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Real Estate Salesperson Exam — National Portion

Recovery fund (LA): practice questions

Our Real Estate (National) bank has 3 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Louisiana

What is the most the Louisiana Real Estate Recovery Fund will pay on one claim?

  1. $10,000 or the unpaid judgment, whichever is less
  2. $20,000 or the unpaid judgment, whichever is less
  3. $50,000 or the unpaid judgment, whichever is less
  4. $25,000 regardless of the judgment amount
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B. $20,000 or the unpaid judgment, whichever is less — La. R.S. 37:1463(A)(1).

Question 2 · Louisiana

What happens to a licensee's license when the recovery fund pays a claim on a judgment against that licensee?

  1. It is suspended for one year
  2. It is unaffected if the licensee repays
  3. It is placed on probation until repaid
  4. It is automatically revoked
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D. It is automatically revoked — La. R.S. 37:1463(G); bankruptcy discharge does not relieve this.

Question 3 · Louisiana

What is the aggregate limit on recovery fund payments based on judgments against any one licensee?

  1. $40,000
  2. $100,000
  3. $50,000
  4. $75,000
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C. $50,000 — La. R.S. 37:1463(D).

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