Delaware License LawIntermediateDelaware Exam
What is the purpose of the Delaware Real Estate Recovery Fund?
ATo provide funds for the Delaware Real Estate Commission's operating expenses
BTo reimburse members of the public who suffer financial harm due to the unlawful acts of a licensed real estate professionalCorrect
CTo fund continuing education programs for licensees
DTo provide loans to new real estate agents starting their careers
Why To reimburse members of the public who suffer financial harm due to the unlawful acts of a licensed real estate professional Is Correct
Answer B: To reimburse members of the public who suffer financial harm due to the unlawful acts of a licensed real estate professional
The Delaware Real Estate Recovery Fund provides reimbursement to members of the public who suffer actual financial losses caused by the wrongful acts of a licensed Delaware real estate agent or broker. There is a maximum payout per licensee and per transaction.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Math Concepts
State-Specific Concepts
Continuing Education
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