Real Estate Salesperson Delaware State

Joint tenancy carries the right of survivorship (a deceased co-owner's interest automatically passes to the surviving joint tenants, avoiding probate) and requires equal interests, while tenancy in common allows unequal ownership shares and passes each owner's interest to their heirs.

An easement appurtenant benefits a specific parcel (the dominant estate) and transfers automatically with that land, while an easement in gross benefits a person or entity (e.g., a utility company maintaining power lines) with no dominant tenement.

With a fee simple determinable title automatically reverts when the condition is broken, but with a condition subsequent the estate does not automatically terminate — the holder of the right of reentry must bring a legal action in court.

In eminent domain the government initiates the taking of private property for public use with just compensation; in inverse condemnation the owner initiates the action to seek compensation because a nearby public project diminished the property's use and value without a direct taking.

A condominium unit owner holds fee simple title to the unit individually (in severalty) plus an undivided interest in the common elements as a tenant in common, whereas in a cooperative a corporation holds title and the purchaser owns shares (personal property) with a proprietary lease granting occupancy.

Under an exclusive agency listing the seller keeps the right to sell the property themselves without owing a commission, while under an exclusive right-to-sell the broker earns a commission regardless of who sells the property.

Clients receive fiduciary duties such as loyalty (putting the client's interests above the agent's own financial interests), obedience, and confidentiality, while customers are owed only fair and honest dealing, not fiduciary duties.

Negligent misrepresentation occurs when the licensee should have known a statement of material fact was false (no intent needed, but still liable for damages), while fraud requires intentional misrepresentation and puffing involves opinions rather than facts.

A buyer taking title 'subject to' the mortgage is not personally obligated for the debt and not liable for a foreclosure deficiency (the original seller/borrower may remain liable), whereas in an assumption the buyer becomes personally obligated on the debt.

In a seller-financed purchase money mortgage the buyer receives legal title immediately and gives the seller a security interest, while under a land contract the seller retains legal title until all payments are made and the buyer holds only equitable title.

Ginnie Mae does not buy or sell loans or issue securities — it guarantees securities issued by private offerors and backed by government loans (FHA, VA, USDA); Fannie Mae and Freddie Mac are GSEs that purchase mortgages (primarily conventional) from lenders rather than lending directly to consumers.

Under §2930(a), if a sale listing converts to a lease through continuous negotiations the broker is still entitled to compensation, but if the initial transaction was a lease that later becomes a sale the broker is NOT entitled to compensation unless the listing, other compensation agreement, or lease provided for compensation on a later sale.