Delaware License LawIntermediateDelaware Exam
A Delaware real estate salesperson wishes to change their employing broker. What must happen first?
AThe salesperson may begin working for the new broker immediately upon giving notice
BThe salesperson's license must be released by the current broker before activation under the new brokerCorrect
CThe salesperson must wait 30 days after notifying the current broker
DThe Delaware Real Estate Commission must approve the transfer in advance
Why The salesperson's license must be released by the current broker before activation under the new broker Is Correct
Answer B: The salesperson's license must be released by the current broker before activation under the new broker
A Delaware salesperson's license is held by their employing broker. To change brokers, the current broker must release the license.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
State-Specific Concepts
License Law
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