Delaware Salesperson Pre-Licensing Course Exam Prep: License Law, Real Estate Interests, and Ownership Flashcard Set Rated 100% Correct!!
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Course
Delaware Salesperson Pre-Licensing
Institution
Delaware Salesperson Pre-Licensing
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;...
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 D elaware 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, f ines, 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 amou nt 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; doe sn'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 prohibi ted 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 singl e 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
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