Delaware License Law
Under Delaware law, what is required of a licensee when they are personally buying a property listed by their own brokerage?
ANo special requirements — agents may purchase any property they wish
BThe licensee must disclose in writing to the seller that they are licensed real estate professionals and have a personal interest in purchasing the property before the offer is made✓ Correct
CThe licensee must obtain approval from the Delaware Real Estate Commission before proceeding
DThe licensee must have a different broker represent them as buyer's agent
Explanation
When a Delaware licensee purchases property in which they have a personal interest, they must disclose: (1) their licensed status, and (2) the nature of their personal interest — in writing — to all parties. This disclosure is required even if no agency relationship exists. This prevents agents from exploiting their insider knowledge and market access without transparency.
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