Delaware Real Estate Broker Exam — All Questions

The Delaware state broker exam includes a 'Broker Only' block covering supervision and office operations. A core duty this reflects is that the broker must:

• a.Personally attend every closing in the state
• b.Actively supervise affiliated licensees and be responsible for their licensed conduct and the firm's records✓
• c.Guarantee each transaction will close
• d.Set identical commission rates with competitors

Delaware makes the broker responsible for supervising affiliated salespersons and associate brokers, for the firm's advertising and recordkeeping, and for proper handling of client money. The broker need not attend every closing, but must maintain oversight so licensed activity complies with the law. Agreeing on commission rates with competitors would be illegal price-fixing under antitrust law.

In Delaware, when a salesperson receives an earnest-money deposit, the deposit must ultimately be handled through:

• a.The salesperson's personal account
• b.The buyer's attorney only
• c.The broker's escrow/trust account under the broker's responsibility✓
• d.The listing MLS

Client funds in Delaware flow through and are the responsibility of the supervising broker. A salesperson who receives a deposit must promptly deliver it so it is held in the broker's escrow/trust account, and the broker is accountable for its safekeeping and proper disbursement. This is part of the supervisory responsibility tested in the broker-only portion.

A Delaware broker who fails to reasonably supervise an affiliated salesperson who mishandles a transaction may:

• a.Face discipline from the Commission for the supervisory failure✓
• b.Escape all responsibility because only the salesperson acted
• c.Lose only the salesperson's license, never the broker's
• d.Be automatically reimbursed by the Guaranty Fund

Because Delaware law places supervisory responsibility on the broker, a broker who fails to reasonably supervise a licensee can be disciplined for that failure even though the salesperson committed the underlying act. This vicarious accountability is why the broker exam stresses supervision, recordkeeping, and escrow oversight. The Guaranty Fund reimburses injured consumers, not licensees.