Reca Practice Again MIDTERM EXAM 2024
QUESTIONS AND ANSWERS 100%
CORRECT;Wilfrid Laurier University
When considering a buyer's qualifications , a lender will use the
5 " C's " to evaluate the borrower's ability to repay a loan . The
5 " Cs " are :
Character , Capacity, Continuance Capital, Credit
Capacity, Continuance, Capital, Collateral, Credit
Capital, Credit, Collateral, Capacity, Character - ANSWER-Capital
, Credit , collateral , Capacity , Character
The definition of " amperage " is :
,The rate of electrical flow .
Electrical pressure .
The rate of energy consumed . - ANSWER-The rate of electrical
flow .
Failure to disclose a referral fee might mean the industry
professional is not acting in the best interest of his / her client
and may also constitute receipt of a secret commission which is
a breach of the :
the Criminal Code of Canada
the Criminal Code of Alberta
the Alberta Code of Ethics - ANSWER-the Criminal Code of
Canada
Customary
Implied
Specific - ANSWER-Implied
As a real estate professional you are doing a competitive market
analysis on a property . The property is a 1800 sq . ft . 3
bedroom 2 story . It does have a garage . There is a similar
,home in the neighborhood that just sold for $ 532,000 but it
doesn't have a double garage and has a 4 bedrooms . The
garage is worth $ 20,000 and the extra bedroom would be
worth $ 10,000 . What is the adjusted price of the subject
property ?
542000
562000
522000 - ANSWER-542000
Express
Implied
Customary - ANSWER-Express
What concept of property value does this description define :
The value in the mind of the buyer or seller and is typically
based on emotion
Subjective Value
Objective Value
Value in Use - ANSWER-Subjective Value
, The broker will make the decision whether or not to practice
designated agency . When that decision is made the real estate
professionals registered with that brokerage will :
Be allowed to make their decision as to whether they will do
the same .
Have to practice designated agency most of the time but will be
allowed to opt out if they wish .
Have to practice designated agency . - ANSWER-Have to
practice designated agency .
True or False : An oral contract is not enforceable because of
the Statute of Frauds - ANSWER-false
Fiona , a real estate professional , is holding an open house on
one of her listings . During the open house an other industry
member from another brokerage brings in a potential buyer for
the home . In discussion Fiona finds out that the buyer is
transferring in from Vancouver and the school in the area is
exactly what they are looking for , for their daughter . Later that
evening an offer comes in from the Vancouver buyers . What
can Fiona do with this information ?
This information will need to be disclosed to her clients .
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