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Reca Unit 4 Questions And Answers With Verified Solutions Already Passed!!!
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Reca Unit 4 Questions And Answers With Verified Solutions Already Passed!!!
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Reca Unit 4 Questions And AnswersWith Verified Solutions Already
Passed!!!
Describe the broker in relation to the brokerage - ANSWER✔✔ Broker is the
entrepreneur of the business (brokerage).
The person with the authority (license and registration) to lead the brokerage
The responsibility of the brokerage rests squarely on their shoulders
Therefore, the broker is also responsible for the brokerage, and any wrong doings
from associates/associate brokers is the brokers responsibility/fault
Explain the qualifications to become a broker - ANSWER✔✔ -Comeplete REAP and
all 4 practice courses
-Then complete REBP (real estate brokers program)
-you need 70% on the final for REBP
-must of been a associate for 2 years out of the last 5 years
Once you can be licensed as a broker, these are your following options -
ANSWER✔✔ Becoming a broker at their current brokerage
Becoming a broker at a different brokerage
Becoming a broker at a new brokerage
becoming an associate broker
becoming a broker at a later date
Explain the Delegation process - ANSWER✔✔ The person being delegated must
be registered in that brokerage
, Must be capable of the duties he is being delegated to
Delegation detaiuls are clear, in writting and understood by broker and delegate
Explain the brokerage hiring options for newly licensed professionals -
ANSWER✔✔ Employee:
Independent Contractor:
There are different tax implications as well
Describe employment relations between brokerage and real estate professionals -
ANSWER✔✔ must act on behalf of the brokerage, not in their self interests
follow policies of that brokerage
represent the brokerage in their advertisements and representations
comply with real estate act rules and regulations and bylaws
What is meant by risk management - ANSWER✔✔ Exposure to circumstances that
could give rise to loss for a person or financially
List some of the risks involved in real estate - ANSWER✔✔ You're going to be
driving alot, so the chance of a crash goes up.
A client could attempt to sue you
The property you're trying to sell could be broken into
Four types of insurance that professionals should consider getting - ANSWER✔✔
Homeowners Insurance: Laptops/cell phones etc. are covered as residential
equipment, but if they are stolen from in your vehicle, it is still covered
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