Real Estate Exam Delaware Questions and
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?
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?
