Delaware Salesperson Pre-Licensing Course Exam Prep: License Law, Real Estate Interests, and Ownership Flashcard Set
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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 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 gov...
Delaware Salesperson Pre -Licensing Course Exam Prep: License Law, Real Estate Interests, and Owner ship 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 membe rs 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, a nd 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 prope rty (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 subo rdinate a priority lien beneath another
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