Delaware Real Estate Practice Exam

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• How does Delaware's statutory agency differ from common law agency?
• When must a Delaware licensee submit a waiver request for continuing education requirements?
• What should you do to avoid fair housing violations?
• What is the purpose of the Delaware Real Estate Guaranty Fund?
• What is capital gains tax?
• How often must brokers complete continuing education in Delaware?
• What happens to property ownership in tenancy by the entirety if one spouse dies?
• What is a "listing agreement" in real estate?
• What is a "closing statement" in real estate transactions?
• What is a "wraparound mortgage"?
• Which statement is NOT true about the purchase agreement when a seller finances part of the buyer's home purchase?
• Which of the following is NOT a purpose of the Delaware Unit Property Act?
• Which of the following entities monitors Delaware's groundwater for signs of pesticide contamination?
• What does "net listing" refer to in real estate?
• What is a complete list of the types of real estate licenses in Delaware?
• How many members are on the Delaware Real Estate Commission?
• An installment sales contract is also referred to as a _____.
• What type of insurance is typically recommended for real estate professionals in Delaware?
• What is a “ground lease” often associated with in real estate?
• How is principal defined in a real estate transaction?
• What is a "lease option"?
• What document is most residential real estate transfers required to include from the seller to the buyer?
• Which act regulates fair housing practices in Delaware?
• Regarding Competitive Market Analysis (CMA) disclosures, where must the statement "this Competitive Market Analysis is NOT an appraisal" be positioned?
• What is an "easement" in real estate?
• What is dual agency in Delaware real estate?
• What must a real estate agent do if they receive multiple offers on a property?
• What is the primary role of the Delaware Division of Professional Regulation?
• Where would it be illegal to place a real estate sign in Delaware?
• After Trace's death, who owns the property originally owned by Lucas, Ivan, Chad, and Trace?
• How is Delaware's approach to real estate taxation characterized for sellers?
• How many years must commission members reside in Delaware before being appointed?
• What is the main objective of a home inspection?
• What is the potential consequence if a transaction's capital gains exceed the allowable deductions?
• What is the term for when lien holders allow another lien holder's claim to have priority over their own?
• What is one obligation of real estate agents in Delaware?
• What is the statute of limitations for real estate lawsuits in Delaware?
• What common practice helps protect buyers from potential issues with a property?
• What is the difference between "exclusive right to sell" and "exclusive agency" listings?
• If someone acts on behalf of another, what are they called?
• What kind of agreements usually govern leasehold estates?
• What is required for a real estate license application in Delaware?
• Which document would be used for disclosures in a residential lease?
• What documentation must be provided to a unit owner in a condo within a certain timeframe upon request?
• What is the time limit for submitting a waiver request due to illness or hardship for continuing education?
• What is required of home inspectors recommended by Delaware licensees?
• What program is offered for free by the Delaware Community Reinvestment Action Council?
• Which party must ultimately supervise the licensees in a real estate firm's branch office?
• When a surveyor requests a waiver from your client, what should you advise?
• Which parties must sign a Delaware sales contract to accept an offer?
• What is "staging" in real estate?
• What does it mean to have fiduciary duty in real estate?
• What is required regarding lease agreements for a duration of more than one year in Delaware?
• What is the minimum age to obtain a real estate license in Delaware?
• How is a property disclosure statement utilized in real estate transactions?
• Which type of property should Ron, a Delaware licensee, advise his client to request a resale certificate for?
• What are the grounds for license suspension in Delaware?
• How long must Delaware real estate firms retain escrow accounting records after a transaction?
• What action can a property owner take if they disagree with the assessed value of their property?
• What must tenants do to maintain their rights under the lease in Delaware?
• What is the primary purpose of the Delaware Real Estate Commission?
• What is the benefit of having an inspection period in a real estate transaction?
• Ken, Barbie, and Skipper owned a property as a joint tenancy. When Skipper moved out of state, she sold her interest to Midge. How is the interest in the property divided after Ken's death?
• Can Felix legally sell his share of the condominium without Oscar's consent?
• Which of these is NOT part of the license renewal process for real estate licensees in Delaware?
• What is a real estate broker?
