Reca fundamentals unit 5 - Study guides, Class notes & Summaries

Unit 5 Of the RECA Fundamentals

Unit 5 Of the RECA Fundamentals Exam Questions and Answers

Unit 5 Of the RECA Fundamentals Exam Questions and Answers

Unit 5 Of the RECA Fundamentals Exam Questions and Answers

Unit 2(RECA)QUESTIONS WITH COMPLETE SOLUTION LATEST 2023The purposes of RECA according to the Act is the following... 1. Set and enforce rules for industry members to follow, to promote integrity, and protect the consumer from mortgage fraud. 2. Provide services that help industry professionals in the industry. 3. Administer (enforce) the Act through the Rules, Regulations & Bylaws Describe and explain the differences between the Rules, Regulations & Bylaws 1: Rules are a set of instr...

What are the two types of laws? - Answer-Statute law: Federal or Provincial law Common law: Laws based on previous decisions on similar matters When you make an agreement/contract with a client is that agreement with you or the brokerage? - Answer-it is not with you, it is with the brokerage There are representative relationships and non-representative relationship relationships. When does it become a representative relationship? - Answer-When they sign a contract or a verbal agreement....

RECA Fundamentals Verified Q&A Scored 100% Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome *ANS* duty-based ethics Sells the optimal result for the greatest number of people *ANS* utalitarian ethics Punishment for a technical breach *ANS* Advisory note One or two potentially serious infraction would cause this punishment *ANS* Administrative penalty/ fine These two ways of creating a representation relationship should not be do...

What are the two types of laws? Statute law: Federal or Provincial law Common law: Laws based on previous decisions on similar matters When you make an agreement/contract with a client is that agreement with you or the brokerage? it is not with you, it is with the brokerage There are representative relationships and non-representative relationship relationships. When does it become a representative relationship? When they sign a contract or a verbal agreement. Is a real estate agent all...

What are the two types of laws? - correct answer Statute law: Federal or Provincial law Common law: Laws based on previous decisions on similar matters When you make an agreement/contract with a client is that agreement with you or the brokerage? - correct answer it is not with you, it is with the brokerage There are representative relationships and non-representative relationship relationships. When does it become a representative relationship? - correct answer When they...