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§ 2926 § 2927 § 2928 § 2929 § 2930 § 2931 §§ 2932-2943 §§ 2944-2949 §§ 2950-2960 § 2957 § 2960
§ 2926. Applicability [Effective Feb. 3, 2012]
This subchapter applies to licensees in their business relationships with customers and clients for all types of real estate services whether they are sales, leases, exchanges, management of real estate for others, or real estate counseling conducted by licensees.
75 Del. Laws, c. 277, § 6; 78 Del. Laws, c. 166, § 1.;
§ 2927. Certain psychological impacts not material facts [Effective Feb. 3, 2012]
(a) The fact or suspicion that a property might be or is psychologically impacted is not a material fact that must be disclosed in a real property transaction.
(b) No cause of action shall arise against an owner or landlord of real property or a licensee for failure to inquire about, make a disclosure about or release information about the fact or suspicion that such property is psychologically impacted.
(c) Except as stated in subsection (d) of this section if a customer or client makes a specific written request to the owner, landlord or licensee about the psychological impacts regarding a specific property, the owner, landlord or licensee shall answer the questions truthfully, to the best of such owner's, landlord's or licensee's knowledge. The licensee shall have no duty to inquire about the psychological impacts regarding a specific property unless a customer or client, in writing, specifically requests the licensee to ask the owner or landlord for such information.
(d) The owner, landlord or licensee shall not make any disclosure concerning those psychological impacts of HIV, AIDS, or any other disease which has been determined by medical evidence to be highly unlikely to be transmitted through the occupancy of a dwelling place even if a customer or client specifically asks about such psychological impacts.
68 Del. Laws, c. 154, § 1; 71 Del. Laws, c. 103, § 4; 78 Del. Laws, c. 166, § 1.;
§ 2928. Internet and World Wide Web [Effective Feb. 3, 2012]
Entering a name and email address on an Internet or World Wide Web site is sufficient to establish a broker-consumer relationship for the use of that system, but does not in of itself create a broker-customer or client relationship for any other purpose. The broker may deliver the CIS by the Internet or World Wide Web and the customer may acknowledge receipt of it electronically. However, an exclusive business relationship or obligation for the customer or client to pay any compensation may only be created by a written brokerage agreement signed by the customer or client as a separate document. If the brokerage agreement is signed electronically it may not be part of a general consent to the terms of use of an Internet or World Wide Web site or other electronic device, but must be a conspicuous separate document.
75 Del. Laws, c. 277, § 6; 78 Del. Laws, c. 166, § 1.;
§ 2929. Financial information [Effective Feb. 3, 2012]
Licensees do not have a duty to conduct an independent investigation of the customer's or client's financial condition and do not have a duty to independently verify the accuracy or completeness of financial statements made by the customer or client or any independent inspector, auditor, or lender, but if the licensee has actual knowledge of false financial information, the licensee shall advise the party to correct it and shall not pass on the information known to be false.
75 Del. Laws, c. 277, § 6; 78 Del. Laws, c. 166, § 1.;
§ 2930. Compensation [Effective Feb. 3, 2012]
(a) Written brokerage agreements. -- Nothing in this chapter obligates a buyer, tenant, seller or landlord to pay compensation to a broker or brokerage organization unless that party has entered into a written brokerage agreement with the broker or brokerage organization specifying the compensation terms. The compensation agreement may specify that the licensee may cooperate with other licensees. Brokers or brokerage organizations may compensate other brokers or brokerage organizations participating in the transaction without further permission of the party. The source of compensation does not by itself determine brokerage relationships. If a brokerage agreement contemplated one type of transaction such as a sale, but then through the course of continuous negotiations the initial transaction changes to another type of transaction such as a lease, the broker is still entitled to compensation; however, if the initial transaction was a lease which later became a sale, the broker is not entitled to compensation unless the listing agreement, other compensation agreement, or lease provided for compensation for a later sale.
(b) Additional terms. -- Nothing in this chapter shall prohibit consumers from entering into written brokerage agreements with a broker or brokerage organization which contain duties, obligations, or responsibilities which are in addition to those specified in this chapter.
