Delaware Real Estate Review Questions and Answers

Delaware Real Estate Review Questions and Answers What are the DE specific protected classes? ✅Creed Age Income Marital status Gender identity Sexual orientation What are the 3 required disclosures for DE? ✅Radon Lead paint Real property condition For property description we use... ✅Lot and block and metes and bounds the redemption period for tax monition sales in DE is ✅90 days DE is a __________ theory state ✅lien DE deeds have to be ✅acknowledged in DE transfer tax is the highest at ___% if the purchase price ✅4% = 2.5% state + 1.5% City/County requires lease agreements for more than _______________ to be in writing to be enforceable ✅1 year In DE a contract cannot be executory for longer than ✅6 months in order to qualify for the senior citizen property tax exemption, one must be ✅65 or over DE has license reciprocity agreements with what states? ✅all states statute of limitations for a breach of a real estate contract lawsuit is ✅3 years if a landlord accepts cash payment for rent, the landlord shall, within how many days give a tenant a receipt? ✅15 days How long must a landlord wait before charging a late fee on rent? ✅5 days If a tenant does not remove their personal property by the end of their lease when can the landlord dispose of it? ✅7 days The real estate license laws administered by ✅The Real Estate Commission Delaware Real Estate Commission has the authority to ✅make an enforce the rules by which all real estate licensees must abide Delaware real estate commission may undertake an investigation of a licensee based on all the following grounds ✅it's own initiative emotion from the members of the commission a written complaint submitted by a disgruntled customer The Delaware Real Estate Commission ✅makes and enforces the rules by which all real estate licensees must abide the examinations that must be taken by all applicants for real estate licensing are administered by an independent testing company the operation of the commission's activities that administered by an executive director specifically hired for that purpose In Delaware all of the following would be grounds for revoking a broker's license: ✅being convicted of a felony in Delaware advertising in a newspaper that he or she is a member of the Delaware Association of real estate professionals when in fact he or she is not depositing escrow money in his or her personal checking account Being declared mentally incompetent helping another person cheat on the licensing exam displaying a for sale sign on a property without the owner's consent The Delaware Real Estate Commission has the power to revoke a salespersons license if the salesperson ✅deposits a buyer's down payment and a personal bank account What act is the Delaware Real Estate Commission required to suspend or revoke licenses license ✅having been found liable in a criminal trial for bribery actions that are illegal and a violation of license law ✅Encouraging a seller to reject an offer because the perspective buyer is a Methodist advertising that individuals who attend the promotional presentation will receive a prize without mentioning that they will also have to take a day trip to a new subdivision site standing in the hallway outside the testing room and offering employment to new licenses as soon as they receive their passing score at the testing center