Property ManagementIntermediateDelaware Exam
What is an 'estoppel certificate' in Delaware commercial real estate?
AA certificate confirming title insurance is in force
BA signed statement by a tenant confirming the status of their lease (rent, term, any defaults)Correct
CA lender's certificate confirming loan terms
DA government certificate confirming zoning compliance
Why A signed statement by a tenant confirming the status of their lease (rent, term, any defaults) Is Correct
Answer B: A signed statement by a tenant confirming the status of their lease (rent, term, any defaults)
An estoppel certificate is a document signed by a tenant confirming the current lease terms, rent amounts, lease status, and whether any defaults exist. Lenders and buyers use it to verify lease information before closing.
Exam Tip: Property Management
Property management questions cover landlord-tenant law, security deposits, and maintenance responsibilities. Know the differences between gross, net, and percentage leases.
Key Property Management Terms in This Question
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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