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RECA FUNDAMENTALS Exam Set Questions With 100% Correct Answers | Latest Update
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RECA FUNDAMENTALS Exam Set Questions With 100% Correct Answers | Latest Update Which of the following is NOT a purpose of RECA? A) To set and enforce standards of conduct for the industry B) To administer the Act as provided in the Act C) To amend the Act as determined by Council D) To prot...

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  • August 7, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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RECA FUNDAMENTALS
Exam Set Questions With 100%
Correct Answers | Latest Update

Which of the following is NOT a purpose of RECA?
A) To set and enforce standards of conduct for the industry
B) To administer the Act as provided in the Act
C) To amend the Act as determined by Council
D) To protect against and suppress mortgage fraud
C
Which of the following statements does NOT apply to a duty-based
approach to ethical decision-making?
A) This approach seeks the best result for the most number of people
B) This approach perceives an individual's intentions or motives as
important
C) This approach is based on a belief in a universal moral system of ethical
reasoning
D) This approach believes that an individual should do the right thing
because it is the right thing to do
A
What is the maximum amount the Real Estate Assurance Fund may pay
per claimant for damages or losses related to the services of a real estate
professional?
A) $100,000 maximum
B) $35,000 maximum
C) $25,000 maximum
D) No maximum amount
B

,What is the purpose of the Real Estate Assurance Fund?
A) To compensate a real estate brokerage for the loss of commissions
related to unsuccessful trades
B) To compensate sellers when potential buyers fail to obtain the required
mortgage financing to purchase the property
C) To compensate consumers who have received a court judgment against
a real estate professional for fraud or breach of trust
D) To compensate property owners in the event that foreclosure
proceedings are commenced during a real estate transaction
C
Which of the following statements describe civil liability?
Private legal action between the disputing parties
Public legal action between the government and the accused party
Involves a plaintiff and a defendant appearing in court
Established by the courts at the conclusion of legal proceedings

A) Statements I, II and III
B) Statements I, III and IV
C) Statements II, III and IV
D) All statements apply
B
Which of the following statements include actions that may be considered
suspicious by a real estate brokerage?
A buyer purchases a property without first viewing it
A buyer purchases a property in the name of another person
A buyer uses cash to purchase a property
A buyer is slow to confirm their identity

A) Statements I, II, and III
B) Statements II, III and IV
C) Statements I, III and IV
D) All statements apply
A

, Which of the following statements are correct regarding real estate
brokerages and privacy law?
All brokerages within Alberta must comply with federal privacy legislation
Brokerages must designate a Privacy Officer to be accountable for
compliance
Brokerages with privacy policies are not required to designate a Privacy
Officer
Brokerage privacy policies must be consistent with the applicable privacy
legislation

A) Statements I and II
B) Statements II and III
C) Statements II and IV
D) Statements III and IV
Next Question
C
Which of the following terms relates to the right of individuals to have
control over their personal information?
A) Privacy
B) Exclusivity
C) Inaccessibility
D) Confidentiality
A
Which of the following statements describe benefits of REIX to the real
estate profession?
REIX enhances the image of the profession
REIX has the potential to save on insurance costs
The profession is active in managing the program and its risks
Real estate professionals are protected against legal action from clients

A) Statements I, II and III
B) Statements I, III and IV
C) Statements II,III and IV
D) All statements apply
A

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