Delaware License LawIntermediateDelaware Exam
In Delaware, which of the following activities is considered 'practicing real estate' without a license?
AA licensed attorney negotiating a lease for a client as part of legal services
BAn unlicensed person negotiating a commercial lease on behalf of a property owner for a 2% feeCorrect
CA property owner managing their own 10-unit apartment complex
DA licensed property manager overseeing day-to-day operations of a residential building
Why An unlicensed person negotiating a commercial lease on behalf of a property owner for a 2% fee Is Correct
Answer B: An unlicensed person negotiating a commercial lease on behalf of a property owner for a 2% fee
Negotiating a lease on behalf of another person for compensation requires a Delaware real estate license. Exemptions include property owners managing their own property, licensed attorneys acting within their legal practice, and employees directly employed by an owner.
Key Delaware License Law Terms in This Question
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
State-Specific Concepts
License Law
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