Real Estate Salesperson - Delaware State

Joint tenancy includes right of survivorship so a deceased owner's interest passes automatically to surviving co-owners, while tenancy in common has no survivorship right and each owner's interest passes to their heirs; tenancy in common also allows unequal ownership shares.

An easement appurtenant benefits a specific parcel of land (dominant estate) and runs with the land, while an easement in gross benefits a person or entity (e.g., a utility company) and has no dominant estate.

A general warranty deed warrants title against all defects throughout the entire chain of title, while a special warranty deed only warrants against defects that arose during the grantor's period of ownership.

An owner's policy protects the buyer's equity interest up to the purchase price, while a lender's policy protects the lender's security interest up to the outstanding loan amount and terminates when the loan is paid off.

A promissory note is the borrower's written promise to repay the debt (evidence of the debt), while a deed of trust is the security instrument that gives the lender a lien on the property as collateral.

A CMA is an opinion-of-value tool prepared by a real estate agent, while a formal appraisal must be performed by a licensed or certified appraiser following USPAP standards and can be used for lending purposes.

A bilateral contract involves mutual promises from both parties (promise for a promise), while a unilateral contract involves a promise from one party that is accepted only through performance by the other party.

An addendum adds terms to a contract before it is fully executed (signed by all parties), while an amendment modifies an existing contract after all parties have already signed it.

A client has an agency (fiduciary) relationship with the broker and is owed full fiduciary duties, while a customer is a third party owed only honesty, fair dealing, and disclosure of material facts but no fiduciary duties.

Under an exclusive agency listing the seller retains 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.

Price fixing is a competitor agreement to set prices at a certain level (e.g., a fixed commission rate), while market allocation is a competitor agreement to divide geographic areas or customer groups, both being antitrust violations.

An independent contractor salesperson must have a current license, a written independent contractor agreement, and be paid based on production rather than hours worked, whereas an employee is subject to greater broker control and may be paid by hours or salary.