Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate - Law > Primer I > Flashcards

Primer I Flashcards

You may prefer our related Brainscape-certified flashcards:
MBE flashcards MPRE flashcards Civil Procedure 1L flashcards
1
Q

People who don’t need RE License

A
  1. Lawyer
  2. Power of attorney
  3. FSBO (toll brothers)
  4. Sheriff (sheriff sale)
  5. Auctioneer
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

“The Commission” member composition & location

A

9 people total
5 professionals: (3 brokers, 1 assc brk, 1 salespn)
4 public (no RE association)
1 public member from each county and wilmington.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

“The Commission” year requirements

A

All must have been state resident for 5 years.
Broker & Assoc Broker held license for 5 years.
Salesperson held license for 5 years.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

“The commission” term lengths

A

3 year term.

1 additional term if filling an unexpected open vacancy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

“The commission” outside group affiliations

A

No member shall be associated w/ other RE assoc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

“The commission” meeting attendance

A

Neglect of duty if:
Absent w/o adequate reason 3 consecutive meetings.
Fails to attend at least 1/2 meetings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

“The commission” internal election posts & terms.

A

Self appointed each year at same time:
Chairman, VP & Secretary.
1 year term (no second terms)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

“The commission” meeting schedule & quorum

A

Min of 1x per quarter.
Majority vote (5 people) needed.
Min 5 affirmative votes to discipline.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

“The commission” powers & duties

A
  1. Formulate rules & regulations
  2. Approve forms (seller disclosure form etc)
  3. Establish licensure requirements
  4. Grant/renew licenses
  5. Establish provider education requirements
  6. Establish licensee education standards
  7. Random CE licensee audits
  8. Evaluate out of state licensees
  9. Refer complaints to Division of Investigation
  10. Conduct hearings
  11. Designate/impose appropriate sanction for guilty
  12. Order compensation from RE Guaranty Fund
  13. Issue cease & desist orders/fines for unlicensed
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Applicant qualifications & waivers

A
  1. Competent
  2. No previous RE offenses
  3. No drug/alcohol addiction
  4. No criminal record
    Waiver: (must meet all)
  5. > 5 years since conviction date
  6. Can’t be on probation/incarcerated
  7. Competent
  8. Waiver will not endanger public welfare
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Qualifications - Salesperson

A
  1. At least 18 yr old
  2. Completed RE classes
  3. Passed national & state exam
  4. Submitted application to “the commission”
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Qualifications - Associate Broker

A
  1. At least 23 yr old
  2. 5 yr experience
  3. sold x # of houses
  4. Completed RE classes
  5. Passed national & state exam
  6. Submitted application to “the commission”
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Qualifications - Broker

A
  1. same as Associate Broker

2. “the commission” approves supervision plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Reciprocal Licensure Requirements

check with someone else

A
  1. Applicant in good standing in other states
    & 1 of the following:
  2. > 3 of continuous licensure
  3. Passed Delaware exam
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Licensee renew period

A

Once every 2 yrs:

  1. CE
  2. Disclose criminal convictions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Complaint handing

A

Division will issue final written report for all received complaints

17
Q

Grounds for discipline

A
  1. Substantial misrepresentation
  2. False promises
  3. Continued & flagrant course of misrepresentation
  4. Failed to account for money
  5. Illegally practiced RE services
  6. Incompetently/negligently practiced
  7. Paid commission to non-licensees
  8. Assisted non-licensee in performing RE services
    9.
18
Q

Licensees must submit application to the Commission by

A

The 13th day of April Biannually for a renewal of certificate

19
Q

Broker has how many days to settle on properties with “Buy-In” disclosure

A

60 days

20
Q

How long do Licensees have to submit applications

A

1 year after taking course

21
Q

Hypothecation

A

Pledging of property as collateral for a debt

Real Estate - Law (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions