ICANN requires ALL data (name, address, phone, email) for admin and technical contact while only requiring name and address for registrant. We require ALL data for ALL contacts. Willful provision of false or misleading data is grounds for cancellation.
That said, designation and use of a role contact for name, such as DNS admin, or FOR SALE, is not a material breach of the agreement, and therefore acceptable as long as all other fields are in compliance.
There are many reasons for maintaining correct whois data, such as, to protect intellectual property rights, renew and manage domains, prevent abuse (spam) and malicious/illegal conduct (harrassment, child porn, lible, etc.)
The bottom line is that when we get a complaint we are contractually required to investigate and take "reasonable" steps to ensure data is either legit, or if not, then it is corrected...especially when complaint comes from ICANN.
Please note that all this information will be publicly available. If you do not wish people to know your home address, you can either use a PO BOX, or pay for a domain privacy option.