Delaware License LawIntermediateDelaware Exam
A Delaware real estate license automatically expires if the licensee fails to:
AClose at least one transaction per year
BComplete continuing education and renew the license by the renewal deadlineCorrect
CMaintain MLS membership
DAttend Commission meetings
Why Complete continuing education and renew the license by the renewal deadline Is Correct
Answer B: Complete continuing education and renew the license by the renewal deadline
A Delaware real estate license expires if the licensee does not complete the required continuing education and submit a renewal application with the renewal fee by the renewal deadline.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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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