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RECA Fundamentals Study Guide (Verified Content).
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RECA Fundamentals Study Guide (Verified Content).
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RECA FUNDAMENTALSRECA Fundamentals Study Guide
(Verified Content).
Duty-based ethics - ✔✔✔ - Individual is expected to do the right thing cause it's the right thing
to do, regardless of outcome
utilitarian 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
RECA FUNDAMENTALS
,RECA FUNDAMENTALS
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
RECA FUNDAMENTALS
, RECA FUNDAMENTALS
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
RECA FUNDAMENTALS
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