You have to finish following quiz, to start this quiz: However, do not slow down on studying your material and retake this practice test and all of our other tests until you get every answer right. Real Estate Exam Practice Sample Math Test: Sample math questions related to real estate that can be found within the paid subscriber area. 6.10.4 Delaware Real Estate Candidate Handbook Delaware has reciprocity agreements with the following states: All above information should be confirmed with licensing commission. One of the tenants contacts her to complain about a broken door lock. A managing agent has more power than a property manager, including the ability to use their judgment and discretion in matters affecting the property. Also, please make sure that you read every answer What is that document called? Functional obsolescence means that the property has become inferior to surrounding properties due to technological changes, such as obsolete equipment (e.g., heating system), outdated electrical system or outdated design. Francois is a real estate agent who has visited Lev to try to list Lev’s home for sale, but Lev refuses. The practice exam questions and answers were created by industry experts and are constantly updated to Delaware’s licensing requirements. Brokers applicants must have completed 30 real estate transactions within the last five years. Accountability means financial accountability and is the fiduciary duty that requires the agent to act with care and properly handle funds received on behalf of the principal. You must sign in or sign up to start the quiz. One of the largest sections on the Real Estate License exam, Real Estate Practice and Disclosures makes up about 22-25% of what you’ll be tested on. Broker applicants have to submit an affidavit stating that he/she has not engaged in any acts or offenses that would be grounds for discipline. A lessee is the tenant of a property pursuant to a lease. You will be given 2-4 hours to complete the exam. Keep on studying your material and retake this practice test Delaware Real Estate Commission 861 Silver Lake Blvd. She is told that she can deduct her mortgage interest from her income because she has bought a(n) _____________ home. What type of mortgage can she obtain that will permit her to pay it off as she sells each home? CLICK HERE to explore practice tests or use the “Search By State” navigation on your left.. Real Estate Exam Preparation. The profit realized from the sale of real estate held for 3 years is: Capital gains represent the profits on a capital investment, such as real estate. With an Open-End mortgage, the mortgagor (purchaser/borrower) is entitled to demand additional loan funds without the need to undergo a new underwriting process. The City of Glass wants to expand a public park. A tax savings is possible when a tax loss can reduce the taxable income of a separate investment. We have a major residential and commercial real estate practice. Go the extra mile to ensure that you pass the real estate licensing exam! Which of the following is not a mixed-use property? The profit realized from the sale of real estate held for 3 years is long term capital gains. We have an outstanding reputation in the real estate community and enjoy working together as our clients' dreams of homeownership are achieved. As a result, the building’s value has been decreasing. A letter of approval may refer to a pre-approval letter issued by the lender to show potential sellers that the borrower may be approved for a loan for a particular amount. ⇒ Questions: Over 650 Real Estate Exam Test Questions with Explanations It is very important that this information is correct, as it will appear as it was entered on the documentation provided to you after you have completed the exam, as well as on any reports to your licensing agency. Depreciation is the loss of value due to a building or property due to any cause, such as deterioration, damage and normal wear and tear. The first single-volume publication of its kind, this fundamental reference text focuses on the broad range of topics, from choice of entity to opinions. A commitment is a document from a mortgage lender stating that the lender will be loaning the purchaser/borrower the necessary funds. A shipping warehouse adjoining an office suite center combine a warehouse and office space. An agency does not necessarily need to be created through a written agreement. An executed contract is a fully performed contract. Apply for a Salesperson license after you have passed the salesperson examination. A mortgage is an example of a(n): An executory contract is a contract that has terms to be completed at a later date. The Pearson Vue exam includes questions that are "national" (general concepts and rules that are common in all states) and state-specific (involves Delaware state real estate regulations). Watch the video then download the audio file of the video and reinforce the material every time you listen! It is just a right to use or to restrict use. A listing agreement is an example of an express agency. Real Estate Exam Info The process of obtaining your real estate license varies from state to state and usually involves minimum age requirements, certain education and/or experience requirements, applications and fees, and other state-specific details. Add to Cart » Start a Free Assessment » CO is an abbreviation for certificate of occupancy, which is the municipal document verifying that the premises and parts thereof are approved and safe for occupancy. The practice tests are free … Delaware Approved Pre-Licensing Course Providers, What to expect in a Pearson VUE test center, Purchase an online real estate practice test. Paula applies for a mortgage. A qualified home is a primary or main home for mortgage interest deduction purposes. Make sure you have studied Fair Housing laws, ethics, marketing, continuing education requirements, commercial and industrial properties, inspection reports, and disclosure requirements. Our real estate exam prep comes with over 1,000 real estate practice exam questions with detailed answer explanations. Wetlands are protected areas that include swamps, marshes, wet meadows and bogs. Practice Tests, Study Guides, and Flashcards for the Real Estate License Exam. Our pre-licensing school, the Delaware School of Real Estate, can help you take the first steps by giving you a firm foundation on which to build your future success.The 99-hour course has three components - real estate math, real estate law and real estate practices. The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. What government power can be used to obtain the land