RECA Exam Study Questions with 100% Correct Answers
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Course
RECA
Institution
RECA
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 mus...
RECA Exam Study Questions with 100%
Correct Answers
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
Social Reaction Correct Answer Which of the following is NOT a type of reaction
associated with conflicts or disputes?
Personal Information Protection Act Correct Answer Which of the following is the
provincial privacy legislation in Alberta?
Authority, responsibility and accountability Correct Answer In terms of the brokerage,
what are the 3 components of leadership that relate to the broker?
It should state that the consumer received and understands the written disclosure made
by a real estate professional Correct Answer Which of the following best describes a
written acknowledgement?
Customary authority Correct Answer Which of the following types of authority allow an
agent to act according to the usual ways of performing an action as established by the
profession?
Only some general obligations Correct Answer Which of the following responsibilities do
real estate professionals owe customers?
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