DELAWARE REAL ESTATE STUDY GUIDE EXAM 2026/2027
QUESTIONS AND SOLUTIONS RATED A+
✔✔How is earnest money deposit negotiated? - ✔✔Earnest money deposit determined
by negotiation
✔✔What is Specific Performance? - ✔✔lawsuit where person who brings suit is asking
court to make defendant perform under contract
(seller backs out of valid contract - buyer sues seller and says real estate is unique,
makes court enforce sale of property)
✔✔What distinguishes Personal Property from Real Property? - ✔✔Anything that's
movable is personal property
✔✔What are improvements to real estate? - ✔✔anything man made added to property
is improvement
✔✔What are Typical Deed Restrictions? - ✔✔Setbacks - must be set back so far from
lot line & building standards
✔✔What is unique about the geographic location of any parcel of land? - ✔✔The
geographic location of any parcel cannot change
✔✔Recording of documents gives what kind of notice? - ✔✔Gives constructive notice to
property
✔✔How is lien of priority determined (who gets the first lien)? - ✔✔First in time is first in
right (whoever records first gets first lien)
✔✔What is a Bargain and Sell Deed? - ✔✔Implies sheriff has title for property (usually
in foreclosures)
✔✔What is a Quit Claim Deed? - ✔✔a deed with no warranties at all
✔✔What is a General Warranty Deed? - ✔✔a deed where the seller warrants property
is free from defects for all time
✔✔What is a Special Warranty Deed? - ✔✔a deed where the seller warrants that if any
defect occurred during ownership, the owner would fix it
✔✔What is Periodic Tenancy? - ✔✔tenancy with no definite end point (year to year,
month to month)
only way to terminate lease is by written notice
, ✔✔What is Tenancy by Years? - ✔✔tenancy for a specific period of time
no notice is needed to terminate lease
✔✔What is Estate at Will Tenancy? - ✔✔a lease at complete discretion of landlord.
(EX: staying on your buddies couch)
✔✔What is Tenancy at Sufferance? - ✔✔When a lease is terminated, but the tenant
remains in space
✔✔What is a Holdover Tenant? - ✔✔similar to sufferance, where the tenant stays in
space beyond the lease
✔✔What is a Freehold Estate? - ✔✔an ownership that continues for an indefinite period
✔✔What is Fee Simple Absolute? - ✔✔Highest interest in real estate recognized by law.
Intended to run forever
✔✔What is Fee Simple Defeasible? - ✔✔An estate that may be inherited, uses
terminology "so long as, while"
✔✔In Delaware title to land is transferred by what - ✔✔A deed
✔✔When the new term is provided for residential lease the lease term is presumed to
be what - ✔✔Month to month
✔✔And administrator selling reality under a court order must have what - ✔✔Does not
require a license
✔✔What is another name for an escrow account - ✔✔A trust account
✔✔What is the most important instrument in a real estate transaction - ✔✔An
agreement of sale
✔✔And oral list and can be converted into a valid open listing with an agreed-upon
commission using what - ✔✔The statute of frauds
✔✔What type of ownership has fractional interest and no right of survivorship -
✔✔Tenants in common
✔✔Can a corporation be licensed as a sales person - ✔✔No
QUESTIONS AND SOLUTIONS RATED A+
✔✔How is earnest money deposit negotiated? - ✔✔Earnest money deposit determined
by negotiation
✔✔What is Specific Performance? - ✔✔lawsuit where person who brings suit is asking
court to make defendant perform under contract
(seller backs out of valid contract - buyer sues seller and says real estate is unique,
makes court enforce sale of property)
✔✔What distinguishes Personal Property from Real Property? - ✔✔Anything that's
movable is personal property
✔✔What are improvements to real estate? - ✔✔anything man made added to property
is improvement
✔✔What are Typical Deed Restrictions? - ✔✔Setbacks - must be set back so far from
lot line & building standards
✔✔What is unique about the geographic location of any parcel of land? - ✔✔The
geographic location of any parcel cannot change
✔✔Recording of documents gives what kind of notice? - ✔✔Gives constructive notice to
property
✔✔How is lien of priority determined (who gets the first lien)? - ✔✔First in time is first in
right (whoever records first gets first lien)
✔✔What is a Bargain and Sell Deed? - ✔✔Implies sheriff has title for property (usually
in foreclosures)
✔✔What is a Quit Claim Deed? - ✔✔a deed with no warranties at all
✔✔What is a General Warranty Deed? - ✔✔a deed where the seller warrants property
is free from defects for all time
✔✔What is a Special Warranty Deed? - ✔✔a deed where the seller warrants that if any
defect occurred during ownership, the owner would fix it
✔✔What is Periodic Tenancy? - ✔✔tenancy with no definite end point (year to year,
month to month)
only way to terminate lease is by written notice
, ✔✔What is Tenancy by Years? - ✔✔tenancy for a specific period of time
no notice is needed to terminate lease
✔✔What is Estate at Will Tenancy? - ✔✔a lease at complete discretion of landlord.
(EX: staying on your buddies couch)
✔✔What is Tenancy at Sufferance? - ✔✔When a lease is terminated, but the tenant
remains in space
✔✔What is a Holdover Tenant? - ✔✔similar to sufferance, where the tenant stays in
space beyond the lease
✔✔What is a Freehold Estate? - ✔✔an ownership that continues for an indefinite period
✔✔What is Fee Simple Absolute? - ✔✔Highest interest in real estate recognized by law.
Intended to run forever
✔✔What is Fee Simple Defeasible? - ✔✔An estate that may be inherited, uses
terminology "so long as, while"
✔✔In Delaware title to land is transferred by what - ✔✔A deed
✔✔When the new term is provided for residential lease the lease term is presumed to
be what - ✔✔Month to month
✔✔And administrator selling reality under a court order must have what - ✔✔Does not
require a license
✔✔What is another name for an escrow account - ✔✔A trust account
✔✔What is the most important instrument in a real estate transaction - ✔✔An
agreement of sale
✔✔And oral list and can be converted into a valid open listing with an agreed-upon
commission using what - ✔✔The statute of frauds
✔✔What type of ownership has fractional interest and no right of survivorship -
✔✔Tenants in common
✔✔Can a corporation be licensed as a sales person - ✔✔No
