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ADREC Broker Exam study materials
ADREC Broker Exam study resources

ADREC Broker Exam practice questions

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Question 1Real Estate Brokerage Law and Regulatory Framework

Under the ADREC regulatory framework, which activity requires a person to hold a broker license rather than a salesperson license?

  1. Negotiating a sale on behalf of a client while sponsored by a broker
  2. Operating an independent brokerage and supervising licensed salespersons Correct answer.
  3. Soliciting listings under the supervision of a licensed broker
  4. Showing properties to prospective buyers as a sponsored representative

Explanation

A broker license authorizes the holder to operate a brokerage and supervise licensed salespersons, while a salesperson must work under a broker's sponsorship. Independent operation and supervision are the distinguishing broker-level activities.

Question 2Real Estate Brokerage Law and Regulatory Framework

What is the primary purpose of the ADREC continuing education requirement for licensed brokers?

  1. To keep licensees current on law and practice standards Correct answer.
  2. To generate revenue for the regulatory authority
  3. To replace the initial licensing examination
  4. To satisfy federal banking disclosure rules

Explanation

Continuing education exists to ensure licensees maintain current knowledge of legal and practice standards throughout their careers. It supplements rather than replaces initial licensing requirements.

Question 3Real Estate Brokerage Law and Regulatory Framework

A broker receives a deposit check from a buyer on a property sale. Under ADREC rules on client funds, where must the deposit be placed?

  1. In the broker's general operating account
  2. In the seller's account before contract signing
  3. In a designated client or escrow account Correct answer.
  4. In the broker's personal savings account

Explanation

Client funds such as deposits must be held in a designated client or escrow account separate from the broker's operating funds. Commingling client money with business funds is prohibited.

Question 4Real Estate Brokerage Law and Regulatory Framework

Which body is responsible for issuing real estate broker licenses in Abu Dhabi?

  1. The federal Ministry of Finance
  2. The municipality building inspection office
  3. The Abu Dhabi Real Estate Centre (ADREC) Correct answer.
  4. The Abu Dhabi Chamber of Commerce

Explanation

ADREC is the regulatory authority that licenses and oversees real estate brokers in Abu Dhabi. Other entities may have related roles but do not issue broker licenses.

Question 5Real Estate Brokerage Law and Regulatory Framework

A licensed salesperson wishes to change brokerage sponsorship. What must occur for the salesperson to continue practicing lawfully?

  1. The salesperson must surrender the license permanently
  2. The salesperson must notify clients but need not inform ADREC
  3. The salesperson must obtain approval and registration under the new broker Correct answer.
  4. The salesperson may practice independently until a new sponsor is found

Explanation

A salesperson may only practice under a registered sponsoring broker, so a change of sponsorship requires proper registration with the new broker and ADREC approval. Practicing without valid sponsorship is unlicensed activity.

Question 6Real Estate Brokerage Law and Regulatory Framework

Which of the following best describes the fiduciary duty of loyalty owed by a broker to a client?

  1. The broker must guarantee the property will appreciate in value
  2. The broker must always accept the highest offer received
  3. The broker must place the client's interests above the broker's own Correct answer.
  4. The broker must disclose the client's confidential information to all parties

Explanation

Loyalty requires the broker to prioritize the client's interests over the broker's own and to avoid conflicts of interest. It does not require guarantees about value or disclosure of confidential information.

Question 7Real Estate Brokerage Law and Regulatory Framework

A broker advertises a property for sale without the owner's written authorization. This conduct most directly violates which obligation?

  1. The duty to maintain professional indemnity insurance
  2. The duty to keep transaction records for the required period
  3. The duty to complete continuing education
  4. The duty to advertise only with the client's consent Correct answer.

Explanation

Advertising a property requires the owner's authorization; advertising without consent breaches the duty of loyalty and the rules on truthful, authorized marketing. Recordkeeping, insurance, and CE are separate obligations.

Question 8Real Estate Brokerage Law and Regulatory Framework

How long must a broker typically retain transaction records under ADREC recordkeeping requirements?

  1. Until the broker retires from practice
  2. For a period specified by ADREC regulations Correct answer.
  3. Only until the commission is paid
  4. For thirty days after closing

Explanation

ADREC regulations set a defined retention period for transaction and client records, and brokers must keep records for at least that duration. The period is regulatory rather than tied to retirement or commission payment.

