RECA FUNDAMENTALS STUDY GUIDE| QUESTIONS AND ANSWERS
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Course
RECA.
Institution
RECA.
RECA FUNDAMENTALS STUDY GUIDE|
QUESTIONS AND ANSWERS
duty-based ethics - Individual is expected to do the right thing cause it's the right thing
to do, regardless of outcome
utalitarian ethics - Sells the optimal result for the greatest number of people
Advisory note - Punishment for a technic...
RECA FUNDAMENTALS STUDY GUIDE|
QUESTIONS AND ANSWERS
duty-based ethics - Individual is expected to do the right thing cause it's the right thing
to do, regardless of outcome
utalitarian ethics - Sells the optimal result for the greatest number of people
Advisory note - Punishment for a technical breach
Administrative penalty/ fine - One or two potentially serious infraction would cause this
punishment
Ratification- acting without authority or in excess of authority
Implication- advice outside of objective - These two ways of creating a representation
relationship should not be done in real estate
By Estoppel - This representation relationship arises when a principal acts in a way that
leads a third party to believe an agent has been given authority when in actuality the
agent hasn't consented or even knows about it
By operation of law - This type of representation relationship is created when someone
takes action to save a property or person from imminent danger/ damages
Ethics - Voluntary set of rules and guiding principles an individual uses as their moral
compass. Standard of conduct adopted and practiced within a culture or society li
Morals - A set of beliefs held by an individual and founded on fundamental principles of
right and wrong. Ex. Religious
Tort law - What area of law deals with civil wrong doings for which the courts may grant
a remedy. ( harm to a person or damage to property)
35,000$ - Max the real estate assurance fund may pay per claimant for damages or
losses to the services of a real estate professional
Purpose of Real Estate Assurance Fund - Compensate consumers who have received
court judgement against a real estate professional for fraud or breach of trust
Real estate insurance exchange
REIX - To protect real estate professionals when they make a mistake regarding their
business
,Kohlbergs highest stage of moral development - Where moral development is based on
individual reflection and analysis of the issues ( level 3 stage 6)
Right of Recission - The ability of purchasers to cancel their purchase contract with a
developer within 10 days
Condominium - Ownership in common with others
CADS - If someone forgets the condo management company name for any reason
where would they find it
General power of attorney - Can make all decisions about finances or legal affairs has
no limit other then where they'll live or health care
Yes - Will power or at tourney be on the title
building permit - Permit that applies to specific project that is an improvement to the
property
development permit - Permit that applies to overall use of the land
It was legal at time of development - Non conforming suite means ?
Waterworks
Repair of roads
Ambulance - Municipal special taxes are for
Business revitalization tax - Taxes used in a business district to improve beauty,
parking, or promote
24 hrs - Landlord may enter without consent but with notice after giving how much
notice
Assignment - Tenant isn't returning to the property so all obligations and rights go to the
new tenant
Sublease - Tenant will be returning to the property, and they're still liable to the landlord
Condominium Property Act - Condos are governed by the
Agricultural and recreational land ownership act - This act prevents non Canadians
from buying significant amounts of prime land
Personal information - Refers to information that makes an individual identifiable
, FINTRAC - Real Estate brokerages must report suspicious transactions to which
organization
Express
Implied
Opt-out - Types of consent
Guardian,
Cause they're not entitled to make financial decisions regarding land - Makes decisions
like healthcare, living arrangements, diet, dress. And they're not on title search why?
Physical
Emotional
Cognitive - Reactions associated with conflicts or disputes
Authority
Responsibility
Accountability - In terms of brokerage what 3 components of leadership relate to the
broker
Negotiator - Brokers who use VBRP typically have experience in which role
Assumptions
Omissions - non act
Commissions- over act - Frequent causes of conflicts and disputes
3500$
7000$ - First claim with REIX
Second claim within 3 years if first
40 days - How many days does broker have to reach resolution in VBRP
Do not collude
Do not discriminate
Do not mislead public through advertising - 3 basic principles of competition act
Written service agreement - What do you use if a customer chooses a representation
relationship therefore being a client
Customer acknowledgment form - What do you use if consumer chooses a non-
representation relationship therefore being a customer
Statue law - A law or act passed by either government provincial or federal
Assets = Liabilities + Equity - In regards to condo financial statements the balance
sheet formula is
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