Real Estate Exam Delaware UPDATED
Exam Questions and CORRECT Answers
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
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?
$15,000
$150,000
$25,000
$300,000 - Correct Answer- The maximum Guaranty Fund compensation that may be granted
on behalf of parties against a licensee is limited to $25,000.
Exam Questions and CORRECT Answers
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
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?
$15,000
$150,000
$25,000
$300,000 - Correct Answer- The maximum Guaranty Fund compensation that may be granted
on behalf of parties against a licensee is limited to $25,000.
