Delaware License LawIntermediateDelaware Exam
An out-of-state broker wishing to do business in Delaware must:
AHire a Delaware salesperson
BObtain a Delaware broker's license or enter a cooperative agreement with a Delaware brokerCorrect
CRegister only with the county
DFile a notification with HUD
Why Obtain a Delaware broker's license or enter a cooperative agreement with a Delaware broker Is Correct
Answer B: Obtain a Delaware broker's license or enter a cooperative agreement with a Delaware broker
An out-of-state broker must either obtain a Delaware real estate broker's license or establish a cooperative/reciprocal agreement with a Delaware-licensed broker to conduct real estate transactions in Delaware.
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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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Earnest MoneyA 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.
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