Exam (elaborations)
RECA Fundamentals Study Guide With Complete Solution 2024
- Course
- Institution
RECA Fundamentals Study Guide With Complete Solution 2024
[Show more]
Content preview
RECA Fundamentals Study Guide WithComplete Solution 2024
duty-based ethics - Correct Answer-Individual
is expected to do the right thing cause it's the
right thing to do, regardless of outcome
utalitarian ethics - Correct Answer-Sells the
optimal result for the greatest number of
people
Advisory note - Correct Answer-Punishment
for a technical breach
Administrative penalty/ fine - Correct Answer-
One or two potentially serious infraction
would cause this punishment
Ratification- acting without authority or in
excess of authority
Implication- advice outside of objective -
Correct Answer-These two ways of creating a
representation relationship should not be
done in real estate
pg. 1 professoraxe l
,By Estoppel - Correct Answer-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 - Correct Answer-This
type of representation relationship is created
when someone takes action to save a property
or person from imminent danger/ damages
Ethics - Correct Answer-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
Morals - Correct Answer-A set of beliefs held
by an individual and founded on fundamental
principles of right and wrong. Ex. Religious
Tort law - Correct Answer-What area of law
deals with civil wrong doings for which the
pg. 2 professoraxe l
,courts may grant a remedy. ( harm to a
person or damage to property)
35,000$ - Correct Answer-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 -
Correct Answer-Compensate consumers who
have received court judgement against a real
estate professional for fraud or breach of
trust
Real estate insurance exchange
REIX - Correct Answer-To protect real estate
professionals when they make a mistake
regarding their business
Kohlbergs highest stage of moral
development - Correct Answer-Where moral
development is based on individual reflection
and analysis of the issues ( level 3 stage 6)
pg. 3 professoraxe l
, Right of Recission - Correct Answer-The
ability of purchasers to cancel their purchase
contract with a developer within 10 days
Condominium - Correct Answer-Ownership in
common with others
CADS - Correct Answer-If someone forgets
the condo management company name for
any reason where would they find it
General power of attorney - Correct Answer-
Can make all decisions about finances or
legal affairs has no limit other then where
they'll live or health care
Yes - Correct Answer-Will power or at tourney
be on the title
building permit - Correct Answer-Permit that
applies to specific project that is an
improvement to the property
pg. 4 professoraxe l
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller professoraxel. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now