The LREC has broad authority to regulate real estate practice in Louisiana. Which of the following is NOT a power expressly granted to the LREC under La. R.S. 37:1430 et seq.?
Correct Answer
D) Setting the maximum commission rate that brokers may charge for residential transactions
The LREC does NOT have authority to set maximum commission rates. Commission rates in Louisiana are negotiable between brokers and their clients and are not regulated by the LREC. Setting commission rates would constitute illegal price-fixing under federal antitrust law. This is a critical distinction: the LREC regulates licensee conduct and qualifications, not the commercial terms of brokerage agreements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
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Florida real estate licenses must be renewed biennially, and sales associates have specific post-license education requirements for their first renewal.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
- → A responsible broker in Wyoming asks about a first-time salesperson applicant prepares for Wyoming-specific licensing. Which answer follows Wyoming law?
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