Delaware real estate Study guides, Class notes & Summaries

Mike, a Delaware licensee, is sitting down with a potential buyer for their first scheduled appointment. What must he make sure they do when he meets with her? Sign the CIS. You're spending your Sunday morning planting signs that advertise the open house hours for your listing. Which Delaware law specifically prohibits you from placing your signs in the median of the nearest intersection, where the most people would see it? Clear Zone Safety Law Which of these would be an illegal place to put...

Alienation Act of transferring interest in property Bound Physical feature that defines the boundaries of a property Chain of title Path of ownership over time Consideration Something of value (used to provide evidence that value is being exchanged in the transaction) Covenant of seisin Means the grantor holds the title specified in the deed Deed Legal document that transfers title from one party to another Form of deed that may come with or without warranty Bargain and sale deed Form of ...

Purpose of qualifying buyers To determine buyers' readiness to buy and that they're not already exclusively represented by another agent Main purpose of the buyer presentation To build trust Buyer representative activities Help schedule home inspections, show properties, review the closing statement, communicate with the buyer's lender to ensure the loan is in process (only with the buyer's permission), and attend the closing Home affordability calculators A good starting point to help bu...

Violations of Delaware license law could earn a licensee a sanction from the real estate commission, including the possibility of _______. A. A fine of up to $10,000 B. House arrest C. Jail time D. Probation, including regular reports to the commission and limited professional activities Probation, including regular reports to the commission and limited professional activities Topic: Duties and Powers of the Real Estate Commission Subtopic: Sanctions Kristy is a Delaware salesperson associated...

In Delaware which party is responsible for expenses on closing day ? buyer Licensee Jonathan signed a listing agreement with a new client. Which of these actions should Jonathan plan to perform next, before he publishes the listing on the MLS? prepare a features list Karen's house was recently foreclosed on to pay off a lien on her home. What happens to any extra money after the lien and expenses of the sale are paid? it goes to Karen Which Delaware law may still apply to condominiums and th...

Primary Objective Of Delaware Real Estate Commission Protect General Public From Unsafe Practices Which Tend To Reduce Competition Or Fix The Prices. Second To Maintain Standards Of Licensee Competency Cma Comparative Market Analysis;Not An Appraisal; Designated Agent A Person Authorized By The Broker To Act As The Agent Of A Specific Principal. Designated On-Site Supervisor 5 Years Licensee Ministerial Task Does Not Involve Discretion Or Exercise Of The Licensee Statutory Agent Licensee T...

The ownership of a condominium unit differs from that of an ownership interest in a cooperative apartment project in which of the following ways? you can be deeded fee simple title on a condominium unit If you are a licensee selling your own real property, you must: include a contract provision informing prospective buyers of your interest in the property If an attorney also has an insurance license and a real estate broker's license, in one transaction he can legally collect: broker's fee a...

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/Coun...

On the surface, most brokers may seem pretty similar. So it's up to you to do a little probing to discover what makes one broker different than another. That's where you'll start to determine if you and the broker are a good fit. Which five of these areas should you inquire about when looking for a broker? 1. Reputation 2. Policies and Procedures 3. Training Program 4. Culture 5. Specialites One recommendation for finding a broker who works as hard as you will to avoid liability is to review...

Loan to Value Ratio Amount of the loan vs value of real estate Who is the Devisee under a Will? Devisee under will is person who receives property under a will (maker of will is devisor) What are the Requirements for a valid deed in DE The deed has to be in writing The deed has to describe property with specificity The deed must have the name of grantor and grantee The deed must be signed and must be acknowledged(notarized) What are the advantages vs. disadvantages of investing in Real Est...