What is the significance of the 'REALTOR' designation versus a 'real estate licensee' in Delaware?
Why A real estate licensee is any person licensed by Delaware; a REALTOR is a licensee who is a member of the National Association of REALTORS and subscribes to the NAR Code of Ethics — a higher professional standard, not a legal requirement Is Correct
Answer B: A real estate licensee is any person licensed by Delaware; a REALTOR is a licensee who is a member of the National Association of REALTORS and subscribes to the NAR Code of Ethics — a higher professional standard, not a legal requirement
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Key Terms to Know
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
State-Specific Concepts
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