Delaware Real State Study Guide Exam Questions and Answers
100% Correct
1. Delaware licensee Shane is representing ʝohn and Tiffany Smith, who are looking to
buy their first home.When Shane presents their offer to the seller's agent, he gets a funny
feeling about the situation. When the seller reʝects
the Smith's extremely reasonable offer without even countering, Shane feels certain
there's an element of discrimination involved based on race. Who should the Smiths and
Shane go to with their suspicions?: The Delaware State Human Relations Commission
2. All commercial leases should contain the conditions under which the lease can be
terminated; the names and signatures of all parties; and .: Any
additional information based on negotiations and specific situations
3. Bella is selling her Delaware condo unit, but she isn't using a real estate licensee to
help her with the sale. When she neglects to provide the buyers with a resale certificate
before they sign the purchase contract, which of these may happen?: The buyer may cancel
the contract within five days of receiving the resale certificate.
4. Garth's buyer clients have signed the residential sales contract and submit- ted their
offer to the sellers. Prior to signing, the buyers had an attorney review the terms of the
contract, and the attorney thought everything looked good. Do the buyers and sellers
have a legally binding contract?: No, because the contract is not legally binding until both
parties have signed it.
5. Shirley is helping the Terrells buy their first home, a two-bedroom condo in a quiet
neighborhood. She advises them to review the resale certificate before they submit their
offer. What information will the certificate give them?: Dec- larations, CC&Rs, and
financials for the community
6. Licensee Rick is helping Mike sell his mother's home. Mike is the executor of his mother's
estate. Which form did Rick give Mike to complete for the legally required property
condition disclosures?: Seller's Real Property Condition Re- port and Radon Disclosure -
Exempt Property Certification
7. Which of the following is a true statement about the wood-destroying insect inspection
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, in Delaware?: It's not required by law, but lenders often require this inspection before they'll
approve a loan.
8. What's NOT true about seller disclosure of radon hazards in Delaware?: All real property
sales in Delaware require radon disclosure; there are no exemptions.
9. Property with ownership by more than one person is known as .: Co
- Ownership
10. Which of the following Delaware residential real estate transactions is ex- empt from
the requirement to provide the Seller's Disclosure of Real Property Condition Report?: A
transfer by ʝuan in his duties as the administrator of Horace's trust
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15
100% Correct
1. Delaware licensee Shane is representing ʝohn and Tiffany Smith, who are looking to
buy their first home.When Shane presents their offer to the seller's agent, he gets a funny
feeling about the situation. When the seller reʝects
the Smith's extremely reasonable offer without even countering, Shane feels certain
there's an element of discrimination involved based on race. Who should the Smiths and
Shane go to with their suspicions?: The Delaware State Human Relations Commission
2. All commercial leases should contain the conditions under which the lease can be
terminated; the names and signatures of all parties; and .: Any
additional information based on negotiations and specific situations
3. Bella is selling her Delaware condo unit, but she isn't using a real estate licensee to
help her with the sale. When she neglects to provide the buyers with a resale certificate
before they sign the purchase contract, which of these may happen?: The buyer may cancel
the contract within five days of receiving the resale certificate.
4. Garth's buyer clients have signed the residential sales contract and submit- ted their
offer to the sellers. Prior to signing, the buyers had an attorney review the terms of the
contract, and the attorney thought everything looked good. Do the buyers and sellers
have a legally binding contract?: No, because the contract is not legally binding until both
parties have signed it.
5. Shirley is helping the Terrells buy their first home, a two-bedroom condo in a quiet
neighborhood. She advises them to review the resale certificate before they submit their
offer. What information will the certificate give them?: Dec- larations, CC&Rs, and
financials for the community
6. Licensee Rick is helping Mike sell his mother's home. Mike is the executor of his mother's
estate. Which form did Rick give Mike to complete for the legally required property
condition disclosures?: Seller's Real Property Condition Re- port and Radon Disclosure -
Exempt Property Certification
7. Which of the following is a true statement about the wood-destroying insect inspection
1/
15
, in Delaware?: It's not required by law, but lenders often require this inspection before they'll
approve a loan.
8. What's NOT true about seller disclosure of radon hazards in Delaware?: All real property
sales in Delaware require radon disclosure; there are no exemptions.
9. Property with ownership by more than one person is known as .: Co
- Ownership
10. Which of the following Delaware residential real estate transactions is ex- empt from
the requirement to provide the Seller's Disclosure of Real Property Condition Report?: A
transfer by ʝuan in his duties as the administrator of Horace's trust
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15
