Real Estate Agency and Compliance Quiz

Real estate agencies generally do not provide legal advice, as this falls under the purview of lawyers.

MLS is a database where real estate brokers share information about properties for sale, making it easier to find buyers.

Real estate agents must be licensed to legally conduct real estate transactions in many jurisdictions.

Fiduciary duty requires real estate agents to prioritize their clients' interests above their own.

E&O insurance protects real estate professionals from liability for errors or omissions in their work.

The Fair Housing Act prohibits discrimination in housing based on race, color, religion, sex, disability, familial status, or national origin.

A listing agreement is a contract that allows a real estate agent to represent a seller in the sale of their property.

A buyer's agent works exclusively on behalf of the buyer in a real estate transaction.

Comps refer to recently sold properties that are similar to the property being evaluated, used to determine its market value.

A pocket listing is a property for sale that is not listed on a multiple listing service (MLS) or advertised to the public.

Procuring cause refers to the actions or efforts that result in the successful sale of a property, typically determining which agent is entitled to the commission.

HUD is responsible for enforcing the Fair Housing Act and other fair housing laws in the United States.