Real Estate Exam Delaware with complete solution
Most residential real estate transfers require the seller to provide the buyer with
this
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
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.
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
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
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
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.
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
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
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
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
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?
Most residential real estate transfers require the seller to provide the buyer with
this
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
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.
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
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
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
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.
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
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
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
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
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?
