of five years.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 38 - Mold Disclosure › Section LXVII-3801 - Mold Informational Pamphlets

Current through Register Vol. 50, No. 6, June 20, 2024
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.
				  37:1470.A(1) if the licensee performs at
				  least one of the following:
1. delivers
"A Brief Guide to Mold, Moisture, and Your Home"
(EPA
				  402-K-02-003), or any successor thereof, to a residential buyer; or
2. delivers
"Mold Remediation in
				  Schools and Commercial Buildings"
(EPA 402-K-01-001, March 2001), or
				  any successor thereof, to a commercial buyer; or
3. directs a buyer to the mold informational
				  pamphlets maintained on the United States Environmental Protection Agency (EPA)
				  website at
http://www.epa.gov/iaq/molds/index.html,
or any successor thereof.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 39 - Presentation of Offers and Counter Offers › Section LXVII-3900 - Purchase Agreement Forms

Current through Register Vol. 50, No. 6, June 20, 2024
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 Agreement to Buy or Sell
, or any successor
				  thereof, shall be used in accordance with the provisions of
				  R.S.
				  37:1449.1.
C. The official source of the prescribed
				  purchase agreement form shall be the Louisiana Real Estate Commission
				  website.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 39 - Presentation of Offers and Counter Offers › Section LXVII-3901 - Timely Presentation of Offers and Counter Offers

Current through Register Vol. 50, No. 6, June 20, 2024
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 ensure that the time of day
				  and date the offer or counter offer was signed by the offering party are
				  included in the document.
C. The
				  licensee who presents an offer or counter offer in a real estate transaction
				  shall ensure that the time of day and date the offer or counter offer was
				  accepted, rejected or countered are included in the document.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.
Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 39 - Presentation of Offers and Counter Offers › Section LXVII-3903 - Negotiations in Exclusive Agency Contracts

Current through Register Vol. 50, No. 6, June 20, 2024
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 exclusive buyer agent
				  contract with a licensed broker shall be carried on with the licensed broker,
				  or agent designated by the licensed broker, not the buyer, except with the
				  express consent of the licensed broker.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.