DELAWARE REAL ESTATE EXAM PREP
QUESTIONS AND ANSWERS GRADED A
PLUS STUDY RESOURCE
●● Delaware Division of Professional Regulation
Answer: Delegates responsibility for oversight of the industries covered
by the code to individual boards or commissions
●● Delaware Real Estate Commission
Answer: Enforces the Professions and Occupations code on behalf of the
division; consists of 9 members who are named by the Governor
●● Real Estate Guaranty Fund
Answer: Exists primarily to compensate losses suffered by members of
the public due to real estate agents not acting on the up and up
●● Delaware Administrative Code
Answer: Laws that govern its real estate industry
●● Activities Requiring License
Answer: advertising, negotiating, representing buyers/sellers,
representing landlords/tenants, soliciting clients
, ●● Salesperon's License
Answer: Can perform real estate activities but not independently; in
order to activate the license and be able to do work, you must be
employed by a Broker
●● Broker's License
Answer: Needed in order to run a firm, employ licensees, or administer
escrow accounts
●● Delaware Unit Property Act
Answer: A set of regulations that governs how multi-unit communities
are managed and sold
●● Condominium
Answer: Real estate with sections identified for separate ownership
(unit) and the remaining property dedicated to common elements with
undivided interests by the unit owners
●● Cooperative
Answer: Physically similar to a condominium, except a corporation
owns all of the property and units. The unit owners own a share of the
corporation and have possession of their unit
●● Planned Unit Community
QUESTIONS AND ANSWERS GRADED A
PLUS STUDY RESOURCE
●● Delaware Division of Professional Regulation
Answer: Delegates responsibility for oversight of the industries covered
by the code to individual boards or commissions
●● Delaware Real Estate Commission
Answer: Enforces the Professions and Occupations code on behalf of the
division; consists of 9 members who are named by the Governor
●● Real Estate Guaranty Fund
Answer: Exists primarily to compensate losses suffered by members of
the public due to real estate agents not acting on the up and up
●● Delaware Administrative Code
Answer: Laws that govern its real estate industry
●● Activities Requiring License
Answer: advertising, negotiating, representing buyers/sellers,
representing landlords/tenants, soliciting clients
, ●● Salesperon's License
Answer: Can perform real estate activities but not independently; in
order to activate the license and be able to do work, you must be
employed by a Broker
●● Broker's License
Answer: Needed in order to run a firm, employ licensees, or administer
escrow accounts
●● Delaware Unit Property Act
Answer: A set of regulations that governs how multi-unit communities
are managed and sold
●● Condominium
Answer: Real estate with sections identified for separate ownership
(unit) and the remaining property dedicated to common elements with
undivided interests by the unit owners
●● Cooperative
Answer: Physically similar to a condominium, except a corporation
owns all of the property and units. The unit owners own a share of the
corporation and have possession of their unit
●● Planned Unit Community
