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      RS 37:1455     


§1455.  Causes for censure, suspension, or revocation of license, registration, or certification

A.  The commission may censure a licensee, registrant, or certificate holder or conditionally or unconditionally suspend or revoke any license, registration, or certificate issued under this Chapter, levy fines or impose civil penalties not to exceed five thousand dollars, or impose continuing education requirements on licensees, registrants, or certificate holders if, in the opinion of the commission, a licensee, registrant, or certificate holder is performing or attempting to perform or has performed or has attempted to perform any of the following acts:

(1)  Committing any act in violation of the Louisiana Real Estate License Law not specified in this Section.

(2)  Violating any rule or regulation promulgated by the commission in the interest of the public and consistent with the provisions of this Chapter.

(3)  Committing any act in violation of the Louisiana Timesharing Act.

(4)  Failure to account for any money coming into his possession belonging to others.

(5)  Failure to properly disburse money which belongs to others upon its coming into his possession.

(6)  Commingling the money or other property of his principals with his own.

(7)  Accepting, giving, or charging any undisclosed commission, rebate, or direct profit on expenditures made for a principal.

(8)  Representing or attempting to represent a real estate broker or real estate agency other than the licensed broker or agency listed on the real estate license issued by the commission.

(9)  Acting in the dual capacity of agent and undisclosed principal in any transaction.  However, such a relationship shall not constitute dual agency if the licensee is the seller or lessor of property that he owns or if the property is owned by a real estate business of which the licensee is the sole proprietor and agent and the same is disclosed to the buyer or tenant.

(10)  Guaranteeing or authorizing any person to guarantee future profits which may result from the resale of real property.

(11)  Offering real estate for sale or lease without the written consent of the owner or his authorized agents.  Undivided real estate may be offered for sale or lease with the written consent of the owner of the property to be sold or leased as to his undivided portion of the property.

(12)  Offering real estate for sale or lease on terms other than those authorized by the owner or his authorized agent.

(13)  Offering any inducement to or in any way encouraging a party to a written contract involving the sale, lease, or management of real estate to break such contract for the purpose of substituting, in lieu thereof, a new contract with another principal or licensee.

(14)  Negotiating the sale, exchange, lease, or management  of real estate directly with an owner or lessor of the real estate if he knows that such owner or lessor has a written outstanding contract in connection with such real estate granting an exclusive agency or an exclusive right to sell, exchange, lease, or manage the real estate to another broker.

(15)  Knowingly making any false representations to any party in a real estate transaction.

(16)  Acting for more than one party in a real estate transaction without the written acknowledgment of all parties to the transaction.

(17)  Failure by an associate broker or salesperson to place, as soon after receipt as practicable, in the custody of his licensed broker any deposit money or other money or funds entrusted to him by any person dealing with him as the representative of his licensed broker or in connection with any transaction involving the sale, lease, or management of real property.

(18)  Representing to any lender, guaranteeing agency, or any other interested party, either verbally or through the preparation of false documents, an amount in excess of the true and actual sale price of the real estate or terms differing from those actually agreed upon.

(19)  Knowingly permitting a sponsored licensee to operate as an individual real estate broker.

(20)  Knowingly permitting a sponsored licensee or an employee to conduct real estate activities in violation of this Chapter.

(21)  Failure of a licensee to provide the parties to a real estate transaction with an agency disclosure informational pamphlet and, where applicable, a dual agency disclosure form.

(22)  Failure to advise all parties to a real estate transaction in writing of compensation being received from any source in connection with that real estate transaction.

(23)  Failure without just cause to surrender unto the rightful owner, upon demand, any document or instrument received by a licensee or registrant in the course of a real estate transaction.

(24)  Accepting other than cash as earnest money or good faith deposit unless that fact is communicated to the owner prior to the acceptance of the offer to purchase, and such fact is shown on the face of the purchase and sale agreement.

(25)  Failure of a licensee to inform the buyer and seller at the time an offer is presented that either party may be expected to pay certain costs such as discount points, etc. and the approximate amount of said costs.

(26)  Failure to reduce a bona fide offer to writing when a proposed purchaser requests that a written offer be submitted.

(27)  Failure to disclose to a buyer a known material defect regarding the condition of real estate of which a broker, salesperson, or timeshare interest salesperson has knowledge.

(28)  Having been finally adjudicated and found guilty for refusing, because of race, color, national origin, sex, or ethnic group, to show, sell, or rent any real estate for sale or rent to qualified purchasers or renters or for any violation of the Fair Housing Act of 1968 or the Louisiana Equal Housing Opportunity Act and/or any amendments thereto or any successor legislation subsequently following.

(29)  Having been convicted of a felony or entered a plea of guilty or nolo contendere to a felony charge.

(30)  Refusing to appear or testify under oath at any hearing held by the commission.

(31)  Procuring a license, registration, or certificate for himself or anyone else by fraud, misrepresentation, or deceit.

(32)  Failure to comply with an order or consent order issued or approved by the commission pursuant to adjudicatory proceedings.

(33)  Failure by a licensee to provide a buyer or seller with a written property disclosure form for sales and certain leases involving residential real property pursuant to R.S. 9:3196 et seq.

(34)  Engaging in real estate activity or attempting or offering to engage in real estate activity within the state during any period of suspension of a real estate license by the commission or revocation of any real estate license by the commission.

(35)  Using advertising that is misleading or inaccurate.

(36)  Engaging in any effort, including referral or recommendation of a specific home inspector, with the intent to deceive or defraud.

B.  The commission may suspend or revoke the registration of any timeshare developer who knowingly allows any person or entity who does not have a current timeshare interest sales registration or current Louisiana real estate license to sell timeshare interests owned by the timeshare developer.

Acts 1978, No. 514, §1.  Amended by Acts 1979, No. 404, §1; Acts 1980, No. 388, §1; Acts 1983, No. 552, §2; Acts 1984, No. 943, §2, eff. July 20, 1984; Acts 1986, No. 838, §1; Acts 1986, No. 841, §1; Acts 1989, No. 655, §1, eff. Jan. 1, 1990; Acts 1991, No. 354, §1, eff. Jan. 1, 1992; Acts 1995, No. 1207, §1; Acts 1997, No. 32, §1; Acts 1997, No. 1141, §2; Acts 1999, No. 452, §2; Acts 2003, No. 308, §2, eff. June 13, 2003; Acts 2003, No. 713, §1; Acts 2005, No. 78, §1; Acts 2014, No. 572, §1.

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