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RECA Fundamentals Study Guide With Complete Solution 2024
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RECA Fundamentals Study Guide With Complete Solution 2024
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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
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