(c) Different relationships permitted for different transactions or jurisdictions. -- A licensee or brokerage organization may work with a single party in separate transactions pursuant to different brokerage relationships including but not limited to selling 1 property as a seller's agent and working with that seller in buying another property as buyer's agent, or seller's sub-agent where permitted; provided, however, that the licensee or brokerage organization complies with this chapter in establishing the relationships for each transaction. A licensee who is licensed in another jurisdiction may function as a licensee for properties in that jurisdiction even if the brokerage relationship is different in that jurisdiction such as a "transaction broker", without being considered that status in Delaware.
(d) Compensation to licensee or entity of licensee. -- All compensation relating to a real estate services transaction to be paid to a licensee shall be paid through the broker or brokerage organization. The broker or brokerage organization may pay the licensee's individual compensation to an entity created by the licensee to receive compensation providing the entity is either already approved by the Commission as a brokerage organization or the entity does not need to be approved because it does not engage in the brokerage business but is only established for business purposes to receive the licensee's compensation. The licensee paid by the broker or brokerage organization may employ licensed or unlicensed staff or team members who shall be paid an hourly wage, salary, or commission according to their agreement with the employing licensee. Nothing in this chapter shall authorize unlicensed personal assistants, independent contractors, or employees to engage in real estate services activities which by statute or regulation of the Commission must be performed by a licensee.
75 Del. Laws, c. 277, § 6; 78 Del. Laws, c. 166, § 1.;
§ 2931. Competitive market analysis ("CMA") [Effective Feb. 3, 2012]
A competitive market analysis is not an appraisal. A licensee may perform a competitive market analysis as part of providing real estate services. However, a licensee shall not perform a competitive market analysis for the mortgagee on a property that is the subject of a signed agreement of sale. A competitive market analysis as permitted under this chapter shall meet the following criteria:
(1) A competitive market analysis shall only be prepared for the following purposes:
a. An existing or potential seller or owner for the purpose of listing a property for sale or lease; or
b. An existing or potential buyer or tenant for the purpose of purchasing or leasing a property for sale or lease;
(2) The following disclosure shall appear in at least a 12-point bold face type font and located immediately following the estimated market price:
"Notwithstanding any language to the contrary contained herein, this
Competitive Market Analysis is NOT an appraisal of the market value for
property and is not intended to be used for any legal purpose including
approval of a mortgage loan, modification of a mortgage loan, divorce/property
separation, estate settlement, bankruptcy proceedings or any other purpose
where real estate value is needed. If an appraisal is desired, the services of
a licensed or certified appraiser must be obtained."
(3) The competitive market analysis shall comply with the content requirements as provided in the rules and regulations.
§§ 2932-2943. Certificate requirement; Council on Real Estate Appraisers; powers of the Council on Real Estate Appraisers; roster of appraisers; annual fees; real estate appraiser qualifications criteria; certified general real property appraiser, certified residential real property appraiser, licensed real property appraiser and real property appraiser trainee; temporary practice and reciprocity; disciplinary proceedings; reprimand; revocation of privileges; disciplinary sanctions; hearing procedures; practicing without a license; penalties; definitions; scope of subchapter [Effective until Feb. 3, 2012]
Repealed by 75 Del. Laws, c. 105, § 2, effective July 7, 2005.
§§ 2944-2949. [Reserved.] [Effective until Feb. 3, 2012]
§§ 2950-2960. Process, bond and license requirement; initial application; investigations; licensing; advertising; reference to Commission prohibited; resident broker; information requirement; revocation of contract; deposits; suspension or revocation of license; nonliability of advertising media; exemptions; appeals [Effective until Feb. 3, 2012]
Repealed by 75 Del. Laws, c. 395, § 1, effective July 10, 2006.
§ 2957. Suspension or revocation of license [Effective until Feb. 3, 2012]
Repealed by 75 Del. Laws, c. 395, § 1, effective July 10, 2006.
§ 2960. Appeals [Effective until Feb. 3, 2012]
Repealed by 75 Del. Laws, c. 395, § 1, effective July 10, 2006.