Delaware License Law
A Delaware salesperson licensee may legally accept compensation from:
AThe seller directly after closing
BThe buyer if the buyer signs a release
COnly their sponsoring broker✓ Correct
DAny party after notifying the Commission
Explanation
Under Delaware law, a salesperson may only receive compensation through their sponsoring broker. Direct payment from a client to a salesperson is prohibited.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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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