Exam (elaborations)
RECA RESIDENTIAL EXAM QUESTIONS AND ANSWERS 2024
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RECA RESIDENTIAL EXAM QUESTIONS AND ANSWERS 2024
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RECA RESIDENTIAL EXAM 2024ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
Fiduciary Representation - ANSWERS-- Trust and confidence
- Best interests
- Loyalty
QUESTION 2
5 Ds of Role Clarity - ANSWERS-1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
QUESTION 3
Must disclose in writing - ANSWERS-- the nature of services provided
- whether professional has entered into representation relationship with other
party
- any conflicts of interest
- any other facts that may influence consumers decision to proceed with
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, RECA RESIDENTIAL EXAM 2024
relationship
made to clarify and provide proof of undertanding in event issues or disputes
arise
QUESTION 4
Written Service Agreement vs Customer Acknowledgement Forms - ANSWERS-
Written Service Agreement
- when consumer chooses a representation relationship
- becomes a client
- provide signed copy to brokerage
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
QUESTION 5
PIPEDA - ANSWERS-- Federal legislation
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, RECA RESIDENTIAL EXAM 2024
QUESTION 6
PIPA - ANSWERS-Alberta's legislation, how private organizations use and disclose
personal information.
QUESTION 7
Power of Attorney - ANSWERS-a legal document authorizing someone to act on
your behalf
- must be 18
- POA must be written, dated and signed by both donor and witness
- donor must be mentally capable or contract is void
- only effective as long as donor is alive, will takes effect once death
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, RECA RESIDENTIAL EXAM 2024
QUESTION 8
Types of POA - ANSWERS-General POA
- has no limits on powers of the attorney
- can make all decisions regarding financial and legal affairs
- exception where the donor resides and health care
Special POA
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with land
- must be registered on Certificate of Title
Immediate POA
- takes effect as soon as POA is signed, dated and witnessed
- terminates upon loss of mental capacity or death
Enduring POA
- immediately upon being signed, dated and witnessed
- continues if donor becomes incapable, mentally incapacitated
- must include statement whether it takes effect immediately and continues...
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