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Reca Practice Questions and Answers (100% Pass)
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Reca Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PMReca Practice Questions and Answers (100% Pass)
When considering a buyer's qualifications , a lender will use the 5 " C's " to evaluate the
borrower's ability to repay a loan . The 5 " Cs " are :
Character , Capacity, Continuance Capital, Credit
Capacity, Continuance, Capital, Collateral, Credit
Capital, Credit, Collateral, Capacity, Character - ✔️✔️Capital , Credit , collateral , Capacity ,
Character
The definition of " amperage " is :
The rate of electrical flow .
Electrical pressure .
The rate of energy consumed . - ✔️✔️The rate of electrical flow .
Failure to disclose a referral fee might mean the industry professional is not acting in the best
interest of his / her client and may also constitute receipt of a secret commission which is a
breach of the :
the Criminal Code of Canada
the Criminal Code of Alberta
the Alberta Code of Ethics - ✔️✔️the Criminal Code of Canada
Customary
Implied
Specific - ✔️✔️Implied
As a real estate professional you are doing a competitive market analysis on a property . The
property is a 1800 sq . ft . 3 bedroom 2 story . It does have a garage . There is a similar home in
the neighborhood that just sold for $ 532,000 but it doesn't have a double garage and has a 4
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bedrooms . The garage is worth $ 20,000 and the extra bedroom would be worth $ 10,000 . What
is the adjusted price of the subject property ?
542000
562000
522000 - ✔️✔️542000
Express
Implied
Customary - ✔️✔️Express
What concept of property value does this description define : The value in the mind of the buyer
or seller and is typically based on emotion
Subjective Value
Objective Value
Value in Use - ✔️✔️Subjective Value
The broker will make the decision whether or not to practice designated agency . When that
decision is made the real estate professionals registered with that brokerage will :
Be allowed to make their decision as to whether they will do the same .
Have to practice designated agency most of the time but will be allowed to opt out if they wish .
Have to practice designated agency . - ✔️✔️Have to practice designated agency .
True or False : An oral contract is not enforceable because of the Statute of Frauds - ✔️✔️false
Fiona , a real estate professional , is holding an open house on one of her listings . During the
open house an other industry member from another brokerage brings in a potential buyer for the
home . In discussion Fiona finds out that the buyer is transferring in from Vancouver and the
school in the area is exactly what they are looking for , for their daughter . Later that evening an
offer comes in from the Vancouver buyers . What can Fiona do with this information ?
This information will need to be disclosed to her clients .
This information , with the other industry members permission , can be disclosed to her clients .
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This information , because it is confidential information , cannot be disclosed to her clients . -
✔️✔️Any information given by a customer in relation to a trade in real estate will need to be
disclosed to the client . This information will need to be disclosed to her clients .
In remembering the pyramid showing the influences on professional conduct , what is the bottom
influence , the largest one ?
Personal Ethics
Real Estate Act
Canadian Law - ✔️✔️Canadian Law - it would include criminal law agency law , contract law and
tort law .
Which one of the following would not be included in the Annual Operating Expenses .
Management
Income taxes
Employment Insurance - ✔️✔️Income taxes
Real estate professionals may become liable to customers for damages if they fail to meet their
general obligations . Causing a tort can be described as :
The real estate professional enters into an agreement with a customer on behalf of a client .
The real estate professional fails to disclose that they are representing a client .
The real estate professional causes a civil wrong that arises from performing acts that have the
potential to harm another party . - ✔️✔️The real estate professional causes a civil wrong that arises
from performing acts that have the potential to harm another party .
------is the revenue received by the owner from rents and other sources generated by the property
.
Income
Gross Income
Net Income - ✔️✔️Income
In condominiums , unit factors are primarily used :
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