Delaware Salesperson Pre-Licensing Course Exam Prep: License Law, Real Estate Interests, and Ownership 2023 Guide Solved
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Course
Delaware Salesperson Pre-Licensing Course
Institution
Delaware Salesperson Pre-Licensing Course
Delaware Salesperson Pre-Licensing Course Exam Prep: License Law, Real Estate Interests, and Ownership 2023 Guide Solved
Entity that administers license law in Delaware
Delaware Real Estate Commission
Composition of the Delaware Real Estate Commission
Nine members, all appointed by the govern...
Delaware Salesperson Pre-Licensing Course Exam Prep: License Law, Real Estate Interests, and Ownership 2023 Guide Solved
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
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