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RECA Unit One Questions And Answers With Verified Solutions 100% Correct!!!
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RECA Unit One Questions And Answers With Verified Solutions 100% Correct!!!
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RECA Unit One Questions And Answers With Verified Solutions 100% Correct!!! Physical characteristics of real estate - ANSWER✔✔ Unique, fixed, durable, scarce Business Cycles - ANSWER✔✔ Expansion, prosperity, peak, contraction, recession, trough, recovery Market bubble - ANSWER✔✔ temporary situation in the business cycle where prices for a product become grossly overinflated beyond its realistic value Cyclical behaviour of the real estate market will differ depending on the following factors - ANSWER✔✔ geographical location and property types Who can amend the Real Estate Act - ANSWER✔✔ Provincial legislature RECA's mandate - ANSWER✔✔ protect consumers, to provide services to facilitate the business of licensees, and to protect against, investigate, detect, and suppress fraud as it relates to the business of licensees. RECA is focused on building consumer trust and confidence in the industry by: - ANSWER✔✔ RECA's Board of Directors - ANSWER✔✔ 3 members of the public appointed by the Minister of Service Alberta and 4 licensees (one from each of the four Industry Councils). Purpose of the RECA Board - ANSWER✔✔ administer the Real Estate Act, the Regulations, the Bylaws, and the Rules. Categories of Industry Councils - ANSWER✔✔ 1. Residential Real Estate Broker 2. Commercial Real Estate Broker and Commercial Property Manager 3. Property Manager and Condo 4. Mortgage Broker Industry Council members - ANSWER✔✔ 2 members of the public appointed by the Minister of Service Alberta, and 3 licensees from that particular sector, elected by other licensees from that sector. Office of Registrar Functions - ANSWER✔✔ responsible for RECA's regulatory functions; includes licensing and discipline, as well as trust assurance and practice review. Credentialing Support Services - ANSWER✔✔ ensures learners meet the eligibility criter ia to begin pre -licensing education, manages the licensing examinations that RECA continues to administer, and oversees RECA's Code of Conduct for Learners Trust assurance and practice review. - ANSWER✔✔ RECA's audit program; provide positive, constructiv e assistance to industry professionalswith respect to accounting and legislative requirements; Identifying and resolvingpotential problems Developing effective record -keepingand administrative procedures Providing education and advice related to trust acc ounts, record keeping,and brokerage operationsThe benefits of buying summaries with Stuvia:
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