Question 9Real Estate Brokerage Law and Regulatory Framework

An unlicensed individual assists a licensed broker by negotiating contract terms with buyers for a fee. Under ADREC rules, this arrangement is:

  1. Prohibited because negotiation for compensation requires a license Correct answer.
  2. Permitted if the fee is paid by the buyer
  3. Permitted if the broker supervises the individual
  4. Permitted for transactions below a value threshold

Explanation

Negotiating real estate transactions for compensation is licensed activity; an unlicensed person may not perform it even under broker supervision. Supervision cannot cure the absence of a license.

Question 10Real Estate Brokerage Law and Regulatory Framework

Which of the following is a required element of a valid brokerage agreement under ADREC standards?

  1. A handshake confirmed by email only
  2. An oral promise witnessed by two agents
  3. A written agreement identifying the parties and terms Correct answer.
  4. A verbal understanding between the parties

Explanation

Brokerage agreements must be in writing and clearly identify the parties, the property, and the terms including commission. Verbal arrangements do not satisfy the written-agreement requirement.

Question 11Real Estate Brokerage Law and Regulatory Framework

A broker discovers a material defect in a property that the seller wishes to conceal from buyers. What is the broker's proper course of action?

  1. Disclose the defect only after the sale closes
  2. Disclose the defect to prospective buyers or withdraw from the representation Correct answer.
  3. Remain silent to protect the seller's confidentiality
  4. Increase the asking price to offset the defect

Explanation

Brokers must not participate in concealing material facts; they should ensure disclosure or decline to continue representing a client who insists on concealment. Confidentiality does not extend to aiding fraud.

Question 12Real Estate Brokerage Law and Regulatory Framework

Which statement correctly describes the relationship between a broker and a salesperson under ADREC rules?

  1. The broker has no responsibility for the salesperson's conduct
  2. The broker is responsible for supervising the salesperson's licensed activities Correct answer.
  3. The salesperson bears independent regulatory responsibility equal to the broker
  4. The salesperson may sponsor other salespersons

Explanation

Salespersons practice under a sponsoring broker, who is responsible for supervising their licensed activities. Salespersons cannot sponsor others and do not operate independently of the broker.

Question 13Real Estate Brokerage Law and Regulatory Framework

A broker's commission dispute with a client is most appropriately resolved by reference to which source first?

  1. The terms of the written brokerage agreement Correct answer.
  2. The broker's personal preference
  3. A standard rate set by ADREC for all transactions
  4. The buyer's verbal recollection

Explanation

Commission terms are governed by the written brokerage agreement between the parties. ADREC does not set a mandatory commission rate, and verbal recollections are subordinate to the written contract.

Question 14Real Estate Brokerage Law and Regulatory Framework

Which of the following practices constitutes commingling of funds by a broker?

  1. Mixing client deposits with the broker's business operating funds Correct answer.
  2. Holding client deposits in a separate trust account
  3. Recording each deposit in a client ledger
  4. Depositing a client deposit into a designated escrow account

Explanation

Commingling occurs when client funds are mixed with the broker's own business or personal funds. Proper segregation in a designated account and accurate ledger entries are required practices.

Question 15Real Estate Brokerage Law and Regulatory Framework

What is the effect of operating a brokerage without a valid ADREC license?

  1. The brokerage is subject to regulatory enforcement and penalties Correct answer.
  2. The brokerage is automatically licensed after one transaction
  3. The brokerage may operate if it pays taxes
  4. The brokerage is valid if clients are satisfied

Explanation

Operating without a valid license is unlawful and exposes the operator to regulatory enforcement, penalties, and possible closure. Client satisfaction or tax payment does not substitute for licensing.

Question 16Real Estate Brokerage Law and Regulatory Framework

A broker wants to offer a rebate to a buyer client from the broker's commission. Under ADREC standards, this is generally:

  1. Permitted only if the seller approves secretly
  2. Prohibited unless approved by the buyer's lender
  3. Prohibited in all circumstances
  4. Permitted if disclosed and consistent with the agreement Correct answer.

Explanation

Rebates from a broker's own commission are generally permissible when properly disclosed and consistent with the brokerage agreement and applicable rules. Concealment from the parties is not acceptable.

Question 17Real Estate Brokerage Law and Regulatory Framework

Which record must a broker maintain regarding a property listing?

