Frequently Asked Questions
Do you need a real estate license to conduct property management? Yes. Individuals wishing to manage property on behalf of multiple owners must obtain a broker’s license or receive authority from their broker to conduct the activities as a salesperson/associate broker.
Can your office assist me in terminating or enforcing a listing or purchase agreement? No. The Louisiana Real Estate Commission does not have statutory authority to terminate or enforce a contractual agreement. Individuals with contractual issues should consult with proper legal counsel.
How many days does a broker/agent have to return my deposit? If there is no dispute and there is a mutual agreement in writing the broker has 30 days. If there is a dispute, the broker has 60 days from the scheduled closing date or from the date the broker first has knowledge that a dispute exists. Review the Rules and Regulations on disputed deposits.
How long does a broker or brokerage have to maintain records? A broker must retain records for a period of five years. Review the Law on broker retention.
If I elect to place my license in the inactive status can I still receive compensation? No. You must have an active license to receive compensation.
If I elect to place my license with a referral company can I still receive compensation? Yes. As an active licensee, you can receive compensation for real estate activity through your broker. However, please remember as an active licensee you are still obligated to meet the annual continuing education requirements.
Can I file a complaint with the Commission for a licensee’s unethical or unprofessional behavior? No. The Commission does not have statutory authority to govern ethical or unprofessional issues. If the licensee is a member of a local Realtors organization, you may reach out to that organization to find out if they would handle this type of complaint.
Will the Commission assist me in collecting compensation from my current or former broker? No. Licensing Law specifically states “the commission shall not become involved in disputes between licensees or registrants in any matter regarding the entitlement to or payment of commissions, fees, or compensation involving the sale or lease of real estate.”