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RECA Residential Exam Questions with 100% Correct Answers | Verified | Latest Update 2024
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RECA Residential Exam Questions with 100% Correct Answers | Verified | Latest Update 2024
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RECA Residential Exam Questions with100% Correct Answers | Verified | Latest
Update 2024
Fiduciary Representation - Correct Answer--
Trust and confidence
- Best interests
- Loyalty
5 Ds of Role Clarity - Correct Answer-1.
Discuss
2. Determine
3. Document
4. Disclose
5. Do
Must disclose in writing - Correct Answer--
the nature of services provided
- whether professional has entered into
representation relationship with other party
- any conflicts of interest
pg. 1 professoraxe l
,- any other facts that may influence
consumers decision to proceed with
relationship
made to clarify and provide proof of
undertanding in event issues or disputes
arise
Written Service Agreement vs Customer
Acknowledgement Forms - Correct Answer-
Written Service Agreement
- when consumer chooses a representation
relationship
- becomes a client
- provide signed copy to brokerage
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
PIPEDA - Correct Answer-- Federal legislation
pg. 2 professoraxe l
,PIPA - Correct Answer-Alberta's legislation,
how private organizations use and disclose
personal information.
Power of Attorney - Correct Answer-a legal
document authorizing someone to act on your
behalf
- must be 18
- POA must be written, dated and signed by
both donor and witness
- donor must be mentally capable or contract
is void
- only effective as long as donor is alive, will
takes effect once death
Types of POA - Correct Answer-General POA
- has no limits on powers of the attorney
- can make all decisions regarding financial
and legal affairs
- exception where the donor resides and
health care
Special POA
pg. 3 professoraxe l
, - make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals
with land
- must be registered on Certificate of Title
Immediate POA
- takes effect as soon as POA is signed, dated
and witnessed
- terminates upon loss of mental capacity or
death
Enduring POA
- immediately upon being signed, dated and
witnessed
- continues if donor becomes incapable,
mentally incapacitated
- must include statement whether it takes
effect immediately and continues...
Judicial Sale - Correct Answer-Court ordered
sale usually as a way to resolve legal matters
pg. 4 professoraxe l
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