DE State Exam Practice Questions Flashcards

DE State Exam Practice Questions Flashcards They'll check the box that identifies them as state residents and won't submit any funds when filing the form.Which of these is NOT a power of the Delaware Real Estate Commission?It's another term for a septic system.You're putting out signs to advertise one of your listings and invite people to the open house. Which of these locations is your best choice for sign placement?The seller's right to foreclose judicially should the buyer default and fail to reinstate the loan within 60 days Which of these is a true statement?Which of these statements describes Delaware's Unit Property Act?It governs the development and management of condominiums established in Delaware prior to 2009, and some of its provisions still regulate those communities.Indicating or suggesting that homeowners shouldn't or aren't allowed to communicate with their lender Fred and Mary are retired and live in their mobile home located in the Delaware Downs Mobile Home Park. One day, they and their neighbors receive notice that the park is up for sale. The resident homeowners decide to take advantage of what right in this situation?Which statement best describes a Delaware licensee's ability to practice real estate while entered in a voluntary treatment option?Licensees who enter the voluntary treatment option may continue to practice real estate, but may be subject to limitations.What's the license renewal date in Delaware for salespeople?Every two years on April 30 Which of these is NOT a permitted action for Delaware statutory agents?Disclose to a seller the willingness of a buyer to agree to terms different than those currently offered Which of these statements about the Delaware real estate Guaranty Fund is true?The fund is kept at a minimum level of $250,000, and all licensees pay a one-time fee of $25 to maintain the fund.Which of these licensees is required to complete 12 hours of continuing education within one year of licensure?Gina, who was issued her salesperson license on May 15 of an even-numbered year Your client tells you that the home inspection has been done, and the home passed with no problems reported.You're surprised, since you'd pointed out a couple items you thought would come up on the inspection report. You weren't at the appointment, but later you discover that the home inspector had the flu that day, and sent a trainee to complete the assignment without informing your client. Why is this illegal in Delaware?Trainees must be directly supervised by a licensed home inspector and must notify consumers of their trainee status.The system is considered a fixture that must be disclosed by the homeowner, in addition to the terms of the lease which may need to be assumed by the buyer.A Delaware homeowner wants to install a wind turbine on his single-family residential property. The property is located in a community with covenants and deed restrictions enforced by the homeowners association.Which of these statements is most accurate?48 hoursGeorge and Mary Bailey just purchased a home in Delaware. A transfer tax was included in the closing costs.

When is the transfer tax due?

Which of these statements about sanctions imposed by the Delaware Real Estate Commission is true?The maximum fine for each violation is $5,000.The right to act as a community association and accept, counter, or reject the park owner's price and terms before any other buyer.Daniel is a Delaware real estate licensee working with buyer Melinda. Daniel sends Melinda's offer to the seller's agent as an electronic document. The seller signs electronically, accepting Melinda's offer. What's true about this situation?She should make sure they're currently licensed in the state of Delaware.A Delaware homeowner leases a roof-mounted solar system and pays a monthly rental rate to a third party.There are seven years remaining on the lease term. The homeowner is preparing to list the property for sale. Which statement best describes the homeowner's obligations related to the system?The purpose of Delaware's Real Estate Tax Return Declaration of Estimated Income Tax, Form 5403 is to

______.

Ensure property sellers pay income tax on capital gains . Military serviceWhich Delaware agency handles complaints about housing discrimination under the state's fair housing laws?Which Delaware law preceded the Delaware Uniform Common Interest Ownership Act and may still be relevant to certain older communities?Unit Property Act When the deed transferring the property to the Baileys is recorded Steve and Constance hold title to their Delaware home as tenants by the entirety. Which of the following statements is true?When a sale involves unimproved land, Delaware law requires the purchase contract to include which of the following?Notice to buyers that they may need to install water and sewer systems and will need a site evaluation approved to do so Steve and Constance are married.Carrie has purchased a Delaware property from Jared. At closing, Carrie receives a general warranty deed. What's NOT true about Carrie's deed?Which of these is a duty of a Delaware statutory agent?Inform the transaction parties that they aren't vicariously liable for the licensee's acts.Hank has been extremely busy with his real estate business, and his license renewal date slipped by before he sent in his renewal application and fees. What will happen to Hank's license?His license will expire, and he must cease all real estate activities.What's true about the license types issued by the Delaware Real Estate Commission?Each brokerage firm must have a licensed broker in charge.Demario is selling his house in Kent County in Delaware.He and the buyer will pay a total of _____ as transfer tax.4% of the property's total sale price Delaware licensee Ron has several properties listed. For which of these will he advise his client to request a resale certificate from the association?A unit in a bustling residential complex with three pools, two tennis courts, and 200 units Delaware salesperson Lolita is associated with Tip Top Realty. When her seller client Randy starts demanding she

screen potential buyers in a way she's not sure is legal, who bears responsibility for helping her follow the law?Lolita's broker, Deborah