How many unique values can be created by forming the fraction $\frac{x}{y}$ where $x$ is either 4, 8, or 12 and $y$ is either 4, 8, or 12?
Let's write down all the possibilities, simplify the resulting fractions, and count the number of values we can achieve. \[
\frac{4}{4}=1 \qquad \frac{4}{8}=\frac{1}{2}\qquad \frac{4}{12} =\frac{1}{3}
\]\[
\frac{8}{4} = 2 \qquad \frac{8}{8}=1 \qquad \frac{8}{12}=\frac{2}{3}
\]\[
\frac{12}{4} = 3 \qquad \frac{12}{8} =\frac{3}{2} \qquad \frac{12}{12}=1.
\]We can get 1, 2, 3, 1/2, 3/2, 1/3 and 2/3, for a total of $\boxed{7}$ different values.