Delaware real estate exam Flashcards

Delaware real estate exam Flashcards delaware law requires an agreement for the sale of unimproved farm lands must contain a notice that property is covered by the agricultural lease act under what circumstances may the commission investigate the actions of a salesperson or broker

• upon its own mention2. upon the verified complaint in

writing of any person a real estate licenseapplication that is being renewed must contain a certification from the agent saying that the continuing education hours have been satisfied. such proof must be kept for 2 years.the basis of transfer tax isprice set forth in the contract of sale/actual monetary worth if the real estate is a gift or has nominal consideration all of the fallowing are true of earnest money deposits1.brokers must maintain accurate records of deposits2.they should be turned over to appropriate broker immediately3.thye are credits to the buyer on the closing statement the minimum age for a sales persons license is 18 if the state buys your property then there is no transfer tax paid by either party a real estate agent who treats a hispanic buyer differently than an asian buyer is violating the civil rights act of 1866the federal fair housing lawthe Delaware fair housing law the real estate commission requires that a licenses brokerdisplay a sign outside their office the main objectives of the real estate commission are1. protect the general public from unsafe real estate practices2.to maintain and establish minimum standards of license competency an unsigned rental agreement by the lessor is valid if the lessor accepts rent without reservation the real estate commission is appointed by the govoner delaware license law is administered bydelaware real estate commission when advertising listed property for sale, who's name and phone number must be disclosed listing real estate company a person who feels that they have been discriminated against may file a complaint with the Delaware human relations commission or HUD when asked in writing by a buyer, which topic must a real estate agent refrain from talking about the seller having aids a tenant is in default for not paying their rent on time. how long must a landlord wait before charging a late fee

• days

the payment of the state transfer tax is generallythe responsibility of the buyer and seller to pay in equal amounts when should someone be given a copy of the agreement they sign?immediately upon signing the state statue that deals with the creation of condominiums in delaware is the unit properties act

as a seller agent you maytell all your buyers what closing cost assistance the seller will offer the creation of the condominiums in delaware requirea declarationa declaration planand code of regulations all of the fallowing are expect from the delawra licensing laws

• a property owner who sells or leases there own

property2.resident property manager at an apartment complex3.power of attorney acting as owner of the property if a workers license is revokes, then all salespersons working under this broker will have the license suspended if a real estate agent observes material defect in a property not mentioned on the property disclosure form, he/she should disclose the fact to both buyer and seller how many days notice must be given to terminate a lease60 days the lease comes a month to month lease if the _______ days notice is not given before the expiration 60 all hearings upon the revocation of a real estate license or denial of application must provide 1.notice to the employing broker of the charges agent their salesperson2.the commissions findings shall be conclusive3.written notice to the licensee and their broker of the charges against them the license of a real estate agent may be revoked when the agent uses advertisement that does not include the broker or firm nameaccepts commission from someone other then the brokercommingling funds all applicants for a brokers license must submit a list of 30 sales made by the applicant wishing the past

• years

who can be the broker of record of a branch of a real estate company any broker who has been actively engaged in real estate for the previous 3 years all of the fallowing pertain to the real estate guaranty fund1.the interest generate day the fund are to be used by the commission for administering funds, seminars, and continuing education2.an application for a brokers license who has already paid the $25 gauranty fee as a salespersons need not pay said fee again3. the fund isle in excess of to be maintained at a level in excess of $250,000 and all claims against the fund shall carry a maximum award of $25,000.the authority of the real estate commission to act comes from state legislature listing contracts must1. be signed by the sellers2. be signed by the broker, or their representative whose responsibility is it to insure that the rules and regulations of the commission are complied with by the licensees broker of record oral leases are valid if the lease isless than 1 year a real estate agent who lists a property for sale and then writes an offer on that property with another person is a dual agent the powers and duties of the commission include all of the fallowing except set acceptable ranges for rates of commission charged by brokers

if the balance of the guarantee fund falls below $250,000 the delaware real estate commission will assess each licensee a pro-rated fee a site testdetermines the availability for onsite septic disposal who may remove commissioners from the real estate commission the govoner when the does CIS state the a real estate agent disclose in writing who they represent upon the first meeting a judgment lien against all real estate owned by the judgment debtor which is located in the county in which the judgment has been filed the minimum age for a brokers license is 23 how much can the gaurentee fund be tapped for $25,000 which party or transaction is exempt from the transfer taxreligious organizationsvolunteer fire companiestransfers between parent and child how long does somebody have to make application for real estate licnesure

• year from completion of the prelincensing course

in delaware, all of the fallowing closing costs are generally borne by the buyer the title insurancethe surveya termite inspection if a tenant does not remove their belongings by the end of the lease the belongings of the tenant must be stored for 7 days and if unclaimed they can be disposed of who is multi ultimently responsible for negotiated contracts, leases broker

all licensees must:make application to the commission on or before the first

day of january biennially for a renewal of license in leases the landlord mustgive the lessee a summary copy of the landlord tenant code the property disclosure form is required to be filled out byall sellers including for sale by owner when inserting a buy in disclosure in a listing, the broker has how many days to purchase and settler on the property from eh expiration date of the original listing 60 all of the fallowing are protected against the Delaware fair housing act except1.religioun2.occupation3.creed4.secual orientation5.marital status6.disabilty7.age occupation