Real Estate Professional Limitations Under Law

Question 1

What are the specific areas of laws that a Real Estate Professional should know the basics to?

Answer 1

1. Real Estate License Law
2. Federal Tax Laws
3. Contract Laws
4. Zoning Laws
5. Environmental Laws
6. Agency Laws

Question 2

What do Real Estate License Law include?

Answer 2

The requirements needed for license for a specific state.

Question 3

What do Federal Tax Laws include?

Answer 3

Relates to deductions of paid interest on home mortgage loans.

Question 4

What do Environmental Laws Include?

Answer 4

Regulations regarding hazardous substances ad their disposition.

Question 5

What do Contract Laws Include?

Answer 5

Governs agreements made between parties in real estate transactions, brokerage, and agency relationships.

Question 6

What do Agency Laws include?

Answer 6

Lays out regulations or requirements for the representation of clients.

Question 7

What do Zoning Laws include?

Answer 7

Govern the use of land.

Question 8

Match the definitions with the appropriate law

• Regulations on use of land
• Representation of clients
• Requirements to become a real estate professional
• Deduction of interest paid on a home mortgage
• Agreement between the parties in a real estate brokerage, agency relationship, or transaction
• Disposition of hazardous materials found on a property

Answer 8

1. Real Estate License Law
2. Contract Law
3. Zoning Law
4. Federal Tax Law
5. Environmental Law
6. Agency Law

Question 9

A real estate licensee must be an expert in all areas of real estate law. T/F

Answer 9

False. Real Estate Professionals are not expected to know all laws that govern real estate. Advice on matters of law should be taken with a licensed Attorney.

Question 10

All 50 states have passed laws that require real estate brokers and real estate salespeople to be licensed. T/F

Answer 10

True