  1. Only the final closing statement
  2. Only the buyer's contact details
  3. Only the broker's internal notes
  4. The listing agreement and related transaction documents Correct answer.

Explanation

Brokers must retain the listing agreement and related transaction documents as part of recordkeeping obligations. Partial records such as only a closing statement or notes are insufficient.

Question 18Real Estate Brokerage Law and Regulatory Framework

A broker learns that a colleague is advertising a property without the owner's consent. What is the most appropriate action under professional standards?

  1. Report the conduct to ADREC Correct answer.
  2. Join in the advertising to compete
  3. Conceal the matter to protect the profession's image
  4. Ignore the matter as it is not the broker's concern

Explanation

Licensees are expected to uphold regulatory standards and report violations to ADREC rather than conceal them. Ignoring or participating in the violation compounds the misconduct.

Question 19Real Estate Brokerage Law and Regulatory Framework

Which of the following best describes the ADREC requirement regarding broker advertising accuracy?

  1. Advertisements may exaggerate property features for marketing appeal
  2. Advertisements may omit material defects by design
  3. Advertisements must be truthful and not misleading Correct answer.
  4. Advertisements may state guaranteed investment returns

Explanation

Advertising must be truthful and must not mislead the public, including avoiding false claims or guarantees. Exaggeration and omission of material facts violate this standard.

Question 20Real Estate Brokerage Law and Regulatory Framework

A broker is asked to represent both the buyer and the seller in the same transaction. Under ADREC standards, this dual representation requires:

  1. Approval from the buyer's bank only
  2. Silence about the dual role to avoid confusion
  3. Full disclosure and informed consent from both parties Correct answer.
  4. No special action if the broker is experienced

Explanation

Dual representation creates a conflict of interest and requires full disclosure to and informed consent from both parties. Silence or experience alone does not satisfy the requirement.

Question 21Real Estate Brokerage Law and Regulatory Framework

What does the ADREC broker license renewal process typically require?

  1. A new criminal background check only
  2. Submission of a client testimonial
  3. Re-taking the full licensing examination each year
  4. Payment of renewal fees and fulfillment of continuing education Correct answer.

Explanation

Renewal generally requires payment of applicable fees and completion of continuing education requirements. Re-examination each year is not the standard renewal mechanism.

Question 22Real Estate Brokerage Law and Regulatory Framework

A broker's client instructs the broker to lie to a buyer about the property's age. How should the broker respond?

  1. Comply but note it in internal records
  2. Refuse because brokers may not make false statements Correct answer.
  3. Comply if the buyer does not ask directly
  4. Comply because the client is the principal

Explanation

Brokers may not make false statements even at a client's direction; the duty of honesty to third parties overrides such instructions. Documenting the lie does not make it lawful.

Question 23Real Estate Brokerage Law and Regulatory Framework

Which of the following is a key feature of a valid exclusive listing agreement under ADREC standards?

  1. It must be open-ended with no expiration
  2. It may be created by verbal agreement only
  3. It must be written and signed by the property owner Correct answer.
  4. It need not state the commission terms

Explanation

An exclusive listing must be in writing and signed by the owner, and it should specify the terms including duration and commission. Verbal, open-ended, or incomplete agreements fail these requirements.

Question 24Real Estate Brokerage Law and Regulatory Framework

A salesperson receives a commission directly from a client rather than through the sponsoring broker. Under ADREC rules, this is:

  1. Acceptable if reported at year-end
  2. Acceptable if the client insists
  3. Acceptable if the amount is small
  4. Improper because commissions flow through the sponsoring broker Correct answer.

Explanation

Salespersons are compensated through their sponsoring broker; receiving commissions directly from clients bypasses the required structure. The amount, client insistence, or later reporting does not make it proper.

Question 25Real Estate Brokerage Law and Regulatory Framework

Which of the following situations most clearly indicates that a broker has failed the duty of confidentiality?

  1. Disclosing the seller's motivation for selling to an unrelated party Correct answer.
  2. Declining to reveal the client's identity to the media
  3. Refusing to share the client's financial details with competing buyers
  4. Keeping the client's negotiation limits private

Explanation

Confidentiality requires protecting the client's private information, such as motivation or negotiating limits, from disclosure to third parties. Sharing such information with unrelated parties breaches the duty.

