The specific areas of law that are important to the real estate professional include the law of contracts, the general property law, the law of agency, and specific state real estate licence law.
These laws define the legal relationship between licensees and the parties to a real estate transaction. They also serve to provide each with a clear understanding of the duties that the real estate licensee will be expected to perform in the transaction.For example, brokerage relationship laws may require licensees to exercise reasonable skill and care, promptly present all offers and counter offers, disclose material information to the parties and act in the best interest of the client or customer, rather than in the licensee's own interests.
So, the correct answer is [Option B] The state real estate licence law.
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