RECA Fundamentals Study Guide Questions And Answers 100% Verified.
2 views 0 purchase
Course
RECA fundamentals
Institution
RECA Fundamentals
RECA Fundamentals Study Guide Questions And Answers 100% Verified.
duty-based ethics - correct answer. Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome
utalitarian ethics - correct answer. Sells the optimal result for the great...
RECA Fundamentals Study Guide
Questions And Answers 100% Verified.
duty-based ethics - correct answer. Individual is expected to do the right thing cause
it's the right thing to do, regardless of outcome
utalitarian ethics - correct answer. Sells the optimal result for the greatest number of
people
Advisory note - correct answer. Punishment for a technical breach
Administrative penalty/ fine - correct answer. One or two potentially serious infraction
would cause this punishment
Ratification- acting without authority or in excess of authority
Implication- advice outside of objective - correct answer. These two ways of creating a
representation relationship should not be done in real estate
By Estoppel - correct answer. 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 - correct answer. This type of representation relationship is
created when someone takes action to save a property or person from imminent
danger/ damages
Ethics - correct answer. 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 - correct answer. A set of beliefs held by an individual and founded on
fundamental principles of right and wrong. Ex. Religious
Tort law - correct answer. 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$ - correct answer. 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 - correct answer. Compensate consumers
who have received court judgement against a real estate professional for fraud or
breach of trust
Real estate insurance exchange
REIX - correct answer. To protect real estate professionals when they make a mistake
regarding their business
Kohlbergs highest stage of moral development - correct answer. Where moral
development is based on individual reflection and analysis of the issues ( level 3 stage
6)
Right of Recission - correct answer. The ability of purchasers to cancel their purchase
contract with a developer within 10 days
Condominium - correct answer. Ownership in common with others
CADS - correct answer. If someone forgets the condo management company name
for any reason where would they find it
General power of attorney - correct answer. Can make all decisions about finances or
legal affairs has no limit other then where they'll live or health care
Yes - correct answer. Will power or at tourney be on the title
building permit - correct answer. Permit that applies to specific project that is an
improvement to the property
development permit - correct answer. Permit that applies to overall use of the land
It was legal at time of development - correct answer. Non conforming suite means ?
Waterworks
Repair of roads
Ambulance - correct answer. Municipal special taxes are for
Business revitalization tax - correct answer. Taxes used in a business district to
improve beauty, parking, or promote
24 hrs - correct answer. Landlord may enter without consent but with notice after
giving how much notice
, Assignment - correct answer. Tenant isn't returning to the property so all obligations
and rights go to the new tenant
Sublease - correct answer. Tenant will be returning to the property, and they're still
liable to the landlord
Condominium Property Act - correct answer. Condos are governed by the
Agricultural and recreational land ownership act - correct answer. This act prevents
non Canadians from buying significant amounts of prime land
Personal information - correct answer. Refers to information that makes an individual
identifiable
FINTRAC - correct answer. Real Estate brokerages must report suspicious
transactions to which organization
Express
Implied
Opt-out - correct answer. Types of consent
Guardian,
Cause they're not entitled to make financial decisions regarding land - correct answer.
Makes decisions like healthcare, living arrangements, diet, dress. And they're not on
title search why?
Physical
Emotional
Cognitive - correct answer. Reactions associated with conflicts or disputes
Authority
Responsibility
Accountability - correct answer. In terms of brokerage what 3 components of
leadership relate to the broker
Negotiator - correct answer. Brokers who use VBRP typically have experience in
which role
Assumptions
Omissions - non act
Commissions- over act - correct answer. Frequent causes of conflicts and disputes
3500$
7000$ - correct answer. First claim with REIX
Second claim within 3 years if first
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller techgrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
