DE Real Estate study guide
DE Real Estate · Work through your exam, one topic at a time.
The Delaware real estate credential is issued by the Delaware Real Estate Commission, a board within the Division of Professional Regulation of the Delaware Department of State. The Commission issues licenses to real estate brokers, associate brokers and salespersons, and it also licenses real estate main and branch offices. The DE Real Estate study guide has 8 sections and about 2,686 words.
01Agency Relationships and Contracts
Agency is a fiduciary relationship in which a principal authorizes an agent to act on the principal's behalf and under the principal's control. It can arise by express agreement, implication from the parties' conduct, ratification of an unauthorized act, or estoppel when a third party reasonably relies on the representation.
355 words, about 2 min02Real Property Ownership, Interests, and Land Use
A freehold estate lasts indefinitely or for a life; a leasehold is personal property. Fee simple absolute is the fullest bundle of rights; defeasible fees can be lost on a condition or event; a life estate ends at death and carries the duty not to commit waste (the life tenant pays ordinary taxes and interest, the remainderman pays principal and capital improvements).
350 words, about 2 min03Property Valuation and Market Analysis
Market value assumes informed, willing parties, no undue pressure, and a reasonable exposure time. Value rests on demand, utility, scarcity, and transferability, and on principles such as substitution, conformity, contribution, anticipation, and highest and best use.
329 words, about 2 min04Real Estate Financing and Settlement
A mortgage or deed of trust pledges real property as security for a note; the borrower gives a promissory note (the promise to pay) and hypothecates title. Key numbers: loan-to-value ratio = loan ÷ appraised value or price, whichever is lower; PITI combines principal, interest, taxes, and insurance; discount points are prepaid interest paid to lower the rate, while origination fees are lender charges.
326 words, about 2 min05Transfer of Title, Deeds, and Recording
A valid deed needs an identifiable grantor and grantee, words of conveyance, a legal description, consideration (recited), the grantor's signature, and delivery with acceptance. Notarization is not required for validity but is generally required for recording.
326 words, about 2 min06Laws Affecting Real Estate Practice and Disclosures
Federal fair housing protects race, color, religion, sex (including sexual orientation and gender identity under current HUD interpretation), national origin, familial status (children under 18, pregnant women, and those securing custody), and disability. Prohibited practices include refusing to show or rent, steering, blockbusting (panic selling), redlining, discriminatory advertising, and refusing reasonable accommodations or modifications.
305 words, about 2 min07Delaware Real Estate Commission Licensure Law and Rules
Real estate licensing in Delaware is administered by the Delaware Real Estate Commission within the Division of Professional Regulation. The license ladder is salesperson, associate broker, and broker; a salesperson must be affiliated with and supervised by a responsible broker, who is accountable for the office's advertising, escrow handling, and transaction records.
358 words, about 2 min08Real Estate Calculations and Practice of Real Estate
Commission problems are multiplication with splits: total fee = price × rate, then divide between brokerage sides and apply the salesperson's split. Prorations split expenses at closing based on the closing date, usually on a 365-day basis for taxes and a monthly basis for rent.
337 words, about 2 min