Exam (elaborations)
RECA Quiz Review Questions And Answers
- Course
- Institution
RECA Quiz Review Questions And Answers
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
RECA Quiz Review Questions AndAnswers
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 - -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 - -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 - -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 - -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 - -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 - -a,b, and d
-Which of the following describes an unlawful revocation?
A) It occurs when either the principal or agent terminates the representation
relationship even though both parties have fulfilled their responsibilities
B) It occurs when either the principal or agent fails to fulfil their
responsibilities to the other party who terminates the representation
relationship as a result
C) It occurs when either the principal or agent provide the other party with
written notice that they have decided to terminate the representation
relationship
D) It occurs when either the principal or agent terminates the representation
relationship because they are no longer authorized by RECA to trade in real
estate - -A
-Which of the following describes a lawful revocation?
A) It occurs when either the principal or agent terminates the representation
relationship even though both parties have fulfilled their responsibilities
B) It occurs when either the principal or agent fails to fulfil their
responsibilities to the other party who terminates the representation
relationship as a result
C) It occurs when either the principal or agent provide the other party with
written notice that they have decided to terminate the representation
relationship
D) It occurs when either the principal or agent terminates the representation
relationship because they are no longer authorized by RECA to trade in real
estate - -B
-Which of the following types of authority allow an agent to undertake any
activities needed to carry out an express authority?
A) Legal authority
B) Implied authority
C) Customary authority
D) Functional authority - -B
-Which of the following is NOT a capacity for which an agent must have
express authority from a principal in order to act?
A) Capacity to contract
B) Capacity to delegate
C) Capacity to incur expenses
D) Capacity to account - -D
,-Which of the following types of authority involve describing (orally or in
writing) the actions that may be taken by an agent on behalf of a principal?
A) Express authority
B) Implied authority
C) Customary authority
D) Functional authority - -A
-Sets the minimum standards of conduct between a landlord and tenant for
the leasing of a residential dwelling - -Residential Tenancies Act
-Applies to individuals who own a mobile home and lease the mobile home
site from a landlord - -Mobile Home Sites Tenancies Act
-Provides the legal framework for member-based incorporated business
organizations - -Cooperatives Act
-Provides for the creation and registration of security interests by a lender
against the personal property of a debtor - -Personal Proper Security Act
-Protects consumers from unfair business practices before, during or after a
consumer transaction - -Consumer Protection Act
-Promotes the protection, enhancement and wise use of the environment - -
Environmental Protection and Enhancement Act
-Limits the amount of land that can be bought by non-Canadians or foreign
controlled corporations - -Agricultural and Recreational Land Ownership Act
-Establishes the requirements for the creation and operation of a specific
type of real property ownership - -Condominium Property Act
-Amy, a real estate professional, is working with an individual who wants to
sell his residential property which is currently being rented. Which legislation
governs the relationship between the seller and the individual leasing the
premises? - -Residential Tenancies Act
-What is the general intent of a security agreement? - -Allows for the
registration of a security interest against an individual's personal property
-Which of the following statements is correct regarding housing cooperatives
in Alberta?
a) Non-profit continuing housing cooperatives allow its members to own their
units
b) Non-profit home ownership cooperatives allow for its members to own
their units
, c) Members occupy a non-profit home ownership cooperative under a
tenancy agreement
d) Certain encumbrances are registered on title for non-profit home
ownership cooperatives - -B and D
-Why should real estate professionals be aware of Alberta's Environmental
Protection and Enhancement Act in terms of their practice?
A) The statute is part of the growing interest in environmentally friendly
practices and procedures
B) The statute requires property owners to examine ways to conserve energy
and recycle waste
C) The basic audit level is becoming more prevalent in commercial and
industrial transactions
D) The consumer interest in environmentally-friendly residential properties
has been increasing - -C
-Which of the following is included in the rights of real property ownership?
A) The right to use, lease and subdivide the land
B) The right to lease, sell or give away the land
C) The right to give away, lend or develop the land
D) The right to lease, sell and excavate for minerals
Next Question - -B
-What is meant by the term 'real property'?
A) Raw or otherwise unimproved land
B) Raw land plus fixed or permanent improvements
C) Tangible attributes of the land plus rights of ownership
D) Attributes of the land and buildings situated on the land - -C
-The assessment of property for taxation purposes is carried out under
which provincial statute?
A) The Property Assessment Act
B) The Condominium Property Act
C) The Municipal Government Act
D) The Real Estate Assessment Act
Next Question - -C
-What is meant by the term 'illegal suite'?
A) The suite was deemed illegal by the courts
B) The suite met Land Use requirements at one time
C) The suite that does not meet current Land Use requirements
D) The suite met Land Use requirements but lacks building permits - -C
-Under the Residential Tenancies Act, when can a landlord enter a tenant's
leased premises without consent or notice?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now