Sections
§ 2101 Form of mortgage; effect 25
§ 2102 Minor’s bond, obligation or mortgage 25
§ 2103 Effect of mortgage executed by trustee for mentally ill spouse 25
§ 2104 Purchase money mortgage of married woman; liability of husband 25
§ 2105 Purchase money mortgage by married woman 25
§ 2106 Priority of mortgage from time of recording 25
§ 2107 Priority of mortgages recorded at same time 25
§ 2108 Priority of purchase money mortgages 25
§ 2109 Assignment of mortgages 25
§ 2110 Effect of release of part of mortgaged premises; acknowledgment and recording 25
§ 2111 Satisfaction of mortgages; penalty; enforcement in Superior Court 25
§ 2112 Effect of satisfaction of mortgage by Regional Manager or Treasurer of Home Owners’ Loan Corporation 25
§ 2113 Effect of entry of satisfaction 25
§ 2114 Damages for nonentry of satisfaction 25
§ 2115 Procedure to compel entry of satisfaction of mortgage or judgment 25
§ 2116 Reconveyance upon satisfaction or performance 25
§ 2118 Priority of mortgages and other instruments securing future advances and certain other advances; modifications of mortgages and other instruments 25
§ 2119 Insurance requirements for mortgages 25
§ 2120 Authorization to satisfy mortgage 25
§ 2121 Instruments transferring, pledging or assigning lessors’ interests in leases or rents arising from real property as security 25
§ 2122 Procedure to strike an entry of satisfaction or other indication of a mortgage satisfaction 25
§ 2123 Satisfaction of mortgage after lapse of time 25
§ 2124 Recordation of mortgagee’s change of address 25

Terms Used In Delaware Code > Title 25 > Chapter 21

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • agent: means a licensee functioning as a party in an agency relationship created according to subchapter II of this chapter as an independent contractor and not as a fiduciary. See Delaware Code Title 24 Sec. 2902
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Associate broker: means any individual who holds an associate broker license from the Commission and who is licensed under a broker to sell or offer to sell, or to buy or to offer to buy, or to negotiate the purchase, sale, or exchange of real estate, or to lease or rent or offer for rent any real estate, or to negotiate leases or rental agreements thereof or of the improvements thereon for others. See Delaware Code Title 24 Sec. 2902
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Board: means the Board of Mental Health and Chemical Dependency Professionals. See Delaware Code Title 24 Sec. 3002
  • Broker: means any individual who holds a broker license from the Commission and who for a compensation or valuable consideration, is self-employed or is employed directly or indirectly by a brokerage organization to sell or offer to sell, or to buy or offer to buy, or to negotiate the purchase, sale, or exchange of real estate, or to lease or rent or offer for rent any real estate, or to negotiate leases or rental agreements thereof or of the improvements thereon for others. See Delaware Code Title 24 Sec. 2902
  • Brokerage organization: means that individual or business entity which is not licensed but is acting as a broker under § 2901(c) of this title and is the trade name under which the broker operates. See Delaware Code Title 24 Sec. 2902
  • CIS: means the disclosure form required by § 2938 of this title. See Delaware Code Title 24 Sec. 2902
  • Client: means a member of the public who is the principal in the statutory or common law agency relationship. See Delaware Code Title 24 Sec. 2902
  • Commission: means the Delaware Real Estate Commission. See Delaware Code Title 24 Sec. 2902
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: means a verdict of guilty by the trier of fact, whether judge or jury, or a plea of guilty or a plea of nolo contendere accepted by the court. See Delaware Code Title 24 Sec. 2902
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Customer: means a member of the general public working with a licensee as a potential buyer, seller, exchangor, exchangee, tenant, or landlord of real property or is consulting with a licensee in 1 of these capacities for the purpose of entering into a brokerage agreement or transaction, but who has not yet entered into a statutory or common law agency relationship with a licensee. See Delaware Code Title 24 Sec. 2902
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Designated on-site supervisor: means a licensee who has at least 5 years of continuous real estate services experience and who has been appointed as the full-time supervisor of a branch office by the broker. See Delaware Code Title 24 Sec. 2902
  • Division: means the Delaware Division of Professional Regulation. See Delaware Code Title 24 Sec. 2902
  • dollars: means lawful money of the United States. See Delaware Code Title 6 Sec. 4307
  • Dower: A widow
  • Dual agent: means a salesperson, associate broker, broker and/or brokerage organization which represents both buyer and seller or tenant and landlord as clients in a real estate services transaction. See Delaware Code Title 24 Sec. 2902
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensee: means an individual licensed under this chapter as a broker, associate broker or salesperson without implying what legal relationship they have with a customer or client. See Delaware Code Title 24 Sec. 2902
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means an individual, firm, partnership, corporation, association, joint stock company, limited partnership, limited liability company and any other legal entity and includes a legal successor of those entities. See Delaware Code Title 24 Sec. 2902
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Real estate service provider: means a licensee who is providing real estate services. See Delaware Code Title 24 Sec. 2902
  • Real estate services: means those activities performed by a licensee as defined in this chapter. See Delaware Code Title 24 Sec. 2902
  • real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 6 Sec. 4307
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Salesperson: means any individual who holds a salesperson license from the Commission and who is licensed under a broker to sell or offer to sell, or to buy or to offer to buy, or to negotiate the purchase, sale, auction or exchange of real estate, or to lease or rent or offer for rent any real estate, or to negotiate leases or rental agreements thereof or of the improvements thereon for others. See Delaware Code Title 24 Sec. 2902
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: means the State of Delaware. See Delaware Code Title 24 Sec. 2902
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC