Delaware Real Estate Salesperson Exam — All Questions
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Real estate salespersons in Delaware are licensed and regulated by:
- a.The Delaware Association of Realtors
- b.The Delaware Real Estate Commission, within the Division of Professional Regulation✓
- c.The Delaware State Housing Authority
- d.The Delaware Court of Chancery
The Delaware Real Estate Commission licenses and disciplines brokers, associate brokers, and salespersons under 24 Del. C. Chapter 29, operating within the Division of Professional Regulation. A trade association is a private membership group and has no licensing authority.
A Delaware salesperson may lawfully accept a commission for brokerage services:
- a.Directly from the buyer at closing
- b.From any licensee in the transaction
- c.Only through the broker with whom the salesperson is licensed✓
- d.From the Real Estate Guaranty Fund
A Delaware salesperson works under and is paid only by the broker who holds the salesperson's license. A salesperson may not accept a fee or commission directly from a buyer, seller, or another licensee. The employing broker supervises the salesperson and is responsible for escrow money.
The Delaware Real Estate Guaranty Fund exists primarily to:
- a.Reimburse a consumer for an actual loss from certain fraudulent acts of a licensee when a judgment cannot be collected✓
- b.Insure the value of properties sold through licensed brokers
- c.Provide down-payment assistance to buyers
- d.Pay Commission staff salaries
The Guaranty Fund may reimburse a member of the public who obtains a final judgment against a licensee for an actual loss from fraud, misrepresentation, or deceit and cannot otherwise collect, subject to statutory limits. When the fund pays, the licensee's license is suspended until the fund is repaid. It is not an insurance or assistance program.