Question 26Real Estate Brokerage Law and Regulatory Framework

Under ADREC rules, which of the following is a required element of a valid brokerage agreement?

  1. Notarization by a public notary
  2. A fixed commission rate set by ADREC
  3. A definite termination date Correct answer.
  4. Approval by a local real estate board

Explanation

ADREC requires brokerage agreements to include a definite termination date to prevent indefinite listings. The other elements are not mandated by ADREC rules.

Question 27Real Estate Brokerage Law and Regulatory Framework

A broker learns that a colleague is advertising a property without the owner's consent. What is the most appropriate action for the broker to take under ADREC rules?

  1. Ignore the situation because it does not involve the broker's own clients
  2. Confront the colleague privately and demand a share of any commission
  3. Advertise the same property to compete with the colleague
  4. Report the colleague's conduct to ADREC Correct answer.

Explanation

ADREC rules require licensees to report known violations to the commission. Failing to report unethical conduct can itself be a violation.

Question 28Real Estate Brokerage Law and Regulatory Framework

A salesperson receives a commission directly from a client rather than through the sponsoring broker. Under ADREC rules, what is the primary violation?

  1. The salesperson accepted compensation from an unauthorized source Correct answer.
  2. The salesperson did not report the income to ADREC
  3. The salesperson failed to disclose the payment to the client
  4. The salesperson negotiated the commission rate without broker approval

Explanation

ADREC rules require salespersons to receive compensation only from their sponsoring broker. Accepting payment directly from a client is a violation of this requirement.

Question 29Real Estate Brokerage Law and Regulatory Framework

Under ADREC rules, a broker is required to maintain records of all real estate transactions for how long?

  1. Five years from the date of the transaction Correct answer.
  2. Three years from the date of the transaction
  3. Seven years from the date of the transaction
  4. Indefinitely

Explanation

ADREC regulations require brokers to keep transaction records for a minimum of five years. This retention period ensures that records are available for audits or investigations. The five-year rule is standard for brokerage recordkeeping under ADREC.

Question 30Real Estate Brokerage Law and Regulatory Framework

A broker is reviewing a salesperson's advertising materials. One ad includes the phrase 'guaranteed lowest price' without substantiation. Under ADREC advertising rules, how should the broker handle this?

  1. Approve the ad if the salesperson believes it is true
  2. Allow the ad because puffery is permitted
  3. Require the salesperson to remove the unsubstantiated claim Correct answer.
  4. Submit the ad to ADREC for pre-approval

Explanation

ADREC requires all advertising to be truthful and not misleading. Unsubstantiated superlatives like 'guaranteed lowest price' can be deceptive and must be removed. The broker is responsible for ensuring compliance with advertising rules.

Question 31Real Estate Broker Licensing, Duties, and Professional Ethics

Which document typically authorizes a broker to act on behalf of a client in a real estate transaction?

  1. A verbal promise between friends
  2. A mortgage preapproval letter
  3. A property tax receipt
  4. A written brokerage engagement agreement Correct answer.

Explanation

Brokerage representation is generally established through a written engagement agreement that defines the scope of duties and authority. Verbal arrangements are unreliable and often unenforceable for the duties involved.

Question 32Real Estate Broker Licensing, Duties, and Professional Ethics

A broker receives a deposit check from a buyer before any offer is accepted. What is the broker's most appropriate handling of those funds?

  1. Deposit into the brokerage's general operating account
  2. Hold in a designated trust or escrow account Correct answer.
  3. Return it immediately to the buyer
  4. Cash the check and keep it in the office safe

Explanation

Client funds such as earnest money deposits must be held in a designated trust or escrow account separate from the brokerage's operating funds. Commingling client money with business money is a licensing violation.

Question 33Real Estate Broker Licensing, Duties, and Professional Ethics

Which duty requires a broker to keep a client informed of material developments during a transaction?

  1. Confidentiality
  2. Disclosure Correct answer.
  3. Obedience
  4. Accounting

Explanation

The duty of disclosure obligates the broker to keep the client informed of material facts and developments. Confidentiality protects private information, accounting concerns money handling, and obedience concerns lawful instructions.

Question 34Real Estate Broker Licensing, Duties, and Professional Ethics

A salesperson wishes to change employing brokers. What step is generally required for the salesperson's license to remain valid?

