This guide covers the law governing real estate licensees from the moment of first contact through commission collection and board discipline. It begins with agency, because whose agent a licensee is determines every duty that follows, and works through the traditional structure, buyer agency, dual and designated agency, and statutory transaction brokerage. It develops the fiduciary duties in operational detail and identifies precisely where they stop. It covers listing agreements and buyer representation agreements clause by clause, then compensation — how the cooperative model worked, what the antitrust litigation changed, and how procuring cause and protection periods are actually decided. It covers seller and agent disclosure obligations separately because they are different duties, develops fair housing as it applies to brokerage practice, and works through the settlement service referral rules. It closes with trust accounts, supervision, advertising, unauthorized practice, wire fraud, and the discipline process.