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RECA QUIZ REVIEW QUESTIONS AND ANSWERS RATED A 2024 (SPRING)
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RECA QUIZ REVIEW QUESTIONS ANDANSWERS RATED A 2024 (SPRING)
Which of the following describes a competent real estate professional?
• A real estate professional who agrees to provide services that they are
incapable ofperforming
• A real estate professional who possesses the necessary ability and knowledge to perform an
action proficiently
• A real estate professional who represents a client in matters that are beyond their expertise
• A real estate professional who holds a valid authorization from RECA and is registered
with abrokerage in Alberta ✔✔B
The interests of a brokerage may give rise to which of the following conflicts with the
interestsof a client?
• Long or short
• Consistent or varied
• Direct or indirect
• Consequent or subsequent ✔✔C
Which of the following describes a real conflict of interest?
,• When an actual conflict arises between the interests of a client and the brokerage
• When a perceived conflict arises between the interests of a client and the brokerage
• When a customary conflict arises between the interests of a client and the brokerage
• When a mutual conflict arises between the interests of a client and the brokerage ✔✔A
Which of the following is NOT a type of authority an agent may hold?
• Express authority
• Implied authority
• Customary authority
• Functional authority ✔✔D
Which of the following types of authority allow an agent to act according to the usual
ways ofperforming an action as established by the profession?
• Express authority
• Implied authority
• Customary authority
• Functional authority ✔✔C
Which of the following statements indicate the 3 fundamental principles upon which
fiduciaryduties are based?
,• Loyalty
• Best interests
• Act in person
• Trust and confidence ✔✔a,b, and d
Which of the following describes an unlawful revocation?
• It occurs when either the principal or agent terminates the representation relationship even
though both parties have fulfilled their responsibilities
• It occurs when either the principal or agent fails to fulfil their responsibilities to the
otherparty who terminates the representation relationship as a result
• It occurs when either the principal or agent provide the other party with written notice
thatthey have decided to terminate the representation relationship
• It occurs when either the principal or agent terminates the representation relationship
becausethey are no longer authorized by RECA to trade in real estate ✔✔A
Which of the following describes a lawful revocation?
• It occurs when either the principal or agent terminates the representation relationship
eventhough both parties have fulfilled their responsibilities
• It occurs when either the principal or agent fails to fulfil their responsibilities to the other
party who terminates the representation relationship as a result
, • It occurs when either the principal or agent provide the other party with written notice
thatthey have decided to terminate the representation relationship
• It occurs when either the principal or agent terminates the representation relationship
becausethey are no longer authorized by RECA to trade in real estate ✔✔B
Which of the following types of authority allow an agent to undertake any activities
needed tocarry out an express authority?
• Legal authority
• Implied authority
• Customary authority
• Functional authority ✔✔B
Which of the following is NOT a capacity for which an agent must have express authority
from aprincipal in order to act?
• Capacity to contract
• Capacity to delegate
• Capacity to incur expenses
• Capacity to account ✔✔D
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