Thomas holds a Louisiana broker license and operates his own brokerage, Bayou Properties LLC. He employs three salespersons and one broker-associate. Under LREC regulations, what is Thomas's specific designation within the firm?
Correct Answer
B) Principal broker
Under LREC regulations and Louisiana Real Estate License Law, the licensed broker who is responsible for the operations of a real estate brokerage firm and who supervises the licensees affiliated with that firm is designated as the 'principal broker.' Thomas, as the owner-operator of Bayou Properties LLC and the responsible broker, holds the principal broker designation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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