RECA Fundamentals Exam | QUESTIONS AND ANSWERS 100% CORRECT.
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Course
RECA
Institution
RECA
RECA Fundamentals Exam | QUESTIONS AND ANSWERS 100% CORRECT.
Which of the following is NOT a RECA educational resource for industry professionals? - Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act - Provincial Legislature
Which of the f...
RECA Fundamentals Exam | QUESTIONS
AND ANSWERS 100% CORRECT.
Which of the following is NOT a RECA educational resource for industry professionals?
- Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act - Provincial Legislature
Which of the following measures the change in a cost of a fixed basket of goods and
services purchased by families over a period of time - Consumer Price Index (CPI)
Which of the following will occur to the supply of a good when there is a change in
quantity supplied due to a price increase? - an increase in quantity supplied
Microeconics - studies the basic theories of supply and demand as it relates to
individuals, households and firms
Resource Markets - facilitate the exchange of factors of production
What causes the quantity demanded to shift? - change in tastes, expectations, and
number of consumers
benefits of economic growth - depletion of natural resources
Real Property Report - document produced by Alberta Land Surveyor
Which of the following is not a non-price determinant of demand - cost of production
What type of economy does Canada have? - mixed economy
Benefits of RECAS trust assurance and practice review program - - effective record
keeping and administrative procedures
- education and advice in relation to brokerage trust accounting
- identifies and resolves potential problems regarding brokerage trust accounting
requirements
Responsibilities of RECA - - Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production - land, labor, capital, entrepreneurship
RECA provides the following annual reports - - financial reports
, - industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; - - local real estate boards
- alberta real estate association
- canadian real estate association
Referral definition - The act of recommending or directing a person for service to
another person or business
- brokerage is responsible for paying and receiving remuneration in connection to trade
RECAS professional conduct review Objects - - gather all relevant information
- treat parties fairly
-gather information efficiently
Amendments to the Act - - can be made by provincial legislature with recommendations
by the Minister of Service Alberta
Amendments to the rules - The rules contain the day to day activities
- council has the authority to create and amend
Executive Director can suspend license - - determines the length of suspension
- serves the decision on the industry professional
- will consider the evidence when making the decision
Whats includes in written service agreements? - - the services to be provided by the
brokerage
- the responsibilities of each party to the agreement
- the names of the parties to the agreement
failure to immediately notify Executive Director of changes to information provided in
support of license results in: - - Exec. Director may refer the matter for a professional
conduct review
- Exec. Director may suspend industry professionals license
- Exec. director may cancel the industry professionals license
How long is license valid if not registered with brokerage? - 36 months
Levels of Disclosure - 1. other party represented by another brokerage
2. other party not represented
3. other party represented by same brokerage
Designated Agency vs Common law - Designated Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
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