DELAWARE REAL ESTATE EXAM SCRIPT 2026/2027
QUESTIONS AND SOLUTIONS RATED A+
✔✔One of the ways the Office of the State Bank Commissioner protects consumers
from predatory lending practices is _____.
Chartering and regulating state banks and trust companies
Imposing fines against lenders who commit predatory lending acts
Providing education to lenders about predatory lending practices
Working to establish credit score reform - ✔✔Chartering and regulating state banks and
trust companies
✔✔The Marsdens recently sued their Delaware real estate broker for fraud and won
their case. When the broker was only able to pay less than half of the amount the court
awarded to the Marsdens, which was $300,000, they applied to the Guaranty Fund.
What's the most the fund will give them for this single claim?
$15,000
$150,000
$25,000
$300,000 - ✔✔The maximum Guaranty Fund compensation that may be granted on
behalf of parties against a licensee is limited to $25,000.
✔✔If a licensee needs a waiver for completion of Delaware CE requirements, when
must the request be submitted?
No later than 20 days before the biennial license renewal date
No later than 30 days before the biennial license renewal date
No later than 60 days before the biennial license renewal date
No later than 90 days before the biennial license renewal date - ✔✔Licensees can
submit a written request with proof of an illness, injury, family or financial hardship, or
other circumstance that barred their completion of the CE requirements no later than 60
days before the biennial license renewal date.
✔✔Which of these statements accurately represents how Delaware real estate firms
should manage escrow records?
Brokerage firms must retain escrow accounting records for at least five years after a
transaction closes or terminates.
Brokerage firms must retain escrow accounting records for at least three years in either
electronic or hard-copy format.
Brokerage firms should retain escrow accounting records in hard copy for at least one
year after the transaction closes, then, if desired, retain electronic copies for two
additional years.
If a transaction fails to go to closing, the brokerage firm may immediately dispose of
accounting records related to the escrow deposit. - ✔✔Brokerage firms must retain
,escrow accounting records for at least three years in either electronic or hard-copy
format.
✔✔You're selling your Delaware duplex to another investor, using an installment sales
contract. How long can the contract remain executory?
No longer than 15 years
No longer than 30 years
No longer than five years
No longer than six months - ✔✔In Delaware, a purchase contract may not remain
executory for longer than six months, although one six-month extension is allowed if the
parties agree in writing.
✔✔Delaware counties may offer which type of county-specific property tax exemption?
Cemeteries
Investment properties
Political affiliation
Religious - ✔✔Cemeteries
✔✔When unit owners in the Flying Horses Condominium complex offer their units for
sale, they'll ask the condo association for documentation, which must be provided within
______ days of the request.
10
15
30
Five - ✔✔The association must provide a resale certificate and copies of other
community documents within 10 days of a seller's request.
✔✔Which of these is NOT a purpose of the Delaware statute called the Unit Property
Act?
To promote the development of larger common interest communities
To protect owners of condominium units
To regulate the development of condominium communities
To regulate the operation of homeowner associations - ✔✔To promote the development
of larger common interest communities
✔✔How many commission members are appointed from the public?
Eight
Four
Six
Two - ✔✔four
✔✔Julie is a Delaware licensee. Unless a customer signs a written agreement stating
otherwise, which type of agent is she?
Common law
, Dual
Fiduciary
Statutory - ✔✔In Delaware, licensees are statutory, and not common law, agents. That
means that Delaware law spells out specific duties owed to customers and clients.
✔✔Once you submit the required documentation to the Delaware Real Estate
Commission to verify that you legally changed your name, what's the next step to take
to obtain a new license that shows your new name?
Ask your broker affiliate to submit a request for a new license to the Delaware Real
Estate Commission.
Confirm your name has been changed on Delaware's verify license online website and
submit the Request Duplicate License form online.
No additional steps need to be taken. The Delaware Real Estate Commission will mail
an updated license.
Submit the name change for approval to the Delaware Associate of REALTORS®. -
✔✔Confirm your name has been changed on Delaware's verify license online website
and submit the Request Duplicate License form online.
✔✔Which of the following Delaware residential sales contract provisions says, in part,
that anything the parties agree to in writing becomes part of the purchase agreement?
FIRPTA
No Recording
Notice/Delivery of Documents
Risk of Loss - ✔✔The Notice/Delivery of Documents provision of the sales contract says
that anything the buyers agree to in writing with the sellers becomes part of this
agreement, and that all agreements must be in writing to be enforceable.
✔✔______ is the form of ownership used by married couples in certain states. It
includes automatic survivorship rights.
Tenancy by five unities
Tenancy by the entirety
Tenancy by union
Tenancy in common - ✔✔This is tenancy by the entirety, where each has an undivided
interest in the entire property. If one dies, the other owns the entire property. If they
divorce, their ownership automatically becomes a tenancy in common.
✔✔Chloe is buying a Delaware home from the Sampsons. She wasn't able to come up
with enough money to cover the entire purchase price, but luckily the Sampsons are
willing to finance the remaining portion at a reasonable interest rate. What's NOT true
about the purchase agreement Chloe and the Sampsons have?
A statement that the buyers and sellers all understand the payment schedule must be
included.
