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Real Estate Exam Delaware Questions and Answers.
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Real Estate Exam Delaware Questions and Answers.
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Real Estate Exam Delaware Questions andAnswers
Most residential real estate transfers require the seller to provide the buyer with this - (correct 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 - (correct 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. - (correct 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 - (correct 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 - (correct 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 - (correct 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. - (correct 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 - (correct
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 - (correct 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 - (correct 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 - (correct answer) -Chartering and regulating state banks and
trust companies
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