Speed Limit

Correct answer: Rules you must obey

White rectangular signs are regulatory: they state laws such as speed limits, ONE WAY, or NO PARKING.

Source: Section 7: Laws and Rules of the Road – Signs

Correct answer: The maximum speed you may drive here

A speed limit sign shows the highest legal speed in that area; you must still slow down when conditions require it.

Source: Section 7: Signs, Signals & Markings – Regulatory Signs

Correct answer: Yes, for driving too fast for conditions

The maximum limit is for ideal conditions. You can be ticketed for driving too fast for conditions, such as fog or slippery roads, even below the posted limit.

Source: Chapter 4: Roads – 4.12 Signs