Delaware License LawIntermediateDelaware Exam
What is a 'referral fee' in Delaware real estate, and when may it be paid?
AA fee paid to any person who refers a client; no restrictions apply
BCompensation paid to a licensed real estate agent for referring a client to another licensed agent; cannot be paid to unlicensed personsCorrect
CA fee paid to the broker by the buyer for referral to their services
DA fee charged by the Commission for processing license transfers
Why Compensation paid to a licensed real estate agent for referring a client to another licensed agent; cannot be paid to unlicensed persons Is Correct
Answer B: Compensation paid to a licensed real estate agent for referring a client to another licensed agent; cannot be paid to unlicensed persons
In Delaware, referral fees may only be paid to and received by licensed real estate agents. Paying a referral fee to an unlicensed individual violates the license law and may result in disciplinary action for the paying licensee.
Key Delaware License Law Terms in This Question
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
EasementA non-possessory right to use another person's land for a specific purpose.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
Math Concepts
State-Specific Concepts
License Law
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