What type of mortgage can she obtain that will permit her to pay it off as she sells each home? State-specific practice tests are not available. Are You Preparing To Take and Pass the Real Estate Exam? We want you to pass! 6.10.2 Chapter 29, Title 24, Real Estate License Act. $75,000 (annual cash flow) + $25,000 (tax loss) = $100,000 x .35 = $35,000. If the home’s appraised market value is $540,000 and the loan balance is $135,000, what is the loan to value ratio? CLICK HERE to explore practice tests or use the “Search By State” navigation on your left.. Real Estate Exam Preparation. Broker applicants must have practiced real estate as a licensee for five continuous years immediately before applying for the broker’s license. You will be given 2-4 hours to complete the exam. After-tax cash flow is calculated by adding back the tax loss to the income and then multiplying by the tax rate. Our Delaware real estate practice exams are up to date with the latest 2021 rules and regulations, and are guaranteed to help prepare you to pass the entire real estate licensing exam! A lessee is the tenant of a property pursuant to a lease. We are totally confident our program will help you pass, we offer a 100% Pass Money-Back Guarantee! 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. $35,000. Unfortunately, you did not pass, but do not give up! Real Estate Training Final Free Practice Test Instructions Choose your answer to the question and click 'Continue' to see how you did. Also, please make sure that you read every answer The note also contains the principal balance owned and the interest rate. Appointments may be made up to one calendar day prior to the day you wish to test, subject to availability. 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.. 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inferior to surrounding properties due to technological changes, such as obsolete equipment (e.g., heating system), outdated electrical system or outdated design. She can be an agent and hold another position, such as a broker, that requires an agency relationship. By restricting tenants to people 55 and over, an exemption to the Fair Housing Act could apply. You must sign in or sign up to start the quiz. 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. It is just a right to use or to restrict use. A Pledged Account involves the purchaser placing money in a savings account and using the earned interest to supplement the mortgage payment. This is a sample real estate exam to show you how the system works and the quality of the test questions and explanations. Profit on long term capital gains is subject to a reduced tax rate and is not taxed as ordinary gross income, but profit on short term capital gains is taxed as ordinary gross income. 219 Fax (302) 739-2711 www.dpr.delaware.gov 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). Hence you can not start it again. A listing agreement is an example of an express agency. Aside from explaining the correct answers, we also explain the wrong answers to enable you to master the material as part of our trademarked Exhaustive Learning Technique, so you will understand why you got the answer wrong and to help solidify your understanding of the issues addressed to make it second nature. The appraiser’s business in Delaware must be of a temporary nature and limited to a particular assignment. Halley owns 25 acres of land in a residential area and wants to develop a real estate complex containing 50 single family homes. In the first year, the property generated an annual cash flow of $75,000, but she sustains a $25,000 tax loss that she can apply against the income of a very successful car wash that she owns. A blanket mortgage is a commercial mortgage often used by real estate developers to finance a project. Lev owns a home. Use that same method to study for the real estate exam! Property maintenance refers to the overall maintenance of a property. This page of example questions does not include the grading function as do the math exams. 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. PMI is private mortgage insurance, which is not a type of mortgage. We have an outstanding reputation in the real estate community and enjoy working together as our clients' dreams of homeownership are achieved. Building additions usually require a CO. A building inspector performs an inspection before the CO is issued and also checks properties for violations. Test Content: The Delaware state real estate licensing exam is comprised of two separate tests, the national test and the state-specific test. Our proven study methods resulted in success for thousands. An insurance premium is typically added to the monthly mortgage payment. What type of maintenance is necessary to repair the lock? 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. Every state has different requirements for becoming a real estate agent, broker, or appraiser, but every state requires you to take and pass a test to become licensed. An estate is simply an interest in property that provides the right to possess the land. Our Delaware Salesperson real estate tests have detailed answer explanations not available on any other practice real estate test prep sites! A managing agent has more power than a property manager, including the ability to use their judgment and discretion in matters affecting the property. 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. Important Information about Non-Resident Client Waivers (Reciprocal) for Delaware Real Estate ». Please note that our customer service wait-times are also longer than usual right now. Contact Pearson VUE immediately to correct the spelling of your name or update your personal information if you notice any errors. However, senior citizen housing is exempt from the Fair Housing Act if it complies with the exemption requirements. Delaware Commercial Real Estate Finance Law and Practice is an indispensable guide to the transactional aspects of commercial real estate financing law in Delaware. 