Real Estate Exam Delaware Questions with 100% Correct Answers

Real Estate Exam Delaware Questions with 100% Correct Answers Most residential real estate transfers require the seller to provide the buyer with this - Answer- Seller's Disclosure of Real Property Condition Report Piper contracted with Alex to sell her Dover home to him for $350,000. If Alex breaches the sales contract, how long does Piper have to sue Alex for breach of contract? Eight years Four years - Answer- Three years Which of the following statements accurately describes the written lease requirements in Delaware? Lease agreements always have to be written. Lease agreements don't have to be written. Lease agreements for 120 or more days must be written. Lease agreements for more than one year must be written. - Answer- Lease agreements for more than one year must be written. Sondra, a buyer, signs all the required mortgage documentation, promising to make all payments to her lender. Unfortunately, Sondra falls on hard times and misses multiple payments, and the bank indicates that it's going to foreclose on her. The foreclosure proceedings are more difficult for the lender because Sondra holds the title to the land. What kind of state does Sondra live in? A deed of trust theory state A lien theory state An intermediary theory state A title theory state - Answer- A lien theory state Which form would the seller (who is the property developer) use to make legally required disclosures for a newly constructed home in a Delaware subdivision? Developer's Real Property Condition Report Seller's Real Property Condition Report Seller's Real Property Condition Report and Radon Disclosure - Exempt Property Certification Seller's Real Property Condition Report - New Construction Only - Answer- Seller's Real Property Condition Report - New Construction Only Which of the following provisions of the Delaware residential sales contract states that the sellers bear responsibility for any loss in value or damage to the house prior to closing? Homeowners Warranty Loss of Value Notice to Sellers Risk of Loss - Answer- Risk of Loss Which of the following is a true statement about general exemptions in Delaware? Charitable and religious property are typically county-specific exemptions. Counties may offer county-specific exemptions, such as for cemeteries. Farmland is typically exempt statewide. Governmental and educational property are typically county-specific exemptions. - Answer- Counties may offer county-specific exemptions, such as for cemeteries. Delaware's statutory agency is different from common law agency because it _______. Begins with an agreement to compensate the licensee Creates a fiduciary relationship Doesn't require a written agreement to establish the agency relationship Prohibits an agent from representing both the buyer and the seller in the same transaction - Answer- Doesn't require a written agreement to establish the agency relationship New Castle County resident Alex pays her rent to her landlord, Kyle, who lives in Sussex County, on the first of the month. What is the grace period on her rent payment? 10 days Eight days Five days Three days - Answer- Eight days Which of these would be an illegal place to put a real estate sign in Delaware? In the window of a real estate office Next to a public road, at least 10 feet from the pavement edge On the side of a bus shelter, as long as it doesn't obstruct the view of the street On the subject property's front lawn, at least seven feet from the pavement edge - Answer- On the side of a bus shelter, as long as it doesn't obstruct the view of the street One of the ways the Office of the State Bank Commissioner protects consumers from predatory lending practices is _____. Chartering and regulating state banks and trust companies Imposing fines against lenders who commit predatory lending acts Providing education to lenders about predatory lending practices Working to establish credit score reform - Answer- Chartering and regulating state banks and trust companies The Marsdens recently sued their Delaware real estate broker for fraud and won their case. When the broker was only able to pay less than half of the amount the court awarded to the Marsdens, which was $300,000, they applied to the Guaranty Fund. What's the most the fund will give them for this single claim? $15,000 $150,000 $25,000 $300,000 - Answer- The maximum Guaranty Fund compensation that may be granted on behalf of parties against a licensee is limited to $25,000. If a licensee needs a waiver for completion of Delaware CE requirements, when must the request be submitted?