RECA FINAL EXAM QUESTIONS CORRECTLY ANSWERED.
Carl, a real estate professional, is registered with Prime Plus Real Estate Ltd. He has listed his brother's house for sale with the brokerage. A real estate professional with another brokerage contacts Carl and asks to preview the property as she ...
Carl, a real estate professional, is registered with Prime Plus Real Estate Ltd. He has listed his brother's
house for sale with the brokerage. A real estate professional with another brokerage contacts Carl and
asks to preview the property as she has a potential buyer. What level of disclosure must Carl provide? -
CORRECT ANSWER Disclosure level 1
When evaluating an ethical dilemma, the first step is awareness. An individual may become aware of an
ethical dilemma through a variety of ways. Which one of the following is typically NOT one of the ways?
- CORRECT ANSWER Others tell you that you have an ethical dilemma
Which of the following statements is correct regarding the length of time that real estate professionals
are obligated to keep client information confidential? - CORRECT ANSWER It continues without a time
limit after real estate services are no longer provided
Which of the following describes what is meant by a lawful instruction? - CORRECT ANSWER Any
instruction that is reasonable and ordinary under the circumstances
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? - CORRECT ANSWER Express Authority
Which of the following describes the party that exists outside of a representation relationship? -
CORRECT ANSWER Third Party
Which of the following is NOT a type of authority an agent may hold? - CORRECT ANSWER Functional
Authority
Which of the following are the only entities authorized to trade in real estate? - CORRECT ANSWER Real
Estate Brokerages
, Which of the following categories of brokerage services involves numerous services that require the
greatest level of discretion or judgement? - CORRECT ANSWER Property Management Services
Which of the following does NOT apply to consideration? - CORRECT ANSWER Consideration always
involves money
What is the difference between a condition and a term in a contract? - CORRECT ANSWER Conditions
must be waived for the contract to proceed, while a contract can still proceed with unmet terms
Which of the following is NOT an essential element of a contract? - CORRECT ANSWER The contract
must be in written form to be enforceable
The Ogami's have just completed their first English language course. They want to start a family business
and take out a mortgage on their small townhouse to get funds for the business. However the business
fails and they must repay the mortgage. Since the Ogami's struggle with English, they did not
understand the mortgage contract. If they challenge the contract, what term describes the possible
result? - CORRECT ANSWER The contract may be voidable
Which of the following is NOT characteristic of value in relation to a commodity? - CORRECT ANSWER
Pricing
Advisory Note - CORRECT ANSWER Which of the following Professional Conduct Review outcomes is
issued as a practice guideline for a technical breach of the legislation?
B) Statements II, III and IV - CORRECT ANSWER Which of the following statements is correct regarding
the Real Estate Act Rules?
The Rules may only be amended by the provincial legislature
RECA posts the most current version of the Rules on its website
The Rules refer to the standards of practice for industry professionals
When contemplating amendments to the Rules, RECA consults with industry professionals and
stakeholders
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