Delaware License LawIntermediateDelaware Exam
In Delaware, what is the 'Guaranteed Sales Plan' or 'guaranteed sale' disclosure requirement?
AA broker must disclose in writing all conditions and terms when offering to guarantee a sale priceCorrect
BAll listings must include a minimum guaranteed sale price
CA broker must refund the commission if the property doesn't sell at the listed price
DSellers must be guaranteed at least one offer within 90 days
Why A broker must disclose in writing all conditions and terms when offering to guarantee a sale price Is Correct
Answer A: A broker must disclose in writing all conditions and terms when offering to guarantee a sale price
Delaware requires brokers who offer guaranteed sale programs (where the broker guarantees to buy the property if not sold by a certain date) to provide full written disclosure of all terms, conditions, and the relationship between the parties.
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Key Terms to Know
Purchase Agreement
A 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.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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