Broker Patricia's salesperson, Kevin, was recently convicted of felony fraud in a Louisiana court. Patricia is aware of the conviction but has not reported it to the LREC, believing it is Kevin's personal responsibility to self-report. Under Louisiana license law, which of the following best describes the obligations in this situation?
Correct Answer
C) Kevin is required to report the conviction to the LREC, and Patricia, as the supervising broker, may also face disciplinary action for failing to supervise and report
Under Louisiana license law, licensees are required to report criminal convictions to the LREC. Kevin has an obligation to self-report. Additionally, as the supervising broker, Patricia has supervisory responsibilities over her salespersons, and failing to report known violations or criminal convictions of supervised licensees can expose her to disciplinary action by the LREC for failure to supervise. Both parties have obligations in this scenario.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
More Practice Of Real Estate Questions
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