Real Estate Broker - Delaware State

An associate broker must be at least 23 years old, while a broker must additionally demonstrate responsibility for day-to-day management and supervision of a brokerage organization and meet extra experience/education requirements.

A broker's lien has priority from the time filed, but mortgages (whenever recorded), mechanic's liens, statutory liens, and federal/state/local government liens all have priority OVER a broker's lien.

Commercial real estate is subject to broker's lien rights, but single-family residential condominiums, townhomes, mobile homes, and homes sold unit-by-unit are explicitly excluded even if part of a larger building.

If unfinished work is not remedied within 90 days of final settlement, escrow is released to the buyer; once unfinished work IS completed, escrowed funds may be held no longer than 30 days before release.

The default rule requires a vendor to place funds in escrow for unfinished work, but if the vendor and buyer mutually agree that the buyer may withhold funds at final settlement, that arrangement is deemed compliant with the escrow requirement.

A licensee may not accept a postdated check as a good-faith or earnest money deposit unless agreed to in writing by the parties; a standard deposit must be deposited into the broker's escrow account within 72 hours of all parties signing.

Under the Commercial Real Estate Broker's Lien Act, only a written brokerage agreement signed by the party obligated to pay is eligible for a broker's lien; oral brokerage agreements are explicitly excluded.

A broker's lien filed within the required time is enforceable, but a lien properly asserted against a seller that is not filed until after the deed to the buyer is recorded is void and not a lien against the property.

Escrow deposits are accepted in the name of the brokerage organization by default; however, if the parties agree to a different third-party escrow agent, deposits may be held by that agent instead.

A criminal conviction can disqualify a license applicant but may be waived by a majority Commission vote if no unreasonable public safety risk exists, whereas a prior revocation solely for nonpayment of renewal fees does NOT automatically disqualify a future applicant.

A Designated On-Site Supervisor for a branch office must have a minimum of 5 years of continuous real estate services experience, a requirement beyond what is imposed on ordinary salespersons or associate brokers.

A broker must file a lien affidavit within 90 days of failure to pay; if the record owner then serves a written demand to commence suit, the broker must file in Superior Court within 20 days or the lien is deemed released and satisfied.