Alberta real estate law Study guides, Class notes & Summaries

duty-based ethics - ANSWER Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome utalitarian ethics - ANSWER Sells the optimal result for the greatest number of people Advisory note - ANSWER Punishment for a technical breach Administrative penalty/ fine - ANSWER One or two potentially serious infraction would cause this punishment Ratification- acting without authority or in excess of authority Implication- advice outside of objective ...

Which of the following is part of RECA's commitment to consumer protection? - AnswerWhat are some benefits that mortgage brokerage trade associations offer their members? - Answer- Licensing Standards for mortgage industry members Which entity has the authority to amend the Act? - Answer- Provincial Legislators Which of the following represents an accountability mechanism that RECA must comply with under the Act? - Answer- Previous Fiscal year In addition to mortgage brokerage trade associ...

buyer's market - ANSWER contraction in local economy, property prices decline, fewer buyers compared to available properties, properties remain on market for longer time, larger inventory of properties for sale seller's market - ANSWER demand for properties is higher than available Supply seller's market - ANSWER booming local economy, property sell quick, increasing property prices, increasing number of buyers, smaller inventory of properties for sale, limited time given to buyers to m...

duty-based ethics - Answer- Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome utalitarian ethics - Answer- Sells the optimal result for the greatest number of people Advisory note - Answer- Punishment for a technical breach Administrative penalty/ fine - