Delaware Real Estate Exam Topics: Full Breakdown

The Delaware PSI real estate exam covers two sections: an 80-question national section and a 30-question Delaware state section. Here's what each section tests and how to weight your study time.

National Section (80 Questions)

Property Ownership and Land Use (approx. 13 questions) - Types of ownership: severalty, joint tenancy, tenancy in common, tenancy by the entirety, community property - Freehold estates (fee simple, life estate) and leasehold estates - Land use controls: zoning, eminent domain, police power, escheat, taxation - Environmental hazards: lead paint, radon, asbestos, CERCLA/Superfund

Valuation and Market Analysis (approx. 7 questions) - Three appraisal approaches: sales comparison, income, and cost - Gross Rent Multiplier (GRM), Net Operating Income (NOI), Cap Rate - Competitive Market Analysis (CMA)

Financing (approx. 10 questions) - Loan types: conventional, FHA, VA, USDA - Mortgage terms: points, APR, amortization, LTV, PMI - Federal regulations: RESPA, TRID, Truth in Lending, ECOA

Agency Relationships (approx. 13 questions) - Types of agency: seller's agent, buyer's agent, dual agent, transaction licensee - Fiduciary duties: OLD CAR (obedience, loyalty, disclosure, confidentiality, accounting, reasonable care) - Agency disclosure timing and format

Contracts (approx. 17 questions) - Essential elements: offer, acceptance, consideration, competent parties, lawful purpose, writing - Void vs. voidable vs. unenforceable contracts - Contingencies: financing, inspection, sale contingency - Breach and remedies: specific performance, liquidated damages, rescission

Transfer of Property (approx. 8 questions) - Deed types: general warranty, special warranty, quitclaim, bargain and sale - Title search, title insurance, recording - Closing/settlement process

Real Estate Calculations (approx. 8 questions) - Commission, proration, LTV, cap rate, area, points - GRM = Price ÷ Gross Annual (or Monthly) Rent

Mandated Disclosures (approx. 4 questions) - Lead-based paint (pre-1978 homes), material defects - Stigmatized property, environmental hazards

State Section (30 Questions)

Delaware License Law - Governing statute: Delaware Code Title 24, Chapter 29 - Regulator: Delaware Real Estate Commission under Division of Professional Regulation - Commission: 9 members - License types: salesperson and broker - Pre-license: 99 hours for salesperson

License Procedures - Application requirements and background check - Renewal: every 2 years - CE: 21 hours per 2-year cycle (one of the highest in the country)

Agency in Delaware - Seller's agent, buyer's agent, dual agent - **Transaction licensee** (facilitator) — distinct from agency roles - Agency disclosure requirements and timing

Delaware Transfer Tax - **4% total: 2% state + 2% county/municipality** - **Typically split 50/50: buyer pays 2%, seller pays 2%** - Applied to purchase price of real property - Reduced or exempt for certain transactions (first-time buyers, certain transfers)

Trust Accounts and Handling of Funds - Escrow and trust account requirements - Commingling and conversion violations

Delaware Fair Housing - Federal 7 classes + marital status, sexual orientation, gender identity, domestic violence victim status

Delaware-Specific Topics - Deed of trust as primary security instrument (non-judicial foreclosure) - Delaware property disclosure requirements - Commission authority and disciplinary procedures

Study Allocation Recommendation

Spend at least 35% of your total study time on the Delaware state section. The transfer tax rules, transaction licensee framework, and the 99-hour/21-hour CE facts are highly testable.

For Delaware practice exams by topic, visit [CARealestate.com/states/delaware](https://carealestate.com/states/delaware).