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Exam (elaborations)

Reca Practice Questions with 100% Correct Answers

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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, Char...

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  • November 14, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • when considering a buyers qualifications a lend

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  • Reca
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Reca Practice Questions with 100% Correct
Answers
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 Correct Answer Capital , Credit ,
collateral , Capacity , Character

The definition of " amperage " is :

The rate of electrical flow .
Electrical pressure .
The rate of energy consumed . Correct 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 Correct Answer the Criminal Code of Canada

Customary
Implied
Specific Correct 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 Correct Answer 542000

Express
Implied
Customary Correct 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 Correct 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 . Correct Answer Have to practice designated
agency .

True or False : An oral contract is not enforceable because of the Statute of Frauds
Correct 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 .
This information , with the other industry members permission , can be disclosed to her
clients .
This information , because it is confidential information , cannot be disclosed to her
clients . Correct Answer Any information given by a customer in relation to a trade in
real estate will need to be disclosed to the client . This information will need to be
disclosed to her clients .

In remembering the pyramid showing the influences on professional conduct , what is
the bottom influence , the largest one ?

Personal Ethics
Real Estate Act
Canadian Law Correct Answer Canadian Law - it would include criminal law agency law
, contract law and tort law .

Which one of the following would not be included in the Annual Operating Expenses .

Management
Income taxes

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