Delaware License LawIntermediateDelaware Exam
When a Delaware licensee changes their name due to marriage or divorce, they must:
AObtain a new license after retaking the exam
BNotify the Commission and update their license within the required time periodCorrect
CNotify only their employing broker within 30 days
DNo action is required until the license renewal date
Why Notify the Commission and update their license within the required time period Is Correct
Answer B: Notify the Commission and update their license within the required time period
Delaware licensees who change their legal name must notify the Commission promptly and update their license to reflect the new name. Operating under a different name than what appears on the license is prohibited.
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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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
State-Specific Concepts
License Law
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