What is the right course of action?

In this situation, the key rule is that trams have priority over other vehicles unless traffic signs indicate otherwise. You see a yield sign for your lane, meaning you must give way.

First, you must allow the tram to pass because trams always have priority when there is no specific traffic light or sign giving you the right of way.

Second, you also have to allow the motorcycle coming from the opposite direction to go first because you are turning left and must give way to oncoming traffic going straight ahead or turning right.

The motorcycle does not have to yield to the tram, because the tram has priority over all other vehicles. Also, the tram does not have to allow you to turn first.

To summarize:
- Yield to the tram first.
- Then allow the motorcycle to pass.
- Only after both have passed, you may turn left.

This is why options 1 and 2 are correct. Following this rule helps prevent accidents and ensures smooth traffic flow in areas with trams.