Delaware Real Estate Salesperson Exam — All Questions
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Before a consumer shares confidential information, a Delaware licensee should:
- a.Collect an escrow deposit
- b.Disclose the nature of the agency relationship and whom the licensee represents✓
- c.File the listing with the Commission
- d.Order a survey
Delaware requires licensees to disclose their agency relationship, identifying whether the licensee represents the seller, the buyer, both, or neither, so the consumer understands the relationship before revealing confidential information. Early disclosure helps consumers make informed decisions about representation.
In Delaware, an arrangement in which a broker names individual licensees to represent the buyer and the seller separately within the same firm is called:
- a.Subagency
- b.Universal agency
- c.A transaction brokerage
- d.Designated agency✓
Delaware permits designated agency, in which a broker designates individual licensees to represent the buyer and the seller separately within the same firm. This differs from a single dual agent representing both parties. Designated agency still requires appropriate disclosure and consent.
A Delaware licensee may act as a dual agent for both the buyer and the seller in one transaction only when:
- a.The price exceeds a set amount
- b.The broker approves after closing
- c.Both parties give informed written consent✓
- d.The Commission issues a waiver
Dual agency is permitted only with the informed written consent of both parties. A dual agent must remain neutral on price and terms and may not reveal one party's confidential negotiating information to the other, because dual agency limits the advocacy each client would otherwise receive.