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RECA Fundamentals Exam Questions With 100% Correct Answers 2024
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RECA Fundamentals Exam Questions With 100% Correct Answers 2024
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RECA Fundamentals Exam QuestionsWith 100% Correct Answers 2024
Which of the following is NOT a RECA
educational resource for industry
professionals? - Correct Answer-Spatial
Information System (Spin 2)
Which entity has the authority to amend the
Real Estate Act - Correct Answer-Provincial
Legislature
Which of the following measures the change
in a cost of a fixed basket of goods and
services purchased by families over a period
of time - Correct Answer-Consumer Price
Index (CPI)
Which of the following will occur to the
supply of a good when there is a change in
quantity supplied due to a price increase? -
Correct Answer-an increase in quantity
supplied
pg. 1 professoraxe l
,Microeconics - Correct Answer-studies the
basic theories of supply and demand as it
relates to individuals, households and firms
Resource Markets - Correct Answer-facilitate
the exchange of factors of production
What causes the quantity demanded to shift?
- Correct Answer-change in tastes,
expectations, and number of consumers
benefits of economic growth - Correct
Answer-depletion of natural resources
Real Property Report - Correct Answer-
document produced by Alberta Land Surveyor
Which of the following is not a non-price
determinant of demand - Correct Answer-cost
of production
What type of economy does Canada have? -
Correct Answer-mixed economy
pg. 2 professoraxe l
,Benefits of RECAS trust assurance and
practice review program - Correct Answer--
effective record keeping and administrative
procedures
- education and advice in relation to
brokerage trust accounting
- identifies and resolves potential problems
regarding brokerage trust accounting
requirements
Responsibilities of RECA - Correct Answer--
Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production - Correct Answer-
land, labor, capital, entrepreneurship
RECA provides the following annual reports -
Correct Answer-- financial reports
- industry statistics
- reports for the previous year
pg. 3 professoraxe l
, The structure of real estate in Alberta
includes; - Correct Answer-- local real estate
boards
- alberta real estate association
- canadian real estate association
Referral definition - Correct Answer-The act
of recommending or directing a person for
service to another person or business
- brokerage is responsible for paying and
receiving remuneration in connection to
trade
RECAS professional conduct review Objects -
Correct Answer-- gather all relevant
information
- treat parties fairly
-gather information efficiently
Amendments to the Act - Correct Answer--
can be made by provincial legislature with
recommendations by the Minister of Service
Alberta
pg. 4 professoraxe l
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