Delaware Real Estate Commission (2023/2024) Already Graded A

Delaware Real Estate Commission (2023/2024) Already Graded A Delaware Real Estate Commission Members 9 members appointed by the Governor - 5 real estate professionals, 4 members from the public at large. All members must have resided in Delaware for 5 years or longer directly prior to their appointment. How long must Brokers in the DE Real Estate Commission be licensed? 5 or more years Who are the 5 Real Estate Professionals that are appointed to the DE Real Estate Commission? 3 Brokers (1 from each county), 1 Associate Broker, and 1 Salesperson. Broker and Associate must have held active license for 5 or more years and Salesperson must have held active license for 4 or more years Who are the 4 members from the public at large that are appointed to the DE Real Estate Commission? How long do members serve in the Delaware Real Estate Commission? Members serve 3 years and may be reappointed to serve an additional term. In case of vacancy, the governor may appoint someone to serve the remainder of the vacating member's term. Do members in the Delaware Real Estate Commission get paid to serve? Members earn $50 per meeting they attend, up to a maximum of $500 (or 10 meetings) annually. Purpose of the Delaware Real Estate Commission The Delaware Real Estate Commission enforces license law by maintaining minimum standards of licensee competency. If a violation occurs, the commission will investigate the complaint, hold a hearing, allow for an appeal, and impose sanctions as it deems necessary. What happens when the Delaware Real Estate Commission receives a complaint? When the commission receives complaints about a licensee, the commission itself, or the real estate profession from another licensee or a consumer, the commission will refer the complaint to the Division of Professional Regulation for a full investigation. How Long does a Licensee have to appeal a decision made by the Commission? If the licensee disagrees with the commission's decision, the licensee may appeal to the superior court within 30 days of the date the decision notice is mailed. The court will then hear any evidence on record. What sanctions can the Commission place on licencees? Letter of reprimand Probation, including regular reports to the commission and limited professional activities Fine of not more than $5,000 for each violation License suspension or revocation, possibly permanent Continuing education coursework as prescribed by the commission If a licensee's license is revoked, under what conditions may the former licensee be issued another license? Licensees with a revoked license must wait at least two years before they'll be considered for a new license. The following requirements apply: Take and pass either the salesperson or broker licensing course, whichever applies Pass the appropriate exam Meet any other requirements the commission sets What is the Delaware Real Estate Guaranty Fund? When a person wins a judgment against a licensee for any losses or damages due to theft, forgery, fraud, misrepresentation, or other deceit, the person may be awarded compensation. The commission maintains a real estate guaranty fund for situations in which aggrieved persons have trouble collecting the entire amount of the judgment. How does the aggrieved party receive compensation from the Fund? To receive compensation from the fund, the injured party should file a claim with the commission for any amount of the judgment that remains unpaid within 60 days of the final judgment. How is the Guarantee Fund maintained? Delaware licensees must each pay a $25 fee to be deposited into the guaranty fund. This is a one-time fee unless the fund balance falls below $250,000, at which point an assessment will be required.