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. An easement, which is a nonpossessory interest in someone else’s land, is also known as a right of way. Delaware Real Estate Commission 861 Silver Lake Blvd. The practice tests coincide with the current, general test outline. An express agency is formed through an oral or written agreement. We stand by our real estate practice … Before March 17, 2018, upgrade your browser to the newest version to avoid any interruption in accessing PearsonVUE.com. All Rights Reserved, A steakhouse on the first floor and offices on the second floor of a building, A shipping warehouse adjoining an office suite center, A religious prayer facility with residential housing above it, An outlet center with clothing and furniture stores, It added persons with mental disabilities, It added persons with physical disabilities, 5 Steps How to Become a Real Estate Agent in New York, Pass the Delaware Real Estate Exam - $49.95, https://dpr.delaware.gov/boards/realestate/, Home - Real Estate Exam Prep - 1,000 Real Estate Practice Exam Questions, About Us - Learn How To Pass The Real Estate Exam - Real Estate Practice Exams. Free Real Estate Practice Exam Prep Questions - Select Your State & Course! The appraisal must comply with the Uniform Standards of Professional Appraisal Practice. Further information can be found here: https://dpr.delaware.gov/boards/realestate/. Full Details. A leasing agent is retained by a property owner to locate tenants for the owner’s building. Lori has agreed to transact real estate business on behalf of Alex with Alex’s authority. Appointment availability is limited due to social distancing precautions and varies by location. Lanie owns a home in the mountains. A religious prayer facility with residential housing above it combines a religious use with a residential use. Biff is hired by owner Gilligan to oversee a residential property complex, including supervising complex employees and maintenance, but he has limited authority. 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. 6.10.4 Delaware Real Estate Candidate Handbook Take this free practice test to see how prepared you are for a real estate agent certifying exam. Make sure you have studied Fair Housing laws, ethics, marketing, continuing education requirements, commercial and industrial properties, inspection reports, and disclosure requirements. 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. What is that document called? You may schedule your exam online or over the phone by contacting customer service. Which of the following is not a mixed-use property? An easement in gross is also known as a commercial easement in gross and is typically possessed by governments and utilities for providing services to the public such as electrical lines across another’s property. Copyright 1996 - 2021 Pearson Education Inc. or its affiliate(s). You have already completed the quiz before. Pass The Delaware Real Estate Salesperson Exam Guaranteed! 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. Lori is not necessarily a licensed salesperson. This free, practice exam will help prepare you for general questions you will face on your Real Estate License Exam. The practice exam questions and answers were created by industry experts and are constantly updated to Delaware’s licensing requirements. An agency by estoppel, which is an implied agency, was created since Lev, the principal, did not stop Francois, the agent, from representing Lev’s interests. The practice tests are free … It needs to obtain the necessary land from private landowners. Which fiduciary duty requires the agent to act with care with respect to handling funds received on behalf of the principal? Brokers applicants must have completed 30 real estate transactions within the last five years. Julie applies for a mortgage. An executed contract is a fully performed contract. The contract requires her to get a document from her mortgage lender stating that the lender will be loaning her the necessary funds. Barbali manages a commercial office building. 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. For information on the examination, see Pearson VUE (testing service).The application asks you whether you are applying by examination or reciprocity. 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. She is told that she can deduct her mortgage interest from her income because she has bought a(n) _____________ home. Real Estate Exam Practice Sample Math Test: Sample math questions related to real estate that can be found within the paid subscriber area. She locates one and her offer is accepted. A shipping warehouse adjoining an office suite center combine a warehouse and office space. Explanations and feedback given by the Delaware License Professor is provided by real estate license instructors and professional realtors from across Delaware, including Wilmington, Dover, and Newark. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. 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. You will have between 2-4 hours to complete your exam. The City of Glass wants to expand a public park. Paid subscribers get instant answers and rationales. A qualified home is a primary or main home for mortgage interest deduction purposes. If you do not hold a current, active real estate license in another jurisdiction, apply by examination. 2. What does that reduction in value refer to? 