Property Management
A Delaware property manager who negotiates leases on behalf of an owner for compensation must:
AHold a Delaware real estate license✓ Correct
BHold only a business license
CBe a licensed contractor
DRegister with the Delaware Division of Corporations
Explanation
In Delaware, managing property and negotiating leases for compensation on behalf of an owner constitutes a real estate activity requiring a Delaware real estate license.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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