Real Estate Licensee Vocabulary for
Delaware Exam Questions and Verified
Answers
Associate licensee - ✔✔A licensed real estate salesperson who is employed by
or associated with the broker to perform brokerage activities on behalf of or for
the broker
Appraisal - ✔✔An estimate as to the quantity, quality or value of something. In
real estate; the process of developing an opinion of a property's market value.
Property management - ✔✔A person or company hired to maintain and manage
property on behalf of the owner. Such as: finding new tenants, altering spaces
for tenants, managing leases agreements and making necessary repairs to the
property.
Subdivision and development - ✔✔Dividing the land into smaller parcels to sell
and development of those parcels with improvements.
Home inspection - ✔✔an analytical report of the condition of a home based on
a visual survey of the properties structure, systems and site conditions.
Counseling - ✔✔independent. Provides clients with the information needed to
make informed real estate decisions.
Page 1 of 7
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER:
619652435. TERMS OF USE. PRIVACY STATEMENT
, Education - ✔✔Colleges and Universities providing education on licensing as
well as taxes and exchange law.
Broker - ✔✔a person or company licensed to buy, sell, exchange or lease real
property for others and charge a fee for these services.
Code of ethics - ✔✔the written system of standards for ethical conduct.
Market - ✔✔A place where goods can be bought and sold and a price
established.
NAR (Nat'l Association of REALTORS) Name 4 affiliates - ✔✔Counselors of Real
Estate CRE.org
Commercial Investing Real Estate Institute CIREI
Institute of Real Estate Management IREM
REALTORS Land Institute RLI
Certified Real Estate Brokerage Managers CRB
Certified Residential Specialist CRS
Graduate Real Estate Institute
Council of Residential Specialists
Real estate licensee - ✔✔A person who has the skill and knowledge to be
licensed as a real estate salesperson or broker.
Page 2 of 7
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER:
619652435. TERMS OF USE. PRIVACY STATEMENT
Delaware Exam Questions and Verified
Answers
Associate licensee - ✔✔A licensed real estate salesperson who is employed by
or associated with the broker to perform brokerage activities on behalf of or for
the broker
Appraisal - ✔✔An estimate as to the quantity, quality or value of something. In
real estate; the process of developing an opinion of a property's market value.
Property management - ✔✔A person or company hired to maintain and manage
property on behalf of the owner. Such as: finding new tenants, altering spaces
for tenants, managing leases agreements and making necessary repairs to the
property.
Subdivision and development - ✔✔Dividing the land into smaller parcels to sell
and development of those parcels with improvements.
Home inspection - ✔✔an analytical report of the condition of a home based on
a visual survey of the properties structure, systems and site conditions.
Counseling - ✔✔independent. Provides clients with the information needed to
make informed real estate decisions.
Page 1 of 7
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER:
619652435. TERMS OF USE. PRIVACY STATEMENT
, Education - ✔✔Colleges and Universities providing education on licensing as
well as taxes and exchange law.
Broker - ✔✔a person or company licensed to buy, sell, exchange or lease real
property for others and charge a fee for these services.
Code of ethics - ✔✔the written system of standards for ethical conduct.
Market - ✔✔A place where goods can be bought and sold and a price
established.
NAR (Nat'l Association of REALTORS) Name 4 affiliates - ✔✔Counselors of Real
Estate CRE.org
Commercial Investing Real Estate Institute CIREI
Institute of Real Estate Management IREM
REALTORS Land Institute RLI
Certified Real Estate Brokerage Managers CRB
Certified Residential Specialist CRS
Graduate Real Estate Institute
Council of Residential Specialists
Real estate licensee - ✔✔A person who has the skill and knowledge to be
licensed as a real estate salesperson or broker.
Page 2 of 7
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER:
619652435. TERMS OF USE. PRIVACY STATEMENT
