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Delaware Real Estate Law Final Exam Questions and Answers Already Passed
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Delaware Real Estate Law Final Exam Questions and Answers Already Passed
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Delaware Real Estate Law Final ExamQuestions and Answers Already Passed
What are Deed Restrictions? - ✔✔Private restrictions that affect use of property.
- run with land & last forever
- affect all successive owners
What is chain of title? - ✔✔The chain of transactions linking each seller and buyer under a title search
- Contains the name of all grantors
-EX: "makes sure "Ed: gets deed when buying from "Lisa" who bought from "Tim" and so on
. -Makes sure everyone has proper title
How long do Deed Restrictions or Restrictive Covenants last? - ✔✔They last forever unless specified
to terminate at (or after) a specific time
What is the primary intent of Zoning Ordinances? - ✔✔To protect health, safety, and welfare of citizens
What is an Eviction called in Delaware? - ✔✔It is called a summary proceeding for possession in DE
May a residential lease be oral in Delaware? - ✔✔Yes, however it may only be an oral lease for a
term up to 1 year
Who is the Lessee? - ✔✔Lessee is the tenant (renter) of the property
Who is the Lessor? - ✔✔Lessor is the owner of the property
,What is Fee Simple subject to a condition subsequent? - ✔✔Ownership on the grounds that the
property is used for specific purpose
EX: property was sold to build a museum. (If anything else is built, grantor is entitled to property)
What is a Defeasible Estate? - ✔✔When a grantor sells property with special limitations (or
condition subsequent)
- some condition that if violated will revert property back to original owner
What are the requirements for real estate agents when selling their own property? - ✔✔You must
disclose that you're a real estate agent to all parties involved
Before your license can be suspended or revoked, what are you entitled to? - ✔✔You are entitled to a
hearing, and the right to cross examine your accuser
What is the best assurance of a good title? - ✔✔Purchasing Title Insurance
What are the Following Deeds?
- Bargain and Sell
- Quit Claim
- General Warranty deed
- Special Warranty deed - ✔✔- Bargain and Sell: implies that sheriff has title (often foreclosure sales)
- Quit Claim: no warranties at all
- General Warranty:
The seller warrants property is free from all defects for all time
- special warranty: The seller warrants that if any defect occurred during ownership, the seller will fix it
, What is the Right of Condemnation? - ✔✔The process of obtaining property under the right of eminent
domain
What is Adverse Possession? - ✔✔where a 3rd party acquires title to your property if they
have occupied under the following conditions:
open, notorious, hostile and in excess of 20 years
What is Earnest Money? - ✔✔down payment money that buyer puts up at time of agreement of sale
What is undue duress under a contract? (void v. voidable) - ✔✔entering contract under pressure
or under influence of others - voidable contract(only at option of victim) -
contracts entered by minors, under pressure, etc. voidable
- void contracts only when someone who has been judged insane by court signs contract
What are the Real Estate Agents, and Brokers responsibilities when handling earnest money deposits? -
✔✔The agent must give earnest money check to listing agent promptly - listing agent must give to
their broker
-The broker has 3 business days to deposit
What is the Statute of Frauds? - ✔✔States that any agreement for interest in real estate (property)
must be in writing
What lien does NOT have to be recorded to be valid? - ✔✔A real estate tax lien doesn't have to be
in writing to be valid
What are Voluntary Liens? - ✔✔Any voluntary lien against property
EX: mortgage
What are Involuntary Liens? - ✔✔Judgement liens (money owed for payment of being ruled against)
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