  1. Wait until the license expires and reapply
  2. Ask the former broker to keep the license on file
  3. File a notice of transfer with the licensing authority Correct answer.
  4. Obtain a new license number from the local association

Explanation

When a licensee moves between brokers, a transfer or change of association must be filed with the licensing authority so the license stays active and properly sponsored. The license remains tied to an employing broker.

Question 35Real Estate Broker Licensing, Duties, and Professional Ethics

Which activity generally requires an active real estate license?

  1. A homeowner advertising their own house for sale
  2. A property manager leasing units for a fee on behalf of owners Correct answer.
  3. A bank appraising a property for a loan
  4. An attorney drafting a deed for a client

Explanation

Leasing or negotiating leases on behalf of another for compensation is brokerage activity that requires a license. Owners acting for themselves and certain licensed professionals acting within their scope are typically exempt.

Question 36Real Estate Broker Licensing, Duties, and Professional Ethics

A broker advertises a listing without the seller's permission. Which duty is most directly implicated?

  1. Reasonable care
  2. Obedience to lawful instructions Correct answer.
  3. Loyalty and confidentiality
  4. Accounting for funds

Explanation

Advertising a property contrary to the seller's lawful instructions breaches the duty of obedience. The broker must follow the client's lawful directions regarding marketing and use of the listing.

Question 37Real Estate Broker Licensing, Duties, and Professional Ethics

What is the primary purpose of continuing education requirements for licensees?

  1. To replace the initial licensing examination
  2. To keep practitioners current on law and practice Correct answer.
  3. To increase state revenue from license fees
  4. To limit the number of active licensees

Explanation

Continuing education exists to maintain and update a licensee's knowledge of law, ethics, and practice standards. It supplements rather than replaces initial licensing requirements.

Question 38Real Estate Broker Licensing, Duties, and Professional Ethics

A broker who is unsure whether a proposed marketing practice is ethical should first consult which source?

  1. The applicable license law and professional code of ethics Correct answer.
  2. A competitor's past advertising
  3. The seller's personal opinion
  4. A general internet forum

Explanation

License law and the professional code of ethics are the authoritative standards governing broker conduct. Competitors, clients, and informal forums are not reliable sources of the governing rule.

Question 39Real Estate Broker Licensing, Duties, and Professional Ethics

A broker represents the seller and learns that the buyer is willing to pay far more than the listed price. What should the broker do?

  1. Adjust the listing price without telling the seller
  2. Share the buyer's maximum with other buyers
  3. Keep the information secret to speed the sale
  4. Tell the seller so the seller can negotiate accordingly Correct answer.

Explanation

The broker owes the seller loyalty and must disclose information material to the seller's negotiating position. Withholding it to expedite a sale breaches that duty.

Question 40Real Estate Broker Licensing, Duties, and Professional Ethics

A buyer's broker accepts a commission offered by the listing broker. What must generally be disclosed?

  1. Nothing, because the listing broker pays it
  2. The compensation arrangement to the buyer Correct answer.
  3. The seller's net proceeds to the buyer
  4. The arrangement only to the licensing authority

Explanation

Compensation arrangements that could affect the broker's judgment must be disclosed to the client so the client can give informed consent. Buyers should know how their broker is being paid.

Question 41Real Estate Broker Licensing, Duties, and Professional Ethics

A broker discovers a latent structural defect in a listed property that the seller has not mentioned. What is the broker's best course of action?

  1. Advise the seller to disclose the defect to buyers Correct answer.
  2. Quietly reduce the price to reflect the defect
  3. Say nothing because the seller controls disclosures
  4. Tell only buyers who specifically ask about foundations

Explanation

Brokers must not conceal known material defects and should counsel the seller to disclose them. Active concealment of a known material fact can expose both seller and broker to liability.

Question 42Real Estate Broker Licensing, Duties, and Professional Ethics

A broker wants to act as an intermediary between a buyer and seller who are both clients. What is the most important preliminary step?

  1. Delegate all communications to an unlicensed assistant
  2. Charge both parties the full commission
  3. Obtain informed written consent from both parties Correct answer.
  4. Proceed because dual representation saves time

Explanation

Limited or dual representation requires informed written consent from both parties after explaining the reduced level of duties. Proceeding without consent breaches the duty of loyalty.

