Delaware License LawIntermediateDelaware Exam
What is required of a Delaware licensee regarding the 'Seller Disclosure of Real Property Condition Act'?
ALicensees are responsible for completing the seller disclosure form on behalf of the seller
BLicensees must inform sellers of their disclosure obligation, provide the appropriate form, and ensure it is delivered to buyersCorrect
CLicensees only ever need to ensure disclosure forms are completed for properties built specifically before 1978, and no others, in general
DDisclosure forms are only required for commercial property transfers in Delaware
Why Licensees must inform sellers of their disclosure obligation, provide the appropriate form, and ensure it is delivered to buyers Is Correct
Answer B: Licensees must inform sellers of their disclosure obligation, provide the appropriate form, and ensure it is delivered to buyers
Delaware's Seller Disclosure Act requires sellers to disclose known material defects. The listing agent's role is to inform sellers of the requirement, provide the disclosure form, ensure it is completed by the seller (not the agent), and deliver it to prospective buyers.
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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.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
State-Specific Concepts
Disclosure Requirements
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