Delaware Real Estate Questions And Answers With Verified Study Solutions

if a workers license is revokes, then all salespersons working under this broker will have the license -ANS- suspended how many days notice must be given to terminate a lease -ANS- 60 days how long does somebody have to make application for real estate licnesure -ANS- 1 year from completion of the prelincensing course the property disclosure form is required to be filled out by -ANS- all sellers including for sale by owner when asked in writing by a buyer, which topic must a real estate agent refrain from talking about -ANS- the seller having aids who may remove commissioners from the real estate commission -ANS- the govoner a real estate agent who lists a property for sale and then writes an offer on that property with another person is a -ANS- dual agent the main objectives of the real estate commission are -ANS- 1. protect the general public from unsafe real estate practices maintain and establish minimum standards of license competency the powers and duties of the commission include all of the fallowing except -ANS- set acceptable ranges for rates of commission charged by brokers if a real estate agent observes material defect in a property not mentioned on the property disclosure form, he/she should -ANS- disclose the fact to both buyer and seller all licensees must: -ANS- make application to the commission on or before the first day of january biennially for a renewal of license the state statue that deals with the creation of condominiums in delaware is the -ANS- unit properties act under what circumstances may the commission investigate the actions of a salesperson or broker -ANS- 1. upon its own mention 2. upon the verified complaint in writing of any person all hearings upon the revocation of a real estate license or denial of application must provide -ANS- e to the employing broker of the charges agent their salesperson commissions findings shall be conclusive en notice to the licensee and their broker of the charges against them all of the fallowing pertain to the real estate guaranty fund -ANS- interest generate day the fund are to be used by the commission for administering funds, seminars, and continuing education application for a brokers license who has already paid the $25 gauranty fee as a salespersons need not pay said fee again 3. the fund isle in excess of to be maintained at a level in excess of $250,000 and all claims against the fund shall carry a maximum award of $25,000. the minimum age for a brokers license is -ANS- 23 all applicants for a brokers license must submit a list of 30 sales made by the applicant wishing the past -ANS- 5 years the minimum age for a sales persons license is -ANS- 18 listing contracts must -ANS- 1. be signed by the sellers 2. be signed by the broker, or their representative a real estate license -ANS- application that is being renewed must contain a certification from the agent saying that the continuing education hours have been satisfied. such proof must be kept for 2 years. a person who feels that they have been discriminated against may file a complaint with the -ANS- Delaware human relations commission or HUD when the does CIS state the a real estate agent disclose in writing who they represent -ANS- upon the first meeting all of the fallowing are protected against the Delaware fair housing act except ioun ation l orientation al status ilty -ANS- occupation a real estate agent who treats a hispanic buyer differently than an asian buyer is violating -ANS- the civil rights act of 1866 the federal fair housing law the Delaware fair housing law when inserting a buy in disclosure in a listing, the broker has how many days to purchase and settler on the property from eh expiration date of the original listing -ANS- 60 a judgment lien against all real estate owned by the judgment debtor which is located in -ANS- the county in which the judgment has been filed as a seller agent you may -ANS- tell all your buyers what closing cost assistance the seller will offer if the state buys your property then there is -ANS- no transfer tax paid by either party whose responsibility is it to insure that the rules and regulations of the commission are complied with by the licensees -ANS- broker of record the basis of transfer tax is -ANS- price set forth in the contract of sale/actual monetary worth if the real estate is a gift or has nominal consideration which party or transaction is exempt from the transfer tax -ANS- religious organizations volunteer fire companies transfers between parent and child who can be the broker of record of a branch of a real estate company -ANS- any broker who has been actively engaged in real estate for the previous 3 years how much can the gaurentee fund be tapped for -ANS- $25,000 the creation of the condominiums in delaware require -ANS- a declaration a declaration plan and code of regulations in delaware, all of the fallowing closing costs are generally borne by the buyer -ANS- the title insurance the survey a termite inspection a tenant is in default for not paying their rent on time. how long must a landlord wait before charging a late fee -ANS- 5 days when advertising listed property for sale, who's name and phone number must be disclosed -ANS- listing real estate company if the balance of the guarantee fund falls below $250,000 the delaware real estate commission will assess each licensee -ANS- a pro-rated fee if a tenant does not remove their belongings by the end of the lease the belongings of the tenant -ANS- must be stored for 7 days and if unclaimed they can be disposed of oral leases are valid if the lease is -ANS- less than 1 year the lease comes a month to month lease if the _______ days notice is not given before the expiration -ANS- 60 an unsigned rental agreement by the lessor is valid if the lessor -ANS- accepts rent without reservation in leases the landlord must -ANS- give the lessee a summary copy of the landlord tenant code all of the fallowing are expect from the delawra licensing laws -ANS- 1. a property owner who sells or leases there own property ent property manager at an apartment complex of attorney acting as owner of the property a site test -ANS- determines the availability for onsite septic disposal the real estate commission requires that a licenses broker -ANS- display a sign outside their office all of the fallowing are true of earnest money deposits -ANS- rs must maintain accurate records of deposits should be turned over to appropriate broker immediately are credits to the buyer on the closing statement the license of a real estate agent may be revoked when the agent -ANS- uses advertisement that does not include the broker or firm name accepts commission from someone other then the broker commingling funds when should someone be given a copy of the agreement they sign? -ANS- immediately upon signing the authority of the real estate commission to act comes from -ANS- state legislature the real estate commission is appointed by the -ANS- govoner the payment of the state transfer tax is generally -ANS- the responsibility of the buyer and seller to pay in equal amounts who is multi ultimently responsible for negotiated contracts, leases -ANS- broker delaware law requires an agreement for the sale of unimproved farm lands must -ANS- contain a notice that property is covered by the agricultural lease act delaware license law is administered by -ANS- delaware real estate commission