Question 43Real Estate Broker Licensing, Duties, and Professional Ethics

A broker's assistant, who holds no license, answers phones and schedules showings. Which task may the assistant lawfully perform?

  1. Explaining the terms of the listing agreement to a client
  2. Negotiating the purchase price with a buyer
  3. Scheduling appointments and relaying messages Correct answer.
  4. Advising a client on whether to accept an offer

Explanation

Unlicensed staff may perform clerical and administrative tasks such as scheduling and relaying messages. Negotiating, explaining contract terms, and advising clients are licensed activities.

Question 44Real Estate Broker Licensing, Duties, and Professional Ethics

A broker receives an offer accompanied by a deposit but the seller is out of town. What should the broker do with the deposit pending acceptance?

  1. Forward the check to the buyer's lender
  2. Apply it toward the broker's commission immediately
  3. Place it in the designated trust account per the agreement Correct answer.
  4. Deposit it in the broker's business account for safekeeping

Explanation

Deposits must be handled according to the agreement and held in a designated trust account, not commingled with business funds. Applying deposits to commissions before closing is improper.

Question 45Real Estate Broker Licensing, Duties, and Professional Ethics

A broker learns confidential financial information about a seller client after the transaction closes. How long does the duty of confidentiality generally continue?

  1. Until the listing agreement expires
  2. Indefinitely, unless disclosure is required by law or the client consents Correct answer.
  3. Only until the closing documents are signed
  4. For a fixed period of one year after closing

Explanation

Confidentiality generally survives the termination of the agency relationship and continues indefinitely unless the client consents or the law requires disclosure. It is not tied to closing or a fixed term.

Question 46Real Estate Broker Licensing, Duties, and Professional Ethics

A broker who wishes to advertise a property must generally obtain permission from which party?

  1. The local zoning board
  2. The property owner or the owner's authorized representative Correct answer.
  3. The buyer's mortgage lender
  4. The listing broker's competitor

Explanation

Advertising another person's property requires the permission of the owner or the owner's authorized representative, typically the listing broker under the listing agreement.

Question 47Real Estate Broker Licensing, Duties, and Professional Ethics

A broker is offered a referral fee by a lender for sending mortgage clients. What is the broker's proper response under typical licensing rules?

  1. Decline it because unearned referral fees for settlement services are generally prohibited Correct answer.
  2. Accept it because lenders commonly pay referral fees
  3. Accept it only if it is paid in cash
  4. Accept it and disclose it only to the lender

Explanation

Kickbacks and unearned referral fees tied to settlement services are generally prohibited by licensing and lending rules. Such arrangements must be avoided regardless of the form of payment.

Question 48Real Estate Broker Licensing, Duties, and Professional Ethics

A broker's license lapses because the broker failed to renew. What is the effect on the broker's ability to continue representing existing clients?

  1. The broker may continue if an unlicensed assistant handles paperwork
  2. The broker must cease licensed activity until the license is reinstated Correct answer.
  3. The broker may continue if clients sign a waiver
  4. The broker may continue until each listing expires

Explanation

Licensed activity requires a current active license, so a lapsed license means the broker must stop performing brokerage services until reinstated. Existing agreements do not extend the authority to act without a license.

Question 49Real Estate Broker Licensing, Duties, and Professional Ethics

A broker receives two offers on the same property at nearly the same time. What is the broker's obligation to the seller?

  1. Choose the offer with the higher commission
  2. Hold the second offer until the first is rejected
  3. Present only the highest offer to avoid confusion
  4. Present both offers promptly and let the seller decide Correct answer.

Explanation

The broker must promptly present all offers to the seller and allow the seller to make the decision. Selecting offers based on the broker's preference breaches the duty of loyalty and obedience.

Question 50Real Estate Broker Licensing, Duties, and Professional Ethics

An unlicensed investor asks a licensee to prepare a comparative market analysis for a fee. Which statement is most accurate?

  1. A CMA is prohibited for all licensees in all circumstances
  2. Only certified appraisers may ever prepare a CMA
  3. A CMA may be prepared for a fee by any licensee regardless of purpose
  4. A CMA prepared for a fee to aid a transaction may constitute licensed brokerage activity Correct answer.

Explanation

Preparing a price opinion for compensation in connection with a transaction can fall within brokerage activity requiring a license and must follow applicable rules. Appraisal and brokerage are separate regulated activities with their own boundaries.