Alberta Real Estate Fundamentals Test with Verified Answers
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Course
Alberta Real Estate Fundamentals
Institution
Alberta Real Estate Fundamentals
Alberta Real Estate Fundamentals Test with Verified Answers
1. Real Estate The land and fixed improve-
ments to the land
2. Classes of License 1. Associate
2. Associate Broker
3. Broker
3. 4 Areas of Practice 1. Residential
2. Commercial
3. Rural
4. Property
3. 4 Areas of Practice 1. Residential
2. Commercial
3. Rural
4. Property Management
4. Mobile homes fall under the same category as False
recreational properties
5. Industrial Properties Include warehouses and
custom-built manufacturing
plants
6. Residential Income property Include low-rise and
high-rise apartments, du-
plexes, fourplexes, and
townhouses
7. Characteristic: Scarce Identifies real estate as a
limited resource
8. Characteristic: Durable Identifies real estate as in-
destructible
9. Characteristic: Fixed Identifies real estate as im-
mobile
10. Characteristic: Unique Identifies parcels of land as
being different from one an-
other
11. Characteristic: Private Identifies how real estate
transactions are conducted
between a buyer and seller
1/5
, Alberta Real Estate Fundamentals Test with Verified Answers
12. Characteristic: Supply/Demand Identifies the slow re-
sponse of these 2 market
forces affecting real estate
13. Characteristic: Standardized Identifies the inability to
marker properties for all ar-
eas of real estate in a uni-
versal approach
14. Characteristic: Local Identifies real estate trans-
actions as occurring in a
defined area
15. High volumes of mortgage lending reflect the False
lack of confidence in the safety and desirabil-
ity of real estate
16. Booming local economy Sellers' market
17. Contracting local economy Buyers' market
18. 1990-1999 Real estate industry is
self-regulated, Real Es-
tate Act established, RECA
approves pre and re-li-
censing programs, and
RECA establishes discipli-
nary processes
19. 1928-1943 Real Estate Agents Licens-
ing Act replaces Real Es-
tate Commission Act, and
Alberta Real Estate Associ-
ation is created
20. 2000-2009 RECA implements mea-
sures to prevent fraud, as-
sumes jurisdiction over real
estate appraisal, and devel-
2/5
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