• What is typically included in a closing statement?
• Under what condition does a leasehold estate typically revert back to the landlord?
• What type of interest does each spouse have in a property held as tenancy by the entirety?
• Which statement is true regarding dual agency practiced by James, a Delaware licensee?
• Which factor is critical in determining property assessment in Delaware?
• In Delaware, when is a real estate professional required to provide the Consumer Information Statement (CIS)?
• What entity is responsible for ensuring Delaware licensees can safely assist the public with real estate transactions?
• What happens if the Marsdens are awarded $300,000 in a legal claim but receive less from the broker?
• What is meant by "staging" in the context of real estate?
• What is the purpose of a comparative market analysis (CMA)?
• When married couples hold property in Delaware, how do they typically hold it?
• What is a "short sale" in real estate?
• Which factor can influence the terms of a leasehold estate?
• What is the maximum Guaranty Fund compensation available to claimants against a licensee in Delaware?
• What is the maximum fine the Delaware Real Estate Commission can impose?
• How does a leasehold estate generally affect property tax responsibilities?
• In Delaware, where must a notice to buyers encourage them to confirm access to sewer and water facilities?
• What type of education is required for a real estate license renewal in Delaware?
• In which form of co-ownership is a deceased person's ownership inheritable?
• Who is typically responsible for paying for a title search?
• What is a listing agent responsible for providing to prospective buyers?
• Which of the following is a responsibility of a real estate agent?
• What is the purpose of a zoning ordinance?
• What information must the buyer receive regarding agricultural leases according to the Delaware Agreement of Sale for Unimproved Land?
• What is the primary purpose of a subordination agreement?
• Which document is essential for outlining the terms of an agricultural lease in Delaware?
• Which of the following is NOT a requirement for home sellers in Delaware?
• What right does tenancy by the entirety provide to married couples?
• After legally changing your name, what is the next step to obtain a new Delaware real estate license?
• What is required for a legal real estate contract to be enforceable?
• What is the primary duty of a real estate agent to their client?
• How will Jeff and Linda take title to their new home unless they specify otherwise?
• When Delaware licensee Cara is working with buyer clients, what is true about the home inspectors she recommends?
• What must be disclosed in a dual agency situation?
• If a Delaware licensee fails to comply with pesticide regulations, what are the potential repercussions?
• Which of the following purchase agreements must include an amortization schedule by state law?
• What is a primary benefit of a leasehold estate for tenants?
• What is required from sellers regarding radon disclosures in real estate transactions in Delaware?
• Which of the following best describes the relationship between landlord and tenant in a leasehold estate?
• What is necessary for a person who has been granted authority to act on behalf of another?
• In Delaware, what is the main obligation of a real estate broker towards clients?
• One of the ways the Office of the State Bank Commissioner protects consumers from predatory lending practices is _____.
• When is a real estate licensee required to disclose their agency relationship to a client?
• What is the minimum age to qualify for the senior citizen property tax exemption in Delaware?
• Which of the following is typically NOT a feature of a leasehold estate?
• Which party holds the leasehold estate in a real estate transaction?
• What should a buyer expect regarding an addendum to an agricultural lease when purchasing unimproved land?
• What must Delaware brokerage firms do with records related to escrow deposits if a transaction does not close?
• Which is a true statement regarding general exemptions in Delaware?
• Who is responsible for paying for recording documents to clear title defects?
• What must be in writing to become enforceable in a Delaware residential sales contract?
• What does "rehab appraisal" mean?
• Which service is essential when dealing with commercial real estate transactions?
• What is typically required for the renewal of a leasehold estate?
• What does a tenant in a leasehold estate typically have the right to do with the property?
• What must Mike, a Delaware licensee, ensure happens in his first meeting with a potential buyer?
• Which entity imposes regulations to combat predatory lending?
• Why will a Delaware seller complete tax form 5403 during a real estate transaction?
• What distinguishes a leasehold estate from a freehold estate?
• What determines the total number of CE credits for a real estate license renewal in Delaware?
• For Donna's common law agency relationship with Chip to be legal, what must be true?
• What type of state does a homeowner live in if the lender faces challenges due to the homeowner holding title to the land?
