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RECA RESIDENTIAL EXAM ACTUAL EXAM 200 QUESTIONS AND DETAILED ANSWERS|AGRADE
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RECA RESIDENTIAL EXAM ACTUAL EXAM 200 QUESTIONS AND DETAILED ANSWERS|AGRADE
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RECA RESIDENTIAL EXAM 2024-2025 ACTUALEXAM 200 QUESTIONS AND DETAILED
ANSWERS|AGRADE
Terms in this set (112)
- Trust and confidence
Fiduciary Representation - Best interests
- Loyalty
1. Discuss
2. Determine
5 Ds of Role Clarity 3. Document
4. Disclose
5. Do
- the nature of services provided
- whether professional has entered into
representation relationship with other party
- any conflicts of interest
Must disclose in writing - any other facts that may influence consumers
decision to proceed with relationship
made to clarify and provide proof of undertanding in
event issues or disputes arise
, Written Service Agreement
- when consumer chooses a representation
relationship
- becomes a client
Written Service
- provide signed copy to brokerage
Agreement vs Customer
Acknowledgement Forms
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
PIPEDA - Federal legislation
Alberta's legislation, how private organizations use
PIPA
and disclose personal information.
a legal document authorizing someone to act on your
behalf
- must be 18
- POA must be written, dated and signed by both
Power of Attorney
donor and witness
- donor must be mentally capable or contract is void
- only effective as long as donor is alive, will takes
effect once death
, General POA
- has no limits on powers of the attorney
- can make all decisions regarding financial and legal
affairs
- exception where the donor resides and health care
Special POA
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with land
- must be registered on Certificate of Title
Types of POA
Immediate POA
- takes effect as soon as POA is signed, dated and
witnessed
- terminates upon loss of mental capacity or death
Enduring POA
- immediately upon being signed, dated and
witnessed
- continues if donor becomes incapable, mentally
incapacitated
- must include statement whether it takes effect
immediately and continues...
Court ordered sale usually as a way to resolve legal
matters
Judicial Sale
- primary debt recovery method for default
mortgages
legal action supervised by the court following a
default on the mortgage.
Foreclosure
-transfers the real property from the borrower to the
lender and erases interests on title.
Legislation that establishes technical specifications for
Alberta Building Code
new building construction and construction materials
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