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QUIZ REVIEW QUESTIONS AND ANSWERS WITH SOLUTIONS
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QUIZ REVIEW QUESTIONS AND ANSWERS WITH SOLUTIONS
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QUIZ REVIEW QUESTIONS ANDANSWERS WITH SOLUTIONS 2024-2025
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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER A
Sets the minimum standards of conduct between a landlord and tenant for the leasing of a residential
dwelling - ANSWER Residential Tenancies Act
Applies to individuals who own a mobile home and lease the mobile home site from a landlord -
ANSWER Mobile Home Sites Tenancies Act
Provides the legal framework for member-based incorporated business organizations - ANSWER
Cooperatives Act
, Provides for the creation and registration of security interests by a lender against the personal property
of a debtor - ANSWER Personal Proper Security Act
Protects consumers from unfair business practices before, during or after a consumer transaction -
ANSWER Consumer Protection Act
Promotes the protection, enhancement and wise use of the environment - ANSWER Environmental
Protection and Enhancement Act
Limits the amount of land that can be bought by non-Canadians or foreign controlled corporations -
ANSWER Agricultural and Recreational Land Ownership Act
Establishes the requirements for the creation and operation of a specific type of real property ownership
- ANSWER 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? - ANSWER Residential Tenancies Act
What is the general intent of a security agreement? - ANSWER 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 - ANSWER 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
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