In a struggling real estate market, clients often look for someone to blame for their financial difficulties. Often it is the real estate licensee. Therefore, it is more important than ever for licensees to understand the law as it applies to the practice of real estate. Covered topics include the licensee's role as an agent and fiduciary, ethical and legal pitfalls a licensee may face in a competitive market, the four required elements for a valid contract, and the differences between contract and tort law. Also discussed are various federal laws impacting the real estate industry including anti-trust law, the Dodd-Frank Act, RESPA, the Fair Housing Act, landlord-tenant laws, the Do Not Call Registry, and the FTC MAP Rules.