Regulatory Compliance Flashcards
6 cards from real CLP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Regulatory Compliance flashcards as text
What fiduciary duty is most important in regulatory compliance?
Answer: Acting in the client's best interest with loyalty, disclosure, confidentiality, and accountability
Real estate fiduciary duties require putting the client's interests first through loyalty, full disclosure, confidentiality, and accountability.
How should market analysis support regulatory compliance decisions?
Answer: Conduct thorough comparative market analysis using recent closed sales and adjusted comparables
Thorough CMA using recent closed sales with appropriate adjustments provides the most reliable basis for pricing decisions.
What disclosure requirement applies to regulatory compliance?
Answer: Disclose all known material facts that could affect the transaction decision
All known material facts that could affect the buyer's decision must be disclosed, regardless of whether they were specifically asked about.
How should negotiation be conducted in regulatory compliance?
Answer: Negotiate honestly and in good faith while zealously representing your client's interests
Effective negotiation requires honest, good-faith representation while zealously advocating for the client's interests.
What fair housing law applies to regulatory compliance?
Answer: All real estate activities must comply with federal, state, and local fair housing laws prohibiting discrimination
Fair housing laws prohibiting discrimination apply to ALL real estate activities including sales, rentals, lending, and advertising.
What continuing education supports competence in regulatory compliance?
Answer: Ongoing education in legal updates, market trends, technology, and best practices
Ongoing professional development ensures competence as laws, markets, technology, and best practices continuously evolve.