What do you have to be aware of when you see this traffic sign?

This sign marks a "traffic-calmed area" (Verkehrsberuhigter Bereich). In such zones, pedestrians, including children at play, are allowed to use the full width of the street. Motor vehicles are only allowed to drive at walking speed, and drivers must yield to pedestrians. Parking is only permitted in specially marked spaces. Your answers are correct because all of these rules apply whenever you see this traffic sign. Understanding this sign helps ensure the safety of pedestrians and especially children in residential areas.