Title 24

Question 1

Fiduciary Obligations

Answer 1

Care
Obedience
Loyalty
Accounting
Disclosure

Question 2

Selling Agent

Answer 2

Under common law agency, the buyer had no representation. The salesperson they worked with represented the seller.

Question 3

Pros of Buyer’s Agency

Answer 3

Agents represented the party they worked with.

Buyer had representation.

Question 4

Cons of Buyer’s Agency

Answer 4

Dual agency
Explaining agency
Vicarious liability
Enforcing buyers agency contract

Question 5

Changes Since Statutory Agency was Adopted

Answer 5

Abolished common law agency in residential.
Got rid of dual agency problem
Got rid of vicarious liability problem
Agent no longer a fiduciary
Easy to explain
Buyer’s agents only paid if “procuring cause” of transaction.

Question 6

Associate Broker

Answer 6

Advanced degree.
Higher degree than a salesperson.
Only Associate Brokers can become Brokers.
Works under a Broker

Question 7

Broker

Answer 7

Self employed

Works for Brokerage

Question 8

Client

Answer 8

Principal in statutory / common law agency relationship

Question 9

Commission

Answer 9

Delaware Real Estate Commission

Question 10

CMA

Answer 10

Competitive Market Analysis.
Comparable market analysis
Broker price opinion or Broker’s market analysis.

Question 11

CIS

Answer 11

Consumer Information Statement.
Lays out buyers relationship in easy terms.
Disclosure required by 2938.

Question 12

Customer

Answer 12

Hasn’t entered into statutory or common law agency with a licensee

Question 13

Designated Agent

Answer 13

Licensee appointed by the Broker working with a client as a statutory agent.

Question 14

Division

Answer 14

Delaware Division of Professional Regulation

Question 15

Dual Agent

Answer 15

Licensee who represents both buyer and seller

Question 16

Licensee

Answer 16

Broker, Associate Broker or Salesperson

Question 17

Ministerial Task

Answer 17

Performing tasks for client according to brokerage agreement (ex. arranging an inspection).
Assisting others (ex. info to Mortgage Broker).

Question 18

Property Management Services

Answer 18

Works with tenants etc

Question 19

Psychologically Impacted

Answer 19

Homicide, Suicide or other Felony.

Except Arson & AIDS/HIV and other diseases.

Question 20

Real Estate Service Provider

Answer 20

Licensee who is providing Real Estate Services

Question 21

Real Estate Services

Answer 21

Includes marketing / advertising of properties for sale or lease etc

Question 22

Salesperson

Answer 22

Works under a Broker.

Holds license from the Commission.

Question 23

Substantially Related

Answer 23

Broke one of the hundreds of rules such as “Criminal Mischief” which mean they can’t be a Licensee.