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Delaware Real Estate Law Final Exam Questions and Answers.
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Delaware Real Estate Law Final Exam Questions and Answers.
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Delaware Real Estate Law Final Exam Questionsand Answers
Loan .to .Value .Ratio .- .(correct .answer) .-Amount .of .the .loan .vs .value .of .real .estate
Who .is .the .Devisee .under .a .Will? .- .(correct .answer) .-
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 .- .(correct .answer) .-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 .Estate? .- .(correct .answer) .-
Disadvantage .- .investment .is .not .liquid .(there .is .no .cash .out .advantage)
Advantage .- .ability .to .control .investment .(sole .decision .maker .of .what .happens .with .property)
What .is .a .Subordination .Agreement? .- .(correct .answer) .-An .agreement .that .changes .lien .priority
Who .gets .the .money .left .over .after .a .mortgage .foreclosure .sale? .- .(correct .answer) .-
The .person .who .took .out .the .loan .is .entitled .to .remaining .balance .if .property .sale .amount .exceeds .
existing .mortgage .owed
What .is .equity .in .a .property? .- .(correct .answer) .-
the .difference .between .amount .of .debt .on .the .property .and .the .value .of .the .property
, What .title .does .the .buyer .have .when .the .buyer .and .seller .have .a .fully .signed .agreement .of .sale? .- .
(correct .answer) .-equitable .title
What .does .rescind .mean? .- .(correct .answer) .-It .means .to .cancel .(rescinded .offer .= .cancelled .offer)
What .is .an .Executory .contract .- .(correct .answer) .-
A .contract .that .has .a .number .of .conditions .that .have .to .be .satisfied .
- .you .don't .have .a .fully .executed .contract .until .all .conditions .are .fulfilled
What .is .Power .of .Attorney? .- .(correct .answer) .-
One .person .designates .another .person .to .represent .and .sign .documents .on .their .behalf
Who .signs .the .deed? .- .(correct .answer) .-Only .the .Grantor(seller) .signs .the .deed
What .is .joint .Tenancy? .- .(correct .answer) .-
(has .the .right .of .survivorship) .If .2 .people .own .property .and .one .dies, .other .owner .automatically .get
s .ownership .interest .of .the .dead .person .
Both .people .own .100% .of .property .(no .fractional .control) .-
.1 .joint .tenant .can .sell .or .lien .their .interest .without .the .consent .of .the .other .person
What .is .Tenancy .by .the .Entirety? .- .(correct .answer) .-(has .right .of .survivorship)
Husband .and .Wife .one .spouse .CANNOT .sell .or .lien .without .the .consent .of .their .partner
What .are .the .continuing .education .requirements .for .Real .Estate .Agents .in .DE? .- .(correct .answer) .-
21 .hours .biannually .(every .2 .years .- .12 .must .be .completed .in .first .year .of .license)
must .be .completed .by .April .30th
What .is .Leverage? .- .(correct .answer) .-Using .others .money .to .acquire .real .estate .
-if .property .is .100k .and .you .borrow .100k .you .are .100% .leveraged .
- .The .higher .the .leverage .the .riskier .the .loan .is
What .are .the .elements .of .a .valid .real .estate .contract? .- .(correct .answer) .-A .valid .contract .must:
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