About This Book
Delaware Code Title 24, Chapter 29 governs the licensing, conduct, and business relationships of real estate professionals in Delaware. It establishes the Delaware Real Estate Commission, whose primary objective is protecting consumers from unsafe or unethical practices.
Licensing Requirements
- Mandatory Licensure: Anyone engaged in real estate activities—including listing, buying, or renting property—must hold a valid license issued by the Commission. Practicing without a license constitutes a misdemeanor and carries fines ranging from $500 to $10,000.
- Exemptions: Auctioneers, attorneys-at-law, and government employees acting in their official capacity are not subject to these licensing requirements.
- Corporate Entities: Brokerage firms are not licensed as organizations. Instead, they must operate under a responsible licensed broker who supervises all associated brokers and salespersons.
Business Relationships and Statutory Agency
- Statutory Agents: Rather than serving as common-law agents, licensees act as independent contractor "statutory agents," a distinction that shapes the standards governing their conduct.
- Dual Agency: When a licensee represents both a buyer and a seller in the same transaction, they are presumed to be acting as a statutory dual agent.
- On-Site New Construction: Licensees working in on-site sales offices for one-to-four family residences are presumed to represent the builder or seller, unless the consumer signs an information statement establishing a different relationship.
Appraisers and Property Inspectors
Real estate appraisers are regulated separately under Delaware Code Title 24, Chapter 40, which establishes standards for licensing, certification, and the oversight of appraisal management companies.
Practice Tests Using This Book
This book is required or recommended for 2 licensing exams. Our practice tests include questions based on this material.