Chloe and the Sampsons must all sign an amortization schedule.
QUESTIONS AND SOLUTIONS RATED A+
✔✔One of the ways the Office of the State Bank Commissioner protects consumers
from predatory lending practices is _____.
Chartering and regulating state banks and trust companies
Imposing fines against lenders who commit predatory lending acts
Providing education to lenders about predatory lending practices
Working to establish credit score reform - ✔✔Chartering and regulating state banks and
trust companies
✔✔The Marsdens recently sued their Delaware real estate broker for fraud and won
their case. When the broker was only able to pay less than half of the amount the court
awarded to the Marsdens, which was $300,000, they applied to the Guaranty Fund.
What's the most the fund will give them for this single claim?
$15,000
$150,000
$25,000
$300,000 - ✔✔The maximum Guaranty Fund compensation that may be granted on
behalf of parties against a licensee is limited to $25,000.
✔✔If a licensee needs a waiver for completion of Delaware CE requirements, when
must the request be submitted?
No later than 20 days before the biennial license renewal date
No later than 30 days before the biennial license renewal date
No later than 60 days before the biennial license renewal date
No later than 90 days before the biennial license renewal date - ✔✔Licensees can
submit a written request with proof of an illness, injury, family or financial hardship, or
other circumstance that barred their completion of the CE requirements no later than 60
days before the biennial license renewal date.
✔✔Which of these statements accurately represents how Delaware real estate firms
should manage escrow records?
Brokerage firms must retain escrow accounting records for at least five years after a
transaction closes or terminates.
Brokerage firms must retain escrow accounting records for at least three years in either
electronic or hard-copy format.
Brokerage firms should retain escrow accounting records in hard copy for at least one
year after the transaction closes, then, if desired, retain electronic copies for two
additional years.
If a transaction fails to go to closing, the brokerage firm may immediately dispose of
accounting records related to the escrow deposit. - ✔✔Brokerage firms must retain
,escrow accounting records for at least three years in either electronic or hard-copy
format.
✔✔You're selling your Delaware duplex to another investor, using an installment sales
contract. How long can the contract remain executory?
No longer than 15 years
No longer than 30 years
No longer than five years
No longer than six months - ✔✔In Delaware, a purchase contract may not remain
executory for longer than six months, although one six-month extension is allowed if the
parties agree in writing.
✔✔Delaware counties may offer which type of county-specific property tax exemption?
Cemeteries
Investment properties
Political affiliation
Religious - ✔✔Cemeteries
✔✔When unit owners in the Flying Horses Condominium complex offer their units for
sale, they'll ask the condo association for documentation, which must be provided within
______ days of the request.
10
15
30
Five - ✔✔The association must provide a resale certificate and copies of other
community documents within 10 days of a seller's request.
✔✔Which of these is NOT a purpose of the Delaware statute called the Unit Property
Act?
To promote the development of larger common interest communities
To protect owners of condominium units
To regulate the development of condominium communities
To regulate the operation of homeowner associations - ✔✔To promote the development
of larger common interest communities
✔✔How many commission members are appointed from the public?
Eight
Four
Six
Two - ✔✔four
✔✔Julie is a Delaware licensee. Unless a customer signs a written agreement stating
otherwise, which type of agent is she?
Common law
, Dual
Fiduciary
Statutory - ✔✔In Delaware, licensees are statutory, and not common law, agents. That
means that Delaware law spells out specific duties owed to customers and clients.
✔✔Once you submit the required documentation to the Delaware Real Estate
Commission to verify that you legally changed your name, what's the next step to take
to obtain a new license that shows your new name?
Ask your broker affiliate to submit a request for a new license to the Delaware Real
Estate Commission.
Confirm your name has been changed on Delaware's verify license online website and
submit the Request Duplicate License form online.
No additional steps need to be taken. The Delaware Real Estate Commission will mail
an updated license.
Submit the name change for approval to the Delaware Associate of REALTORS®. -
✔✔Confirm your name has been changed on Delaware's verify license online website
and submit the Request Duplicate License form online.
✔✔Which of the following Delaware residential sales contract provisions says, in part,
that anything the parties agree to in writing becomes part of the purchase agreement?
FIRPTA
No Recording
Notice/Delivery of Documents
Risk of Loss - ✔✔The Notice/Delivery of Documents provision of the sales contract says
that anything the buyers agree to in writing with the sellers becomes part of this
agreement, and that all agreements must be in writing to be enforceable.
✔✔______ is the form of ownership used by married couples in certain states. It
includes automatic survivorship rights.
Tenancy by five unities
Tenancy by the entirety
Tenancy by union
Tenancy in common - ✔✔This is tenancy by the entirety, where each has an undivided
interest in the entire property. If one dies, the other owns the entire property. If they
divorce, their ownership automatically becomes a tenancy in common.
✔✔Chloe is buying a Delaware home from the Sampsons. She wasn't able to come up
with enough money to cover the entire purchase price, but luckily the Sampsons are
willing to finance the remaining portion at a reasonable interest rate. What's NOT true
about the purchase agreement Chloe and the Sampsons have?
A statement that the buyers and sellers all understand the payment schedule must be
included.
Chloe and the Sampsons must all sign an amortization schedule.
