Title: Identify areas of law that are important to real estate.
Course: Real Estate (12154) > Section: Exploring State Legislation and Regulatory Statutes

Identification should include contract law, tax law, and agency law and should incorporate reference to DPOR (http://www.dpor.virginia.gov/boards/real-estate/).

DPOR correlations: 18VAC135-20-400. 13 (Taxes in real estate); 18VAC135-20-400. 22 (Regulatory statutes); 18VAC135-20-400. 23 (Housing legislation); 18VAC135-20-400. 24 (Fair housing statutes); 18VAC135-20-400. 25 (Real Estate Board regulations)

Process/Skill Questions:

- Why is the varied knowledge of law important in real estate?
- Why is it illegal for a real estate salespeople to provide legal advice to clients?
- What should a salesperson do when asked a legal question?
- Why should a real estate salesperson have a list of legal experts to provide to the clients? (This list should include experts in contract law, tax law, and agency law.)
- Where might agents seek assistance if they do not understand a legal contract?
- Can agents be held accountable and responsible for misrepresenting information to a buyer or seller? Explain.