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RECA Fundamentals Exam Alberta Questions and Answers 2024
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RECA Fundamentals Exam Alberta
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RECA Fundamentals Exam AlbertaReal Estate - answer refers to the land and fixed improvements to the land
Classes of licence - answer associate, associate broker, broker and brokerage
four areas of practice - answer residential, commercial, property management and
mortgage
Industrial property - answer include warehouses and custom-built manufacturing plants.
Residential income property - answer include low-rise and high-rise apartments,
duplexes, fourplexes and townhouses
supply and demand - answer characteristic that identifies the slow response of these 2
market forces affecting real estate
scarce - answer characteristic that identifies real estate as a limited resource
durable - answer characteristic that identifies real estate as indestructible
fixed - answercharacteristic that identifies real estate as immobile
unique - answercharacteristic that identifies parcel of land as being different from one
another
private - answercharacteristic that identifies how real estate transactions are conducted
between a buyer and seller
standardized - answercharacteristic that identifies the inability to market properties for
all areas of real estate in a universal approach
local - answercharacteristic that identifies real estate transactions as occurring in a
defined area
balanced market - answer-property prices generally stable
-supply of available properties and the number of buyers desiring to purchase properties
are somewhat equal
-properties sold within a reasonable time frame
affordable interest rates for financing
sellers market - answer-local booming economy
-increasing property prices
, -properties sell quickly
-market demand for properties in an area is greater than the available supply
buyers market - answer-properties remain on the market for a longer period of time
-properties remain on the market for a longer period of time
-declining property prices
-inventory of properties exceeds the number of buyers
1990-1999 - answerperiod during which the following events occured:
real estate industry self-regulation achieved and Real Estate Act established. RECA
approves pre-licensing and re-licensing education programs. RECA establishes
disciplinary processes for conduct of industry professionals
1928-1943 - answerperiod during which the following events occured:
Real Estate Agents Licensing Act replaces Real Estate Commission Act, Alberta Real
Estate Association is created
2010-present - answerperiod during which the following events occured:
RECA launches social media options to communicate with industry professionals.
RECA reviews validity of electronic signatures and contracts for real estate.
RECA implements 5 year plan and approves statement on self-regulation
2000-2009 - answerperiod during which the following events occured:
RECA implements measures to prevent and deal with mortgage fraud and amends its
mandate
RECA assumes jurisdiction over real estate appraisal
RECA develops and delivers pre-licensing and re-licensing courses online
1905-1927 - answerperiod during which the following events occured:
RECA, 1st legislation governing real estate is passed
1970-1979 - answerperiod during which the following events occured:
Alberta Consumer and Corporate Affairs prepares four objectives for real estate
industry, starting its transition from government regulation to self-regulation
1980-1989 - answerperiod during which the following events occured:
Real Estate Assurance Fund established for real estate and mortgage brokerage.
Alberta Real Estate Licensing Committee created to handle licensing and registration of
industry professionals, education standards, and examination
RECA Real Estate Council of Alberta - answerIs the independent, non-government
body responsible for governing industry professionals in the real estate, mortgage
brokerage and real estate appraisal industries in Alberta
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