RECA Quiz Review Questions (with Complete Solutions)

Which of the following describes a competent real estate professional? A) A real estate professional who agrees to provide services that they are incapable of performing B) A real estate professional who possesses the necessary ability and knowledge to perform an action proficiently C) A real estate professional who represents a client in matters that are beyond their expertise D) A real estate professional who holds a valid authorization from RECA and is registered with a brokerage in Alberta correct answers B The interests of a brokerage may give rise to which of the following conflicts with the interests of a client? A) Long or short B) Consistent or varied C) Direct or indirect D) Consequent or subsequent correct answers C Which of the following describes a real conflict of interest? A) When an actual conflict arises between the interests of a client and the brokerage B) When a perceived conflict arises between the interests of a client and the brokerage C) When a customary conflict arises between the interests of a client and the brokerage D) When a mutual conflict arises between the interests of a client and the brokerage correct answers A Which of the following is NOT a type of authority an agent may hold? A) Express authority B) Implied authority C) Customary authority D) Functional authority correct answers D Which of the following types of authority allow an agent to act according to the usual ways of performing an action as established by the profession? A) Express authority B) Implied authority C) Customary authority D) Functional authority correct answers C Which of the following statements indicate the 3 fundamental principles upon which fiduciary duties are based? a) Loyalty b) Best interests c) Act in person d) Trust and confidence correct answers a,b, and d Which of the following describes an unlawful revocation?