Delaware - Real Estate State Exam Practice Flashcards

Delaware - Real Estate State Exam Practice Flashcards Stan and Laura own a mobile home located in the Delaware Downs Mobile Home Park. When the park's owner gives them notice that the park is up for sale, what right do they and the other resident homeowners have?(Q4) The right to accept, counter, or reject the price and terms Q45 - An installment sales contract is also known as

_______.

A contract for deed Q80 - In Delaware, married couple Jeff and Linda will take title to their new home as ______ unless they specify otherwise.Tenants by the entirety Q97 - How many members make up Delaware's Human Relations Commission?28 Q75 - Which of the following parties must sign a Delaware sales contract to accept an offer?The sellers and buyers Q44 - The Butlers have countered an offer from Conner, but then they receive an even better offer from Audrey.What should the Butlers do before accepting Audrey's offer?Withdraw their counter-offer to Conner.Q50 - Matt and Rita were married in June and bought a Delaware house together in August. Since they didn't specify the form of ownership they wanted, they took title to the property as ______ Tenants by the entirety Q63 - James, a Delaware licensee, is a huge fan of offering inducements in his real estate practice. Which of these inducements should he avoid because it's illegal?Paying Ramon, his neighbor who's unlicensed, a finder's fee for referring a seller who signs a listing agreement with James.Q18 - Which of these statements accurately represents how Delaware real estate firms should manage escrow records?Brokerage firms must retain escrow accounting records for at least three years in either electronic or hard-copy format.Q79 - For which of these transactions does Delaware place a limit on the amount of time an installment sales contract may remain executory?A single-family residence Q38 - Malia's seller client has accepted an offer for her Delaware home, but the buyer is threatening to walk away from the deal when Malia's client refuses to make some relatively minor repairs before closing. Malia manages to negotiate a solution, and the grateful buyer slips her a thank you gift of $100 after the closing. What should Malia do?Ask the buyer to pay the money to her broker and tell her client about it, as well.Q52 - Landlord Lyle forgets to pay the electric bill for his six-unit building, and electrical services to the entire building are cut off. Once he receives notice of this from a

tenant, how many days does he have before the tenants may file to set up a receivership?Five days Q55 - Your seller client has offered financing to the buyers, who aren't able to qualify for an institutional loan. They're

using an installment sales contract. Which of these provisions will NOT be part of the contract according to Delaware law?The seller's right to foreclose judicially should the buyer default and fail to reinstate the loan within 60 days

Q28 - Corinne is the proud new owner of a one-acre property in Sussex County. Now that the deed has been recorded, the transfer tax is due. How much is Corinne required to pay?Negotiable, per the terms of the sales contract Q96 - Property owners in Delaware are taxed by ______ taxes.County and municipality Q26 - You're a Delaware licensee meeting with a potential seller client for the first time. Which of these things must you do first?Present the seller with the Consumer Information Statement Q98 - If you choose to affiliate with more than one broker, which of these is a step you must take?Obtain an additional license for the new broker's firm.Q22 - Julie is a Delaware licensee. Unless a customer signs a written agreement stating otherwise, which type of agent is she?Statutory Who are the parties to the sales contract in Delaware? (Q6)The buyers and sellers Q29 - You're assisting Amanda and Tim in their first home purchase. You've already met with them on several occasions and shown them a few homes, but they haven't found that dream home quite yet. According to Delaware law, which of the following is a true statement?They're your clients.Q77 - Which of these actions is NOT required for licensees representing a residential seller in Delaware?Disclose to the seller the potential consequences of selling a home with known radon hazards.Which of these is NOT a Delaware broker of record's responsibility? Q15 To ensure all licensees develop a successful business model that follows NAR guidelines Q72 - Which Delaware law may still apply to condominiums and their operation but doesn't apply to cooperatives or planned unit developments?Unit Property Act Q30 - A condo in Sussex County has a taxable assessment amount of $70,260. The combined tax rate is 3.1. Calculate the condo's current tax amount.

$2,178.06

Q39 - Which one of the following statements is true about a sales contract that's been signed by both parties, and both parties have been notified of its acceptance?It's a legally binding contract.