RECA Fundamentals Exam Questions and Answers Rated 100%
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Course
RECA Fundamentals
Institution
RECA Fundamentals
RECA Fundamentals Exam Questions and Answers Rated 100%
Which of the following is NOT a RECA educational resource for industry professionals? - Answers Spatial Information System (Spin 2)
Who is responsible for producing the "Real Property Report"? - Answers Alberta Land Surveyor
Benefits of RE...
Responsibilities of RECA - Answers - Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production - Answers land, labor, capital, entrepreneurship
RECA provides the following annual reports - Answers - financial reports
- industry statistics
- reports for the previous year
Who has the power to amend the Rules of the RE Act? - Answers Council (not the Provincial Legislature,
their job is to amend the RE Act itself - two very different things)
Who has the power to suspend / revoke a license? - Answers The Executive Director
- determines the length of suspension
- serves the decision on the industry professional
- will consider the evidence when making the decision
What's included in written service agreements? - Answers - the services to be provided by the brokerage
- the responsibilities of each party to the agreement (i.e. remuneration from client to brokerage)
- 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: - Answers - 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
Length of time a license is valid for if NOT registered w a brokerage - Answers 36 months
Level of Disclosure: Other party represented by another brokerage - Answers Level 1
Level of Disclosure: Other party not represented - Answers Level 2
Level of Disclosure: Other party represented by same brokerage - Answers Level 3
Inducement vs incentives - Answers - Inducement is client specific
- Incentive is offered by the brokerage to any potential client
Records must be: - Answers - kept in Alberta
- maintained in electronic form
- kept by brokerage for 3 years
- accessible to RECA for inspection
- they can be held in multiple locations, provided they're all in Alberta
Personal Ethics - Answers Morals - held by individual
Ethics - Standard of Conduct (values/beliefs that guide actions)
- excludes injuries or death, transfers of title, commission/fees
- $3,500 is the first deductible
- $7,000 if second claim.
- RECA collects premiums with licensing fees
Tort Law - Answers Compensation for civil wrongs that result in harm
- Negligent Tort
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