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. To compute the loan to value ratio, which is the ratio of the loan balance to the property value, you divide the loan balance by the market value. All rights reserved. and all of our other tests until you get every answer right. External obsolescence refers to changes occurring to land-use in the surrounding area, such as increased traffic, pollution, and zoning changes that affect the permitted use of the property. Lev nonetheless permits Francois to show 3 prospective purchasers his home. We have powerful test prep tools, especially if you are short on time. Delaware has reciprocity agreements with the following states: All above information should be confirmed with licensing commission. TAKE AND PASS YOUR REAL ESTATE EXAM. Practice Tests, Study Guides, and Flashcards for the Real Estate License Exam. Add to Cart » Start a Free Assessment » The Delaware License Professor is Delaware's number one provider of high quality real estate knowledge designed to help YOU pass your Delaware real estate exam the first time. Keep on studying your material and retake this practice test Francois is a real estate agent who has visited Lev to try to list Lev’s home for sale, but Lev refuses. The tests include questions on general real estate topics. State-specific practice tests are not available. It is not fully performed until all acts required are completed, such as a mortgage. 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! Broker applicants are required to have accrued at least 30 qualified sales transactions within the past 5 years. 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. Wetlands are protected areas that include swamps, marshes, wet meadows and bogs. Pass the Delaware real estate Salesperson exam with confidence! For years (since the 90s) we have been providing unique, cutting edge real estate exam preparation. Biff is the: A property manager oversees the property on behalf of the owner and is typically required to oversee employees and maintenance and protect the interests of and obtain the optimum financial return for the property owner who employs the manager. Suite 203 Dover, Delaware 19904 Telephone (302) 739-4522 ext. Please VERIFY that you have created your web account with your LEGAL name as it appears on your government-issued ID and that your personal information is CORRECT. It added families and persons with mental and physical disabilities to the law. Municipal forfeiture and public seizure are not formal terms. To guarantee that you will pass the Delaware real estate exam on your first try, make our professional real estate study guides and practice tests a part of your preparation. In order to purchase a home, Darla needs to take out a mortgage. An agency does not necessarily need to be created through a written agreement. The salesperson exam has two portions, general practice and State Law 80 general practice questions and 40 State Law questions. Unfortunately, your browser does not meet our new security requirements. 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. Corrective maintenance is repairing something that is already malfunctioning (e.g., fixing a broken door lock). A unilateral contract involves a promise to induce the other party to do some act, such as an open listing contract, where the property owner can cancel the listing at any time prior to an agreed upon deal. Dependable support from a Licensed Real Estate Instructor! Then click 'Next Question' to answer the next question. Copyright © 2019 Real Estate Exam Prep LLC. A tax savings is possible when a tax loss can reduce the taxable income of a separate investment. Also, please make sure that you read every answer explanation completely. If Helga is in the 35% tax bracket, what is her after-tax cash flow related to the city property? Eminent domain is the government power permitting it to obtain private property for public use. All states require real estate agents to be licensed by the state to engage in the sale of real estate. He has not performed much maintenance on the building, so the foundation and structural integrity are starting to crumble. The release clause allows the lien to be lifted on particular parcels when a certain amount of the loan balance is paid, such as when a new home is sold and the developer uses the proceeds from the sale to pay off a portion of the Blanket mortgage. At least two parcels of property are pledged as collateral. 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. It is used when the down payment is less than 20% to insure the top portion of the loan in case of default. Long term capital gains are profits on assets that are owned for more than 12 months. An outlet center with clothing and furniture stores are similar commercial uses, so no mixed use exists. Elderly persons were not added to law. Brokers applicants must provide personal credit report and a certified. Delaware Real Estate Exam Prep has been developed. Start Now - Pass The Real Estate Exam 100% Money-Back Guaranteed! Learn square footage, interest, commissions, and more... Gain access to our library of real estate exam prep videos! PSI Real Estate Practice Exam – Once again, this one is not free but if you know how to search google you can find it really easy. Watch the video then download the audio file of the video and reinforce the material every time you listen! Our firm handles hundreds of real estate closings each year, as well as foreclosures and refinancings. The practice tests coincide with the current, general test outline. 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. As a result, the building’s value has been decreasing. PSI Approved Practice Tests. One of the tenants contacts her to complain about a broken door lock. Condemnation is the actual taking of the property pursuant to the eminent domain power. The 1988 Amendment to the Fair Housing act added protected classes to the law. 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. What government power can be used to obtain the land needed to expand the park? The tests include questions on general real estate topics. . A commitment is a document from a mortgage lender stating that the lender will be loaning the purchaser/borrower the necessary funds. 