TheoryRCE Module 2 Real Estate Practice Test Video
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Q1What is the primary concern of antitrust law as it applies to REALTOR® associations?
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✓ Correct answer: Prohibiting agreements that unreasonably restrain trade
Antitrust law primarily prohibits agreements that unreasonably restrain trade, which in REALTOR® associations can manifest as price-fixing discussions among competing brokers who are association members.
Q2Which of the following discussions at a board meeting would MOST likely raise antitrust concerns?
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✓ Correct answer: What commission rates members should charge
Discussions about what commission rates members should charge is a clear example of price fixing, which violates antitrust laws.
Q3Under the duty of loyalty, what must association directors avoid?
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✓ Correct answer: Conflicts of interest
The fiduciary duty of loyalty requires directors to avoid conflicts of interest where their personal interests might conflict with those of the association.
Q4Which of the following is a key difference between governance and management in a REALTOR® association?
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✓ Correct answer: The board sets policy while staff implements it
Governance (board) focuses on setting policy, direction, and oversight, while management (staff) is responsible for implementing policies and day-to-day operations.
Q5What should an Association Executive do if board members begin discussing what commission rates 'should be' during a meeting?
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✓ Correct answer: Immediately stop the discussion and explain the antitrust risk
To avoid antitrust violations, the AE should immediately stop the discussion, explain the antitrust risk, document the intervention, and potentially seek legal counsel if needed.
Q6Which government agencies primarily enforce federal antitrust laws that affect REALTOR® associations?
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✓ Correct answer: FTC and DOJ
The Federal Trade Commission (FTC) and Department of Justice (DOJ) are the primary federal agencies that enforce antitrust laws affecting REALTOR® associations.
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