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RECA FUNDAMENTALS EXAM ALBERTA QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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RECA FUNDAMENTALS EXAM ALBERTA QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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RECA FUNDAMENTALS EXAMALBERTA QUESTIONS AND ANSWERS
WITH SOLUTIONS 2024
Real Estate - ANSWER refers to the land and fixed improvements to the land
Classes of licence - ANSWER associate, associate broker, broker and brokerage
four areas of practice - ANSWER residential, commercial, property management and mortgage
Industrial property - ANSWER include warehouses and custom-built manufacturing plants.
Residential income property - ANSWER include low-rise and high-rise apartments, duplexes, fourplexes
and townhouses
supply and demand - ANSWER characteristic that identifies the slow response of these 2 market forces
affecting real estate
scarce - ANSWER characteristic that identifies real estate as a limited resource
durable - ANSWER characteristic that identifies real estate as indestructible
fixed - ANSWER characteristic that identifies real estate as immobile
unique - ANSWER characteristic that identifies parcel of land as being different from one another
private - ANSWER characteristic that identifies how real estate transactions are conducted between a
buyer and seller
standardized - ANSWER characteristic that identifies the inability to market properties for all areas of real
estate in a universal approach
, local - ANSWER characteristic that identifies real estate transactions as occurring in a defined area
balanced market - ANSWER -property prices generally stable
-supply of available properties and the number of buyers desiring to purchase properties are somewhat
equal
-properties sold within a reasonable time frame
affordable interest rates for financing
sellers market - ANSWER -local booming economy
-increasing property prices
-properties sell quickly
-market demand for properties in an area is greater than the available supply
buyers market - ANSWER -properties remain on the market for a longer period of time
-properties remain on the market for a longer period of time
-declining property prices
-inventory of properties exceeds the number of buyers
1990-1999 - ANSWER period during which the following events occured:
real estate industry self-regulation achieved and Real Estate Act established. RECA approves pre-licensing
and re-licensing education programs. RECA establishes disciplinary processes for conduct of industry
professionals
1928-1943 - ANSWER period during which the following events occured:
Real Estate Agents Licensing Act replaces Real Estate Commission Act, Alberta Real Estate Association is
created
2010-present - ANSWER period during which the following events occured:
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