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Reca Fundamentals Exam Questions And Answers (GRADED A+)
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Reca Fundamentals Exam Questions And Answers (GRADED A+)
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Reca Fundamentals Exam Questions And Answers (GRADED A+) Which of the following is NOT a RECA educational resource for industry professionals? - ANSWER✔✔ Spatial Information System (Spin 2) Who is responsible for producing the "Real Property Report"? - ANSWER✔✔ Alberta Land Surveyor Benefits of RECAS trust assurance and practice review program - ANSWER✔✔ - effective record keeping and administrative procedures - education and advice in relat ion to brokerage trust accounting - identifies and resolves potential problems regarding brokerage trust accounting requirements Responsibilities of RECA - ANSWER✔✔ - Handling professional conduct review - establishing industry standards of practice - issuing authorization to trade in real estate Four factors of production - ANSWER✔✔ land, labor, capital, entrepreneurship RECA provides the following annual reports - ANSWER✔✔ - financial reports - industry statistics - reports for the previous year Who h as the power to amend the Rules of the RE Act? - ANSWER✔✔ Council (not the Provincial Legislature, their job is to amend the RE Act itself - two very different things) Who has the power to suspend / revoke a license? - ANSWER✔✔ The Executive Director - determines the length of suspension - serves the decision on the industry professional - will consider the evidence when making the decision What's included in written service agreements? - ANSWER✔✔ - the services to be provided by the brokerage - the resp onsibilities of each party to the agreement (i.e. remuneration from client to brokerage) - the names of the parties to the agreement Failure to immediately notify Executive Director of changes to information provided in support of license results in: - ANSWER✔✔ - Exec. Director may refer the matter for a professional conduct review - Exec. Director may suspend industry professionals lic ense - Exec. director may cancel the industry professionals license Length of time a license is valid for if NOT registered w a brokerage - ANSWER✔✔ 36 months Level of Disclosure: Other party represented by another brokerage - ANSWER✔✔ Level 1 Level of Disclosure: Other party not represented - ANSWER✔✔ Level 2 Level of Disclosure: Other party represented by same brokerage - ANSWER✔✔ Level 3 Inducement vs incentives - ANSWER✔✔ - Inducement is client specific - Incentive is offered by the brokerage to an y potential client Records must be: - ANSWER✔✔ - kept in Alberta - maintained in electronic form - kept by brokerage for 3 years - accessible to RECA for inspection - they can be held in multiple locations, provided they're all in Alberta Personal Ethics - ANSWER✔✔ Morals - held by individual Ethics - Standard of Conduct (values/beliefs that guide actions) Professional Standards - Rules and Regulations Real Estate Insurance Exchange (REIX) - ANSWER✔✔ - provides financial protection - compensates consume rs up to $35,000 - mandatory errors & omissions insurance + negligenceThe benefits of buying summaries with Stuvia:
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