Final answer:
Licensees should be familiar with the Fair Housing Act and the Sherman Antitrust Act, which ensure ethical business practices and compliance with laws promoting fair competition and preventing discrimination.
Step-by-step explanation:
When prospecting and soliciting for new business, licensees should be familiar with the Fair Housing Act and the Sherman Antitrust Act. These federal acts are crucial in ensuring that business practices are not only ethical but also comply with federal laws that protect consumers and promote fair competition.
The Fair Housing Act is important to prevent discrimination in housing and related transactions, while the Sherman Antitrust Act prohibits anticompetitive agreements and unlawful monopolization. Being aware of these acts helps licensees conduct their activities without infringing on federal laws that aim to create and maintain an equitable marketplace.