Section 16: Delaware License Laws, Rules, and Regulations

Section 16: Delaware License Laws, Rules, and Regulations

Flashcards How many hours of CE are you required to take after your first renewal period?21 hours None of the nine members may serve as an ..... elected official or in a leadership capacity of any other professional association of the real estate industry.Newly Licensed Brokers, Associate Brokers, and Reciprocal Licensees For these licensees, CE credit must come from the standard modules. Required CE hours for a first renewal are prorated based on when the license was obtained.Associate brokers or brokers who are merely changing license status from one to the other should follow regular CE requirements of 21 hours per renewal perio Licensing helps ensure that licensees have adequate:-Education knowledge, and supervision, and it provides regulatory oversight, and the ability to discipline those who violate the rules of the profession.-In Delaware, only people who hold real estate licenses may represent themselves to the public as a real estate professional or provide real estate services for consumers-Business entities that provide real estate activities must engage a licensed real estate broker at minimum. The broker may supervise licensed associate brokers and salespersons.License RevocationWhen a broker's license is revoked, all affiliated licensees will have their licenses suspended. Once suspended licensees change their employing broker, the commission will issue a new license free of charge as long as the licensure renewal period is still in effect.Hearings-The commission will set a time and place for the hearing and give all parties notice. The division may issue subpoenas for respondents, documents and other physical evidence, witnesses, or other necessary evidence for the hearing.-At the hearing, a majority of commission members will serve as a quorum. At least 5 members must agree to any disciplinary measures.Review the activities that require a real estate license and the exceptions, take a look at your resource and indicate the actions that require a real estate license.A.) Joan has noticed a huge real estate boom in her neighborhood, and she wants to get in on the action so she can earn money selling real estate.B.) Enrique has designed the most amazing marketing materials for some houses for sale and plans to have fliers printed up with his contact info and commission rates on them.C.) To get a jump start on the

housing boom in town, Beverly joins a few professional associations and introduces herself as a commissioned real estate professional at the meetings.D.) Howard sees an ad for a foreclosure sale in Smyrna. When he goes to check it out, he gets the idea that he might like to buy and sell real estate.A, B, & C Investigations-After complaint is filed the director will fill out a complaint card, issue a complaint number, and log the complaint in the division's records within 15 days. Then the director will assign an investigator to look into the complaint details.-A commission member, who isn't allowed to discuss anything about the investigation, may be selected to serve as a confidential advisor on the investigation. If a hearing will be held, the member may be excused from regular

commission duties to assist with the hearing.-When division's investigator completes investigation into the complaint, the investigator will prepare a written report that includes evidence reviewed, witnesses interviewed, the alleged violation, and facts of the situation. The investigator will recommend prosecution or dismissal to the division director.-The director can opt to send both the complaint and the investigator's report to the state justice department for the deputy attorney general to review. The deputy attorney general may file a formal complaint against the licensee named in the complaint and request a hearing before the commission. Or the deputy attorney general may decide to dismiss and will notify the director in writing. This dismissal serves as a final order, and all associated documents will be filed.PATH TO YOUR DELAWARE REAL ESTATE LICENSE 1. Successfully complete final exams for all pre-licensing courses2. Start interviewing brokers for affiliation. This is an important decision. Do not take this lightly!3. Make a reservation or appointment to take the state exam4. Pay the exam fee5. Successfully pass the state exam6. Submit your salesperson exam results and your license application, and pay your fees

Which of the following may a person who doesn't hold a Delaware real estate license do?Sell property as an executor of a will The following actions constitute the practice of law and may only be performed in Delaware by someone admitted to the Delaware Bar. (In other words, not by real estate licensees.) -Offering, giving, or attempting to give legal advice, whether directly or indirectly-Interpreting or giving advice regarding the legal effect of any contracts or other real estate documents-Giving opinions about the validity or status of a property's title-Attempting to prevent or discourage a party to a real estate transaction from hiring a lawyer-Drafting any legal document, including contingencies and addenda-Representing in court, or appearing in court, on behalf of a real estate client License reactivation requirementsIf your license has been on inactive status, and you're ready to reactivate it and get back in the business, submit a 'Reactivation of Inactive Licenses' service request.Waivers-The commission may waive or postpone such requirements for illness, injury, family or financial hardship, etc. But these requests must be made no later than 60 days before the biennial license renewal date.Advertising Rules Regarding DisclosureAds and promotional materials must also follow certain

disclosure requirements:-Licensees must disclose their

license status in ads when advertising their own property for sale or lease, or when advertising an offer to purchase.-Ads that licensees use to promote themselves and their services must also include their affiliated brokerage's full name and office phone number as registered with the commission.-Any ads for properties listed with a broker must include the affiliated brokerage's full name and office phone number as registered with the commission. Ads may also include other licensee names and team names, as well as other phone numbers, identified by type (home, cell, etc.).-Internet ads and communication must also include their affiliated brokerage's full name and office phone number as registered with the commission on every page. The broker's main office location (city and state) and the broker's licensure jurisdiction are also required.-When a licensee advertises a property for sale and the individual who'll conduct the sale is exempt from license law (e.g., an executor of the estate), the ad must include the wording "On-site unlicensed salespeople represent the seller only."-When advertising to purchase properties that don't sell during the listing period, or making similar promises, a licensee must, in the original listing agreement, disclose the price to be paid for the property. In addition, if the property doesn't sell during the listing