• What does "closing" refer to in real estate transactions?
• What type of agent is Julie, a Delaware licensee, unless there is a written agreement stating otherwise?
• What role does earnest money play in a real estate transaction?
• Which of the following describes a primary characteristic of leasehold estates?
• What is the one-time fee paid by licensees that goes towards maintaining the real estate guaranty fund?
• What is the primary purpose of a property management agreement?
• How many hours of pre-licensing education are required in Delaware?
• Who is predominantly responsible for establishing the framework of real estate practice in Delaware?
• How is an "inspection period" defined in real estate transactions?
• What must be included in Delaware property tax listings?
• What is the primary purpose of an abatement program?
• What might indicate a property is priced at its market value?
• Which statement best describes the written lease requirements in Delaware?
• What is a key requirement for a seller when listing a property in Delaware?
• Which title arrangement is typically used by married couples in Delaware?
• What must Mark do before entering a purchase agreement for the mobile home park?
• If a buyer breaches a contract, how long does the seller have to sue in Delaware?
• What is true regarding negligent pesticide application by Ralph, a Delaware licensee?
• Which type of pest is known for creating mud tubes and shedding tiny wings?
• What is the "agency disclosure" in Delaware?
• How many commission members on the Delaware real estate commission are appointed from the public?
• Which of the following is true regarding Delaware’s licensing requirements?
• What defines a "material fact" in real estate?
• What does home equity refer to?
• Which of the following options describes a subordination agreement?
• What is the purpose of a title search in real estate transactions?
• What kind of relationship does a real estate agent have with a client under agency law?
• Under a Delaware commercial lease, how long can a tenant's property be seized for past due rent?
• Why might a broker prefer a net listing?
• What does the Residential Mortgage Foreclosure Mediation Program offer homeowners?
• What is "escrow" in the context of real estate?
• What must a buyer be aware of before signing a document that waives the right to a pre-settlement inspection?
• What is a "contingency" clause in a real estate contract?
• What is the form of ownership for married couples that includes automatic survivorship rights?
• In Delaware, how long can an installment sales contract remain executory?
• How many days must a condo association provide documentation after a request from unit owners?
• After their first renewal, how many hours of CE courses do Delaware real estate licensees need for license renewal?
• What is the role of the Delaware Association of Realtors?
• What key information is typically included in an amortization schedule?
• What is the duration for which a conditional use permit is typically granted in Delaware?
• What typically limits the duration of a leasehold estate?
• In Delaware real estate transactions, who handles wetlands regulations?
• In Delaware, what is the age of majority for contracts?
• How many hours of pre-licensing education courses must associate broker applicants complete for a Delaware broker real estate license?
• What happens to the ownership of property if a couple that holds it as tenancy by the entirety decides to divorce?
• What differentiates a “buyer’s agent” from a “seller’s agent”?
• At which stage in the residential selling process does a real estate professional prepare a comparative market analysis?
• In a foreclosure, what characteristic of the landholding situation complicates the process for the lender?
• How many days does a broker have to notify the Commission of a licensee's change of address?
• What does PMI stand for in real estate?
• What is the due diligence period in real estate?
• Which provision of the Delaware residential sales contract states that any written agreements become part of the purchase agreement?
• How long does a seller have to provide a property disclosure statement in Delaware?
• What is one of the main methods the Office of the State Bank Commissioner uses to protect consumers from predatory lending practices?
• Which form is used for legally required disclosures for a newly constructed home in Delaware?
• What is the most credible method a Delaware listing agent can use to disclose property issues?
• In Delaware, which aspect of real estate does not require a license?
• What constitutes "market value" of a property?
• What is a foreclosure?
• What must all advertisements by licensed real estate professionals include in Delaware?
• Who are the principal(s) in the transaction between Farrah and Troy?
• Under the Delaware statewide residential sales contract, buyers are responsible for scheduling the pre-settlement property inspection within ______ hours prior to settlement.
• According to the Delaware Mortgage Loan Modification Services Act (MLMSA), what fee must mortgage loan modification service providers pay to the state Consumer Protection Fund?
• What is the main characteristic of a wraparound mortgage?
• Which type of property tax exemption can Delaware counties offer?