Delaware Real estate the important questions on the exam Flashcards

Delaware Real estate the important questions on the exam Flashcards In Delaware, the Consumer Information Statement for Consumers Seeking to Rent ResidentialProperty must be given to which of the following parties?Prospective residential tenants who want to sign a lease for at least 30 daysProspective residential tenants who want to sign a lease for at least 60 daysProspective residential tenants who want to sign a lease for at least 90 daysProspective residential tenants who want to sign a lease for at least 120 days Prospective residential tenants who want to sign a lease for at least120 days Hank leases 150 acres from Sara and Jesse. He has an option contract attached to his lease, with an option to purchase that can be exercised within the next two years.What type of contract is this?BilateralExecutedUnilateralVoidable UnilateralWith an option contract, before the option is exercised, only the optionor (seller) is bound by the contractual obligations.Installment sales contracts in Delaware must include

provisions that specify:

The rental value of the propertyThe buyer's right to redeem the property after default by paying the full purchase price within 120 days of defaultIf the buyer defaults and doesn't redeem, the sales contract becomes a landlord/tenant agreement Licensee Hugh has been terminated by his broker because of unprofessional conduct. What can Hugh expect from his broker?A termination notice in the mail.When any licensee is terminated by the broker or broker organization or voluntarily terminates, the broker shallimmediately notify the Commission of such termination.shall address a communication to the last known address of such licensee.The communication shall advise the licensee of the termination. A copy of the communication to the licensee shall accompany the notification to the Commission.The releasing broker must file a completed form with the Commission within 5 business days of obtaining a sponsoring broker and the transferring licensee's signatures on the form.

Agricultural Land:Agent represents seller that owns 25

acres and leases 12 of them, what must he inform the buyer of agricultural?Provide 4 months noticeAn addendum waiving rental payments from the lease holder according to the Delaware Agricultural Leases ActProvisions of the Delaware Agricultural Leases Act related to lease renewalProvisions of the Delaware Landlord/Tenant Act related to agricultural lease termsProvisions of the Delaware Agricultural Leases Act related to lease renewal If the property being sold is agricultural land that is subject to an agricultural lease, the contract must include notice to thepurchaser of the existence and terms of the lease and of the provisions of Delaware law regarding the renewal ofagricultural leasesThe Agreement of Sale for Unimproved

Land includes disclosures related to:The potential for

hidden environmental hazard; the buyer is encouraged to have a written agreement with the sellerto conduct environmental testing.The possibility that the property is in a designated flood zone or wetland, which could limit the

developmentoptions.The possible existence of various physical and regulatory characteristics that could prevent the buyer from usingthe property as intended, including water quantity and quality, availability or future extension of municipalutilities (and any associated costs), physical property characteristics, zoning regulations and restrictions, soilconditions, etc.Required site evaluation and approval for new wells and septic systems.If a seller instructs a listing agent to leave the property on the market for backup offers, or if the property is subject to anagreement with a right of first refusal clause, the listing broker must disclose this at the time the appointment to show theproperty is made.

Under Delaware law, when are salespeople required to turn over escrow deposits to their brokers?Promptly Purchase Money MortgagesWhen a seller provides financing to the buyer in a Delaware real estate sale, thepurchase contract must include an amortization schedule showing all payments the buyer must make according to the agreement.The purchase agreement must also include astatementthat the seller(s) and buyer(s) have read andunderstood the amortization schedule.All of the parties must sign it.The purchase price in the contract must not include any interest from financing.The licensee working with the consumer must deliver the

CIS to the consumer no later than the earliest of:

The first scheduled appointmentThe first showing of a propertyThe time when an offer is being made Licensees may only prepare CMAs for the following

purposes:

To help an existing or potential seller or landlord for the purpose of listing a property for sale or leaseTo help an existing or potential buyer or tenant for the purpose of purchasing or leasing a property Which is protected under Delaware Fair Housing but not Federal Fair Housing?Physical appearanceSexual orientationEconomic StatusOccupation Sexual orientation Resale certification form and its contents Common interest property sellers must provide the buyer with a copy of the community's declaration and any amendments, the bylaws, and the association CC&Rs, as well as a resale certificate containing details about the unit and community's financial status.When a unit owner requests a resale certificate from the association, the association has up to 10 days to provide the certificate.The association may charge up to $200, or $250 for a hard copy.Unit owners aren't liable to purchasers for association errors the owner isn't aware of.If the resale certificate isn't provided to the buyer prior to signing the purchase contract, the buyer may cancel the contract within five days of receiving the resale certificate

Notice begins:Notice given to anyone else in the licensee's office is not

considered notice to that client.Put it in writing! Statements and negotiations by a party are not binding until they are in writing and signed by the party.The Fair Housing Act prohibits discrimination in housing

because of:

DisabilityColorFamilial StatusNational OriginRaceReligionSex (including gender identity and sexual orientation) General Warranty DeedThe grantor iswarranting against title defectsthat occurred not onlyduringthegrantor'speriod ofownership, but also allpriorowner periods.With a promotional land sale agreement, who's at risk if the underlying mortgage falls into default and

foreclosure?BuyerInvestorLenderSeller Buyer