Delaware Real Estate Law Final EXAM ALL QUESTIONS AND CORRECT ANSWERS LATEST UPDATE THIS YEAR

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Delaware Real Estate Law Final EXAM ALL
QUESTIONS AND CORRECT ANSWERS
LATEST UPDATE THIS YEAR
QUESTION: How long does a brokerage have to retain escrow accounting for? - ANSWER-3

years




QUESTION: Where must the disclosure pertaining to CMAs that begins, "Notwithstanding any

language to the contrary contained herein, this Competitive Market Analysis is NOT an

appraisal ..." be listed on the CMA? - ANSWER-Immediately after the estimated price




QUESTION: Katy's in charge of all the real estate activities at Katy-Did Realty in Delaware. What

license does she hold? - ANSWER-Broker




QUESTION: What is it called when one party has the right to use land owned by another party

for a special purpose? - ANSWER-Easement




QUESTION: Hope's mortgage created a lien against the property she purchased with the

mortgage. What kind of lien is this? - ANSWER-Voluntary




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QUESTION: What must happen for an easement to be terminated due to abandonment? -

ANSWER-The dominant estate owner takes action that shows a clear intent to stop using the

easement.




QUESTION: Name 3 types of encumbrances - ANSWER-Easement, encroachment, Lien




QUESTION: Justin decided to build a privacy fence around his yard. He thought the fence was

along the property line, but it turns out he built it one foot inside his neighbor's property. What

will an inspector document as existing on the neighboring property? - ANSWER-encroachment




QUESTION: What's a subordination agreement - ANSWER-An agreement between two lien

holders to modify the order of lien priority




QUESTION: What would happen if you bought a house and later found out that there were

unpaid liens against the property? - ANSWER-They could trigger a foreclosure




QUESTION: An easement dictates that property owner A gives the right to property owner B to

use a portion of the property. Which term describes property A? - ANSWER-Servient estate



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QUESTION: Which type of easement is acquired through years of use, with one person

acquiring the permanent right to use another's property by doing so for an extended period of

time? - ANSWER-Prescriptive easement




Q; How many years does a member of the DE real estate commission serve? - ANSWER-3 years




QUESTION: Name something the DE Commission has the power to do - ANSWER-Conducting

Audits




QUESTION: How many members are appointed to the Delaware Real Estate Commission? -

ANSWER-9




QUESTION: Who appoints members to the Delaware Real Estate Commission? - ANSWER-The

governor




QUESTION: How many escrow accounts are brokers required to maintain in the firm's name at

a federally insured financial institution with offices in Delaware? - ANSWER-1




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QUESTION: What service are all real estate licensees permitted to perform for clients to assess

a property's value? - ANSWER-CMA




QUESTION: In Delaware, which of these is a legal spot to place a sign advertising one of your

listings? - ANSWER-At least 10 feet from the edge of a public road




QUESTION: Without this easement—usually involving access to a road—the owner requiring

the right of passage would be landlocked. - ANSWER-Easement by necessity




QUESTION: What's the best definition of personal property? - ANSWER-Everything that's not

real property




QUESTION: What are three of the five basics tests that courts use to determine whether an

item is a fixture or personal property? - ANSWER-Method of annexation, agreement of parties,

relationship of parties




QUESTION: Which physical characteristic of land addresses the concept that land isn't

interchangeable and one piece of land isn't exactly like another? - ANSWER-Uniqueness




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