Delaware License LawIntermediateDelaware Exam
Under Delaware law, what must a listing broker do if the broker is also the buyer?
ANothing special is required
BDisclose in writing to the seller that they are purchasing the property as a principalCorrect
CWithdraw from the agency relationship before submitting an offer
DObtain Commission approval before proceeding
Why Disclose in writing to the seller that they are purchasing the property as a principal Is Correct
Answer B: Disclose in writing to the seller that they are purchasing the property as a principal
When a Delaware licensee (including the listing broker) buys a property for their own account, they must disclose in writing to the seller that they hold a real estate license and are purchasing as a principal.
Key Delaware License Law Terms in This Question
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Math Concepts
State-Specific Concepts
License Law
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