Delaware License LawIntermediateDelaware Exam
In Delaware, which of the following is grounds for disciplinary action against a licensee?
ARepresenting a buyer in addition to sellers over a career
BFailing to disclose a known material defect in a propertyCorrect
CCharging a commission lower than the average market rate
DAdvertising a listing on multiple real estate websites
Why Failing to disclose a known material defect in a property Is Correct
Answer B: Failing to disclose a known material defect in a property
Failure to disclose known material defects is a violation of Delaware license law and grounds for disciplinary action, including suspension or revocation of license, fines, and potential civil liability.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Math Concepts
State-Specific Concepts
License Law
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