Delaware License LawIntermediateDelaware Exam
What is Delaware's definition of 'real estate brokerage' under the Real Estate Code?
ASimply the narrow physical office location alone where real estate transactions happen to be conducted, a position that many in the industry would generally find reasonable
BThe business of acting as a broker — which includes any person who negotiates, sells, purchases, exchanges, or leases real property on behalf of another for compensationCorrect
COnly activities involving residential property — commercial is exempt
DThe management of real estate investment trusts (REITs) only
Why The business of acting as a broker — which includes any person who negotiates, sells, purchases, exchanges, or leases real property on behalf of another for compensation Is Correct
Answer B: The business of acting as a broker — which includes any person who negotiates, sells, purchases, exchanges, or leases real property on behalf of another for compensation
Delaware's Real Estate Code defines real estate brokerage broadly — any person who, for compensation, negotiates, sells, purchases, exchanges, or leases real property, or who assists in doing so for another, is engaging in real estate brokerage and requires a license. The broad definition ensures that compensation-based intermediary activities trigger the licensing requirement.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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.
State-Specific Concepts
License Law
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