Real Estate Exam Delaware Flashcards

Real Estate Exam Delaware Flashcards Donna, a Delaware licensee, has entered into a common law agency relationship with Chip, who's interested in selling his single-family home. In order for this to be legal, which of the following must be true?Donna must only disclose this agency relationship to Chip.Donna's brokerage exclusively practices dual agency.Donna's brokerage exclusively practices single agency.Donna's broker gave her written permission.Donna's brokerage exclusively practices single agency.What's it called when lien holders allow another lien holder's claim to have priority over their own?Equitable lienLis pendensSubordination agreementVoluntary lien When two lien holders agree to modify lien priority, it's called a subordination agreement.Which of the following parties must sign a Delaware sales contract to accept an offer?The buyersThe sellersThe sellers and buyersThe sellers, buyers, and their agents The sellers and buyers A Delaware licensee's seller clients will complete tax form 5403 as part of the transaction. Why?To receive a tax credit for any loss on the transaction if it qualifies as an investment.To receive a tax rebate for the amount of the real estate agent's commission.To record the amount of transfer tax a Delaware seller will pay if the buyer is an out-of-state entity.To record the estimated amount owed for capital gains on the transaction if the seller is an out-of-state entity.To record the estimated amount owed for capital gains on the transaction if the seller is an out-of-state entity.What's something you should do to avoid fair housing violations?Avoid advertising to dodge the possible perception of discrimination.Have someone review your qualification process.Right from the start, describe the ideal buyer for specific properties.Test all your listings and licensees to ensure fair housing compliance.Have someone review your qualification process.Terry represents seller Farrah, and Michael represents Troy, the buyer. Who is (or are) the principal(s) in this transaction?FarrahFarrah and TroyTerry and MichaelTroy Farrah and Troy Where must the disclosure pertaining to CMAs that begins, "Notwithstanding any language to the contrary contained herein, this Competitive Market Analysis is NOT an appraisal ..." be listed on the CMA?At the bottomAt the topImmediately after the estimated priceNear the signature Immediately after the estimated price Which of these is a Delaware listing agent's responsibility?Complete the seller's property disclosure form prior to entering into a listing agreement.Give the seller's completed property condition disclosure form to all

prospective buyers or their agents.Inform prospective buyers that the seller disclosures should be supplemented by a professional property inspection.Inspect the seller's property for potential material defects that would require disclosure to prospective buyers.Give the seller's completed property condition disclosure form to all prospective buyers or their agents.The Delaware Agreement of Sale for Unimproved Land stipulates that the buyer must receive information about

any agricultural leases the property is subject to, along with ______.An 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 termsThe opportunity to cancel any current agricultural leases upon closing Provisions of the Delaware Agricultural Leases Act related to lease renewal

According to the Delaware Mortgage Loan Modification Services Act (MLMSA), mortgage loan modification service providers must pay a _____ fee to the state Consumer Protection Fund.$1,000$2,000$3,000$4,000

$1,000

In Delaware, a notice to buyers encouraging them to confirm access to sewer and water facilities on unimproved land must appear in the ______.Agreement of saleMLS details for the propertySeller's Disclosure of Real Property Condition ReportTitle insurance abstract Agreement of sale After their first renewal, how many hours of CE courses do Delaware real estate licensees need to take to renew their license?12 hours18 hours21 hours24 hours 21 hours Mike, a Delaware licensee, is sitting down with a potential buyer for their first scheduled appointment. What must he make sure they do when he meets with her?Get pre-approved.Sign a common law agency agreement.Sign an exclusive agency agreement.Sign the CIS.Sign the CIS.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 15-unit residential condominium complex with a hot tub but no poolA unit in a bustling residential complex with three pools, two tennis courts, and 200 unitsA unit in an office condominium complexA unit in the Argent Rest Home complex, a continuing care facility A unit in a bustling residential complex with three pools, two tennis courts, and 200 units Which of the following statements is true regarding Delaware's licensing requirements?Anyone acting as an attorney in fact under an executed power of attorney whose duties include real estate transactions needs a real estate license.Anyone who markets and advertises other people's properties for sale or lease is required by law to hold a Delaware real estate license.Companies, subsidiaries, or divisions that perform real estate activities for their own properties in the regular course of management or investment business need a real estate license.Owners, lessors, buyers, or lessees (or their employees) who perform real estate activities on their own behalf need a real estate license.Anyone who markets and advertises other people's properties for sale or lease is required by law to hold a Delaware real estate license.At which point in the residential selling process does the real estate professional prepare a comparative market analysis?ClosingListing and marketingManaging the transactionObtaining the listing Obtaining the listing Which of these would be an illegal place to put a real estate sign in Delaware?In the window of a real estate officeNext to a public road, at least 10 feet from the pavement