needed to expand the park? A blanket mortgage is a commercial mortgage often used by real estate developers to finance a project. The Council office will verify your licensure through the national registry before issuing a temporary practice … Pass your Delaware Real Estate Exam! She locates one and her offer is accepted. and all of our other tests until you get every answer right. Real estate agents must be knowledgeable of the communities in their area, particularly in the facets that matter most to people: schools, safety, job opportunities, healthcare, and activities. All of our 1,000 Delaware real estate practice exam questions are similar to the ones you will find on the actual Delaware real estate exam, and are written by a Licensed Real Estate Instructor. This program covers the complete Delaware Salesperson national and state portions of your real estate licensing exam. Under the rules and regulations from the Delaware Real Estate Commission (DREC), you must complete 99 hours of approved pre-licensing coursework and pass the state’s examination. Appointment availability is limited due to social distancing precautions and varies by location. You have already completed the quiz before. Join the hundreds of people who have completed our course and successfully passed the exam the first time. A nonfreehold or leasehold estate has a determinable end. Halley owns 25 acres of land in a residential area and wants to develop a real estate complex containing 50 single family homes. Testing candidates: Check our COVID-19 Update Page to review the health and safety measures in place for testing and find out about any country-specific testing policies. Condemnation is the actual taking of the property pursuant to the eminent domain power. Pass the real estate exam with confidence! examination of candidates for a Delaware real estate license are set forth in 24 Delaware Code, Subsection 2907 and Commission Regulations 2.0 and 3.0. It added families and persons with mental and physical disabilities to the law. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; this includes about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. We stand by our real estate practice … If you are concerned about passing the Delaware Real Estate Licensing Exam, then this book is for you. Unfortunately, your browser does not meet our new security requirements. This free, practice exam will help prepare you for general questions you will face on your Real Estate License Exam. The promissory note contains the borrower’s promise to repay the debt and the manner and frequency of payment (e.g., monthly via check). The registration fee to take the Delaware Real Estate salesperson exam is $85. It is used when the down payment is less than 20% to insure the top portion of the loan in case of default. They also serve as sanctuaries for wildlife and the natural landscape. Important Information about Non-Resident Client Waivers (Reciprocal) for Delaware Real Estate ». State-specific practice tests are not available. An easement, which is a nonpossessory interest in someone else’s land, is also known as a right of way. Copyright 1996 - 2021 Pearson Education Inc. or its affiliate(s). Hence you can not start it again. Start Now - Pass The Real Estate Exam 100% Money-Back Guaranteed! The appraisal must comply with the Uniform Standards of Professional Appraisal Practice. Use that same method to study for the real estate exam! We don’t like the exam material in this one as much but it can still be fantastic review and practice for your real estate test. The property receiving the benefit of the easement is the dominant estate, while the property that is providing the benefit or suffering is the servient estate. Real Estate. We have powerful test prep tools, especially if you are short on time. A Pledged Account involves the purchaser placing money in a savings account and using the earned interest to supplement the mortgage payment. He has not performed much maintenance on the building, so the foundation and structural integrity are starting to crumble. Before March 17, 2018, upgrade your browser to the newest version to avoid any interruption in accessing PearsonVUE.com. Pearson VUE offers Broker and Sales practice tests for $19.95. Contact Pearson VUE immediately to correct the spelling of your name or update your personal information if you notice any errors. Our proven study methods resulted in success for thousands. 2019 Delaware VUE Real Estate Exam Prep Questions, Answers Explanations: Study Guide to Passing the Salesperson Real Estate License Exam Effortlessly by Real Estate Exam Professionals Ltd.. A building with a steakhouse on the first floor and offices on the second floor combine two separate uses, restaurant and office space. Our Delaware real estate exam prep has helped thousands of test-takers pass their real estate test, and comes with unlimited access to over 500 practice real estate exam questions, and 450 vocabulary test questions with detailed answer explanations! Further information can be found here: https://dpr.delaware.gov/boards/realestate/. Lev owns a home. Trevor owns an apartment building that is 75 years old. University of Success, Online Real Estate Classes, CE Continuing Education courses in Delaware for Real Estate Agents, Brokers, Appraisers, Investors, and Entrepreneurs. . 1. To determine a score a statistical procedure known as equating is used to correct for differences in form difficulty. All of our materials are up to date with the latest 2021 updates! The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. The practice tests coincide with the current, general test outline. If you do not hold a current, active real estate license in another jurisdiction, apply by examination. Reasonable care, skill and diligence, along with full disclosure of pertinent information, obedience and loyalty are also all a part of a licensee’s fiduciary duty to the principal. A principal is the party that the agent represents and acts on behalf of, such as Alex. This page of example questions does not include the grading function as do the math exams. An implied contract is formed based upon the actions of the parties that evidence an intent to enter into a contract, such as where a seller permits a broker to show a property before any formal agreement is entered into. If the home’s appraised market value is $540,000 and the loan balance is $135,000, what is the loan to value ratio? Julie is looking to buy her first home. After-tax cash flow is calculated by adding back the tax loss to the income and then multiplying by the tax rate. 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