The 'Practice of Real Estate' is the largest non-contract national topic. It covers how licensees compete, advertise, handle money, and relate to their brokerage — the rules that keep practice ethical and legal.
Antitrust violations (per se illegal)
- Price fixing
- Competing brokers agreeing to set commission rates — never discuss rates with competitors.
- Market allocation
- Dividing territories or customers among competitors to avoid competition.
- Group boycott
- Competitors agreeing to refuse to deal with a particular party (e.g., a discount broker).
- Tie-in arrangement
- Conditioning the sale of one product/service on the purchase of another.
Advertising & communication rules
- Commissions are always negotiable — never imply a 'standard' rate.
- Avoid discriminatory language; comply with fair housing in all ads.
- The Do-Not-Call Registry and CAN-SPAM Act limit cold calls and marketing emails.
- Licensees generally must advertise under their brokerage's name (see Virginia's 2026 advertising rules).
Money & brokerage duties
- Commingling
- Illegally mixing client funds (earnest money) with the broker's own funds.
- Conversion
- Using client trust funds for the broker's own purposes — a serious violation.
- Independent contractor
- Most agents are ICs of their broker for tax purposes but remain supervised for license-law purposes.
- Errors & omissions (E&O) insurance
- Coverage protecting licensees against claims of negligence in their professional duties.
Antitrust violations are 'per se' illegal — no excuse applies. The Americans with Disabilities Act (ADA) requires reasonable access in commercial/public spaces, a frequent national exam point.