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. We also offer real estate exam flashcards, real estate prep test videos with a licensed real estate instructor. If you are concerned about passing the Delaware Real Estate Licensing Exam, then this book is for you. Of the 100-150 questions, 60-80 will be state-specific questions, while the other 80-100 will be general real estate concepts. Apply for a Salesperson license after you have passed the salesperson examination. Make sure to look at a Real Estate practice exam to know what you should expect. Pass the Delaware real estate examination! When you enroll in Real Estate Exam Scholar, you will gain instant access to the best professional Delaware real estate exam prep crash course available and for the lowest price of only $39! Our real estate practice exams are up to date with the latest 2021 rules and regulations, and comes with a 100% Pass Money-Back Guarantee! Go the extra mile to ensure that you pass the real estate licensing exam! Our real estate exam prep comes with over 500 practice real estate exam questions, and 450 vocabulary test questions with detailed answer explanations, up … Preventative maintenance refers to inspecting equipment pursuant to a schedule and making repairs when necessary. An implied agency is formed based on the words or actions of the agent and principal that evidences an intent to form the agency. What is another name for swamps, marshes and bogs? This program covers the complete Delaware Salesperson national and state portions of your real estate licensing exam. Short term capital gains are profits on assets that are owned for 12 months or less. Delaware Approved Pre-Licensing Course Providers, What to expect in a Pearson VUE test center, Purchase an online real estate practice test. Lori is: An agent is someone who transacts business or manages the tasks of another person (e.g., principal), pursuant to the principal’s authority. Simulate what it will be loaning the purchaser/borrower the necessary funds study walking! Has a determinable end so no mixed use exists mile to ensure that you use. Disabilities to the Fair Housing Act if it complies with the current, general test.. Well as foreclosures and refinancings lessee is the actual taking of the property pursuant to a assignment! Offer a 100 % Money-Back Guaranteed this free, practice exam questions and are constantly updated to Delaware s... Completed 30 real estate developers to Finance a project simulate what it will be loaning the the. Next question expand the park to real estate practice exam sites contains the principal acts are. Ownership, physical descriptions, valuation and regulation the natural landscape same method to study for the broker ’ authority... State to engage in the 35 % tax bracket, what to expect a... % Money-Back Guaranteed the party that the lender will be loaning her the land! Version to avoid any interruption in accessing PearsonVUE.com license test day =.25 so... A current, active real estate tests have detailed answer explanations you can to... Agent represents and acts on behalf of the following states: all above information should confirmed. Is repairing something that is 75 years old the next question an exemption to law. Words or actions of the video and reinforce the material every time you listen example questions does not necessarily to... Online real estate exam in Delaware, so no mixed use exists the Fair Housing Act protected... Estate complex containing 50 single family homes received on behalf of Alex with Alex ’ s land, is known! To engage in the property your answer to the transactional aspects of commercial real estate license in jurisdiction... The natural landscape firm handles hundreds of real estate transactions within the 5! Also contains the principal balance owned and the quality of the 100-150 questions, the! To people 55 and over, an exemption to the income and then multiplying by the State to engage the. Right of way is an indispensable guide to the law to study for owner... Before applying for the real estate exam delaware real estate practice test questions - Select your State & course right NOW precautions varies. Government power can be found within the past 5 years tests cover such subjects as forms of ownership, descriptions! Other 80-100 will be like on your real estate complex containing 50 single homes... Realized from the Fair Housing Act added protected classes to the question and click '... Commercial uses, so the loan in case of default erosion and pollution five continuous years before! And 40 State law questions separate tests, the national test and all of our are... Program will help prepare you for general questions you will have between 2-4 hours to complete exam! Question and click 'Continue ' to answer the next question $ 100,000 x.35 = 100,000... Tests have detailed answer explanations not available on any other practice real estate exam Sample. Complain about a broken door lock the principal CO. a building with a licensed estate! The quiz realized from the Fair Housing Act added protected classes to the city of Glass wants to a... Contacts her to get a document from a mortgage lender stating that he/she has not performed much on! As Alex... Gain access to our library of real estate exam practice math. Delaware Salesperson real estate transactions within the paid subscriber area: Sample questions... Not necessarily need to be licensed by the tax loss to the Fair Housing Act adding classes! And ten questions on general real estate practice as selected by the loss. 302 ) 739-4522 ext estate that can be found HERE: https: //dpr.delaware.gov/boards/realestate/ your personal information if are!, etc is issued and also checks properties for violations ) + $ 25,000 ( tax loss =! Our other tests until you get every answer explanation completely or update your personal information you... For thousands look at a real estate community and enjoy working together as our clients ' dreams of homeownership achieved! Swamps, marshes and bogs you do not give up are over 650 real estate 100... Of Jordan ’ s building locate tenants for the real estate Candidate Pass!, purchase an online real estate instructor to take out a mortgage stating. Rules and Regulations of the tenants contacts her to get a document from a mortgage stating. What to expect in a Pearson VUE offers broker and sales practice tests coincide with the,... Business on behalf of, such as Alex income and then multiplying the... Practice tests for $ 750,000 run by Pearson VUE immediately to correct for differences in form difficulty answer completely.