Delaware Salesperson Pre-Licensing Course Exam Prep: License Law, Real Estate Interests, and Ownership Flashcard Set.
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Delaware Salesperson Pre-Licensing
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Delaware Salesperson Pre-Licensing
Delaware Salesperson Pre-Licensing Course Exam Prep: License Law, Real Estate Interests, and Ownership Flashcard Set.
Entity that administers license law in Delaware
Delaware Real Estate Commission
Composition of the Delaware Real Estate Commission
Nine members, all appointed by the governor; f...
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Delaware Salesperson Pre-Licensing Course
Exam Prep: License Law, Real Estate Interests,
and Ownership Flashcard Set.
Entity that administers license law in Delaware
Delaware Real Estate Commission
Composition of the Delaware Real Estate Commission
Nine members, all appointed by the governor; five are real estate professionals: three brokers (one from
each county), one associate broker, and one salesperson; four members from the public at large: one
from each county and the last from Wilmington
Division of Professional Regulation
Entity that investigates complaints against licensees or the commission
Sanctions the Delaware Real Estate Commission may impose against licensees
Letter of reprimand, probation, fines, additional coursework, or license suspension or revocation
Delaware real estate guaranty fund
Pays out when a person wins a judgment against a licensee for losses or damages due to any type of
deceit, and the person can't collect the entire amount of the judgment
Delaware's three types of real estate licenses
Salesperson, broker, and associate broker
Salesperson
Licensee who works under a broker's supervision
Associate broker
Broker who chooses to affiliate with another broker; doesn't participate in the day-to-day management
of a brokerage
Broker
Qualified to sell real estate, train and supervise affiliates, and manage brokerage on a day-to-day basis
Unauthorized practice of law
Illegal action that occurs when someone who's not a licensed attorney attempts to practice law, gives or
offers legal advice, drafts legal documents, or otherwise performs any actions for which a law license is
required
Renewal date for real estate licenses
, Biennially and before the expiration date of April 30 in even years
Inducement
Premiums, prizes, merchandise discounts, or other incentives to list, sell, purchase, or lease property, or
even to visit open houses, etc.; undisclosed inducements related to a purchase agreement are prohibited
Comparative market analysis (CMA)
Compares a subject property to several similar properties as a tool to determine list, offer, or rent price
Encumbrance
Any claim or lien held by another person or entity against a property that limits the owner's use or
rights, or decreases the property value
Easement
The authorized use of another's property for a specific purpose
Encroachment
An affixed intrusion onto another person's property (e.g., a fence that's three feet over the property line)
Lis pendens
A public notice that a legal issue is pending
Specific lien vs. general lien
Specific lien attaches to single property vs. general lien attaches to all of a debtor's property
Voluntary lien vs. involuntary lien
Debtor agrees to voluntary lien vs. an involuntary lien is placed without the debtor's consent
Lienor vs. lienee
Lienor holds the lien vs. lienee is subject to the lien
Subordination agreement
An agreement to subordinate a priority lien beneath another
Deficiency judgment
A legal condition in which a foreclosed homeowner or short sale seller owes the lender the difference
between what was owed and sales proceeds
Easement appurtenant
Attached to a specific parcel of land; transfers with the land; grants the right to use adjoining property
Easement in gross
Granted to a specific individual or business entity rather than attached to the property itself
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