Real Estate Exam Delaware Exam Questions
With 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
With 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
