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RECA Residential Exam Questions and Answers (Latest Update 2024)
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RECA Residential Exam Questions and Answers (Latest Update 2024)
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RECA Residential Exam Questions andAnswers (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
- any other facts that may influence consumers decision to
proceed with relationship
,RECA Residential Exam Questions and
Answers (Latest Update 2024)
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
PIPA - Correct Answer ✅ Alberta's legislation, how private
organizations use and disclose personal information.
,RECA Residential Exam Questions and
Answers (Latest Update 2024)
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
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with land
- must be registered on Certificate of Title
, RECA Residential Exam Questions and
Answers (Latest Update 2024)
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
- primary debt recovery method for default mortgages
Foreclosure - Correct Answer ✅ legal action supervised by
the court following a default on the mortgage.
-transfers the real property from the borrower to the lender
and erases interests on title.
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