Delaware License LawIntermediateDelaware Exam
What is a 'real estate team' under Delaware license law?
AAn independent real estate brokerage operating under a team name
BA group of licensees within a single brokerage working together under a lead licensee, with all members licensed under the same supervising brokerCorrect
CSimply an informal partnership of two or more independent brokers who share office space and routine expenses, though specifics can vary by situation
DA state-certified training program for new real estate agents
Why A group of licensees within a single brokerage working together under a lead licensee, with all members licensed under the same supervising broker Is Correct
Answer B: A group of licensees within a single brokerage working together under a lead licensee, with all members licensed under the same supervising broker
A real estate team consists of two or more licensees working together within a single brokerage under a lead licensee (team leader). All team members must hold active Delaware licenses and be affiliated with the same supervising broker.
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
State-Specific Concepts
License Law
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