Delaware Real Estate License Law
Delaware real estate practice is governed by 24 Del. C. Chapter 29 and administered by the Delaware Real Estate Commission within the Division of Professional Regulation. This chapter covers the Commission's authority, the salesperson-broker relationship, and the Real Estate Guaranty Fund.
The Delaware Real Estate Commission
The Delaware Real Estate Commission licenses and regulates brokers, associate brokers, and salespersons under 24 Del. C. Chapter 29, operating within the Division of Professional Regulation. A license is required for anyone who, for compensation, lists, sells, leases, or negotiates real estate for others unless a statutory exemption applies. The Commission adopts rules, investigates complaints, and may deny, suspend, or revoke a license and impose penalties.
Salesperson and Broker Relationship
A Delaware salesperson is licensed to work under and is supervised by a single licensed broker, and licensed activity is conducted on behalf of that broker. Compensation must be paid through the employing broker; a salesperson may not accept a fee or commission directly from a buyer, seller, or another licensee. The broker supervises affiliated licensees and is responsible for the proper handling of escrow money and records.
The Real Estate Guaranty Fund
Delaware maintains a Real Estate Guaranty Fund that may reimburse a member of the public who obtains a final court judgment against a licensee for an actual loss caused by fraud, misrepresentation, or deceit in a licensed transaction and cannot otherwise collect, subject to statutory limits. When the fund pays a claim, the licensee's license is suspended until the fund is repaid. The fund protects consumers but is not an insurance program.