Question 1

Delaware Real Estate Commission

Accepted Answer

The state agency that administers and enforces Delaware real estate law and licenses real estate professionals.

Question 2

Principal Broker

Accepted Answer

The licensed broker responsible for the real estate operations of a company.

Question 3

Real Property

Accepted Answer

Land and anything permanently attached to it, including buildings, fences, and things attached to the buildings.

Question 4

Personal Property

Accepted Answer

Movable items not permanently affixed to the property, such as furniture or potted plants.

Question 5

Fixtures

Accepted Answer

Items of personal property that are attached or annexed to real property.

Question 6

Fee Simple Estate

Accepted Answer

The greatest possible interest in real estate; it is of unlimited duration, freely transferable and inheritable.

Question 7

Life Estate

Accepted Answer

An estate or interest in real property held for the duration of the life of a certain person.

Question 8

Easement

Accepted Answer

A non-possessory interest in another's land that entitles the holder only to use or restrict the use of the land.

Question 9

Deed

Accepted Answer

A written document that when executed and delivered, conveys title to or an interest in real estate.

Question 10

Grantor

Accepted Answer

The individual who conveys the ownership rights of real estate.

Question 11

Grantee

Accepted Answer

The person acquiring property rights through a deed or will.

Question 12

Title

Accepted Answer

The right to or ownership of land; represents the owner's bundle of rights.

Question 13

Encumbrance

Accepted Answer

Any claim, lien, charge, or liability attached to and binding upon real property which may lessen its value.

Question 14

Lien

Accepted Answer

A charge against property that provides security for a debt or obligation of the property owner.

Question 15

Mortgage

Accepted Answer

A legal document that pledges property to a lender as security for the repayment of a loan.

Question 16

Foreclosure

Accepted Answer

The legal process by which a borrower's interest in mortgaged property is extinguished due to default.

Question 17

Quitclaim Deed

Accepted Answer

A deed that transfers any ownership interest the grantor has in a property, without warranties.

Question 18

Warranty Deed

Accepted Answer

A deed in which the grantor makes formal assurance as to quality of title.

Question 19

Zoning

Accepted Answer

Regulation of private land use and development by local government.

Question 20

Fair Housing Act

Accepted Answer

Federal law that prohibits discrimination in housing based on race, color, religion, sex, disability, familial status, or national origin.

Question 21

Seller's Disclosure

Accepted Answer

A document provided by a home seller to a buyer, disclosing known issues and conditions of the property.

Question 22

Listing Agreement

Accepted Answer

A contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property.

Question 23

Buyer's Agent

Accepted Answer

An agent who represents the buyer in a real estate transaction.

Question 24

Seller's Agent

Accepted Answer

An agent who represents the seller in a real estate transaction.

Question 25

Dual Agency

Accepted Answer

An agency relationship in which the agent represents two parties in the same transaction.

Question 26

Real Estate Settlement Procedures Act (RESPA)

Accepted Answer

A federal law that gives buyers the right to review information about loan settlement costs before they sign a mortgage contract.

Question 27

Truth in Lending Act (TILA)

Accepted Answer

A federal law designed to promote the informed use of consumer credit.

Question 28

Delaware Residential Property Disclosure Act

Accepted Answer

A state law that requires sellers of residential real.

Question 29

Delaware Landlord-Tenant Code

Accepted Answer

A set of state laws that govern the rights and responsibilities of landlords and tenants in Delaware.

Question 30

Lease

Accepted Answer

A contract between a property owner (landlord) and a tenant, granting the tenant the right to occupy the property for a specified period of time.

Question 31

Security Deposit

Accepted Answer

A sum of money provided by a tenant to a landlord as security for the tenant's performance of lease obligations.

Question 32

Rent Escrow

Accepted Answer

A court-ordered arrangement in which a tenant deposits rent payments with the court until a landlord makes necessary repairs.

Question 33

Appraisal

Accepted Answer

A professional opinion of the value of a property, typically prepared by a licensed appraiser.

Question 34

Comparative Market Analysis (CMA)

Accepted Answer

An analysis of recently sold similar properties in the same area, used to estimate the market value of a property.

Question 35

Delaware Broker's Lien Act

Accepted Answer

A state law that allows real estate brokers to place a lien on a property for unpaid commissions.

Question 36

Net Listing

Accepted Answer

A listing agreement in which the broker's commission is the difference between the sale price and a minimum price set by the seller.

Question 37

Exclusive Right to Sell

Accepted Answer

A listing agreement in which the seller agrees to pay the listing broker a commission regardless of who brings the buyer.

Question 38

Exclusive Agency Listing

Accepted Answer

A listing agreement in which the seller agrees to pay the listing broker a commission only if the broker brings the buyer.

Question 39

Open Listing

Accepted Answer

A non-exclusive listing agreement that allows the seller to list the property with multiple brokers.

Question 40

Delaware Real Estate Guaranty Fund

Accepted Answer

A state-administered fund designed to compensate consumers who have suffered financial losses due to the misconduct of real estate licensees.

Delaware Real Estate Agent Advanced Flashcards