Embarking on a real estate career in Delaware, a state with a dynamic housing market, offers unique opportunities for those interested in the field. Here’s a detailed guide to getting started in Delaware’s real estate industry.
Eligibility for Real Estate Licensure in Delaware
To start your real estate career in Delaware, you need to:
- Be a U.S. citizen or a lawfully admitted alien
- Be at least 18 years old
Educational Requirements for Licensure
Delaware requires prospective real estate agents to complete 99 hours of pre-licensing coursework. This education covers a wide range of topics, including:
- Real property characteristics and legal descriptions
- Property value and appraisal
- Real estate contracts and agency
- Financing and settlement
- Duties and powers of the Delaware Real Estate Commission
- Licensing and statutory requirements governing licensees
These courses are designed to equip you with a thorough understanding of real estate principles, laws, and practices specific to Delaware.
After completing the required coursework, you’ll need to pass the Delaware Real Estate Salesperson Exam. The exam consists of:
- 120 questions (80 general and 40 state-specific)
- A time limit of 240 minutes (4 hours)
- A passing score of 56/80 on the National section and 28/40 on the State section
The exam tests your knowledge on both national real estate practices and Delaware-specific laws and regulations.
Application and Licensing Fees
Once you’ve passed the exam, you’ll apply for your license through Delaware’s online system, DELPROS. The application process includes:
- An application fee of $131
- Submission of supporting documents, like your pre-licensing course certificate and exam score report
- A Statement of Broker of Record signed by your sponsoring broker
Background Verification Process
Delaware requires a comprehensive background check for all real estate license applicants. This includes state and federal criminal background checks, and the process costs around $65.
New salesperson licensees in Delaware must complete 12 hours of new salesperson course modules within 90 days of license issuance. This is in addition to the continuing education required for licensure renewal.
Working with a Licensed Broker
You must be associated with a current and active Delaware sponsoring broker to hold an active real estate license. Your sponsoring broker will need to sign the Statement of Current Broker of Record Form as part of your application process.
Delaware Official Real Estate Licensing website: Delaware
Delaware’s Real Estate Market Overview
Delaware’s real estate market is diverse, with opportunities ranging from urban to coastal properties. Understanding local market dynamics, from property types to regional growth trends, is crucial for success in this field.
Three major cities in Delaware. Each city has its unique real estate market characteristics:
- Wilmington: As the largest city in Delaware, Wilmington often leads the state in urban development and real estate trends. The city’s real estate market is influenced by its status as a business and cultural hub, hosting numerous corporate headquarters. This leads to a diverse housing market, with a mix of urban apartments, historic homes, and suburban developments. The demand in Wilmington tends to be higher, often resulting in higher property values and rents compared to other parts of the state.
- Dover: As the state capital, Dover’s real estate market is influenced by its governmental and educational sectors. The presence of state government offices and Delaware State University adds stability to the local economy, which in turn supports the real estate market. The housing options in Dover vary from historic homes to newer suburban developments, often at more affordable prices than Wilmington.
- Newark: Home to the University of Delaware, Newark’s real estate market is significantly impacted by the student population. This leads to a strong demand for rental properties, especially apartments and houses suitable for student living. The presence of the university also contributes to a vibrant local economy and cultural scene, making Newark an attractive location for both students and non-students.
Delaware State Real Estate Outlook:
Delaware’s real estate market is marked by a steady increase in home values, influenced by factors such as low housing inventory and strong demand in key areas. The state’s proximity to major urban centers like Philadelphia and Baltimore makes it an attractive option for commuters, further driving demand in the housing market. In 2024, the market is expected to remain robust with a balanced dynamic between buyers and sellers, supported by stabilizing mortgage rates and a gradual increase in home listings. While prices are anticipated to continue rising, the rate of increase might moderate compared to the previous years. The market’s outlook remains positive, with opportunities for both buyers and sellers across the state.
Starting a career in real estate in Delaware involves several steps, from education to passing the licensing exam and finding a sponsoring broker. The entire process can take three to six months, depending on how quickly you complete your coursework and exam preparations.