Exam (elaborations)
DE State Exam Practice Questions and Answers.
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Delaware Real Estate
Institution
Delaware Real Estate
DE State Exam Practice Questions and Answers.
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DE State Exam Practice Questions and
Answers
Your .client .tells .you .that .the .home .inspection .has .been .done, .and .the .home .passed .with .no .proble
ms .reported. .You're .surprised, .since .you'd .pointed .out .a .couple .items .you .thought .would .come .up .
on .the .inspection .report. .You .weren't .at .the .appointment, .but .later .you .discover .that .the .home .ins
pector .had .the .flu .that .day, .and .sent .a .trainee .to .complete .the .assignment .without .informing .your .
client. .Why .is .this .illegal .in .Delaware? .- .(correct .answer) .-
Trainees .must .be .directly .supervised .by .a .licensed .home .inspector .and .must .notify .consumers .of .th
eir .trainee .status.
When .a .sale .involves .unimproved .land, .Delaware .law .requires .the .purchase .contract .to .include .whic
h .of .the .following? .- .(correct .answer) .-
Notice .to .buyers .that .they .may .need .to .install .water .and .sewer .systems .and .will .need .a .site .evalua
tion .approved .to .do .so
calculate .the .amount .of .taxes .to .levy .against .property .owners. .- .(correct .answer) .-County .assessors
Delaware .licensee .Ron .has .several .properties .listed. .For .which .of .these .will .he .advise .his .client .to .r
equest .a .resale .certificate .from .the .association? .- .(correct .answer) .-
A .unit .in .a .bustling .residential .complex .with .three .pools, .two .tennis .courts, .and .200 .units
Delaware .landlord .Kip .wants .to .include .a .provision .in .his .leases .that .prohibits .tenants .from .making .
a .claim .against .him .for .not .providing .things .such .as .heat .and .water. .His .lawyer .explains .that .this .is .
illegal .because .lease .provisions .that .______ .are .prohibited. .- .(correct .answer) .-
Waive .tenants' .rights .under .the .law
In .Delaware, .the .residents .of .one .of .these .communities .have .a .right .to .be .notified .of .the .communit
y's .impending .sale .and .to .take .steps .to .become .the .community's .owners .themselves. .Which .one? .- .
(correct .answer) .-Cozy .Cottage .Mobile .Home .Park, .a .family-
friendly .mobile .home .community .on .eight .acres
The .purpose .of .Delaware's .Real .Estate .Tax .Return .Declaration .of .Estimated .Income .Tax, .Form .5403 .i
s .to .______. .- .(correct .answer) .-Ensure .property .sellers .pay .income .tax .on .capital .gains
, Your .seller .client .has .offered .financing .to .the .buyers, .who .aren't .able .to .qualify .for .an .institutional .l
oan. .They're .using .an .installment .sales .contract. .Which .of .these .provisions .will .NOT .be .part .of .the .c
ontract .according .to .Delaware .law? .- .(correct .answer) .-
The .seller's .right .to .foreclose .judicially .should .the .buyer .default .and .fail .to .reinstate .the .loan .within
.60 .days
What .entity .is .responsible .for .enforcing .fair .housing .law .in .Delaware? .- .(correct .answer) .-
State .Human .Relations .Commission
You're .representing .a .buyer .who's .purchasing .a .single-
family .home .on .a .corner .lot .in .New .Castle .county. .The .buyer's .lender .wants .a .survey .performed, .so
.you .meet .with .the .buyer .and .the .surveyor. .Your .client .is .asked .to .sign .a .waiver .before .the .surveyo
r .begins .work. .Is .this .legit .or .is .your .client .being .scammed? .- .(correct .answer) .-
Yes, .a .waiver .is .required .with .a .mortgage .survey .plan.
In .Delaware, .which .of .these .is .a .legal .spot .to .place .a .sign .advertising .one .of .your .listings? .- .(correct
.answer) .-At .least .10 .feet .from .the .edge .of .a .public .road
Which .of .these .licensees .is .violating .Delaware's .Consumer .Fraud .Act? .- .(correct .answer) .-
Greg, .who .advertises .his .services .as ."The .broker .who .sells .your .home .for .10% .more .than .anyone .el
se!"
Per .the .Delaware .Mortgage .Loan .Modification .Services .Act .
(MLMSA), .contracts .for .mortgage .loan .modification .services .must .be .in .writing, .free .of .alterations .o
r .modifications, .and .given .to .homeowners .for .their .review .at .least .__ .hours .before .they .sign. .- .
(correct .answer) .-24
Demario .is .selling .his .house .in .Kent .County .in .Delaware. .He .and .the .buyer .will .pay .a .total .of ._____
.as .transfer .tax. .- .(correct .answer) .-4% .of .the .property's .total .sale .price
Which .of .the .following .statements .is .accurate .regarding .electronic .signatures .and .records .in .Delawa
re? .- .(correct .answer) .-
While .Delaware .law .allows .electronic .records .and .signatures, .it .doesn't .require .them.
Which .Delaware .law .preceded .the .Delaware .Uniform .Common .Interest .Ownership .Act .and .may .still .
be .relevant .to .certain .older .communities? .- .(correct .answer) .-Unit .Property .Act
Which .of .these .statements .describes .Delaware's .Unit .Property .Act? .- .(correct .answer) .-
It .governs .the .development .and .management .of .condominiums .established .in .Delaware .prior .to .200
9, .and .some .of .its .provisions .still .regulate .those .communities.
When .a .Delaware .buyer .submits .an .offer .for .a .condo .unit, .what .information .should .the .buyer .recei
ve .on .the .resale .certificate? .- .(correct .answer) .-
Declarations, .CC&Rs, .current .status, .and .financials .for .the .common .interest .community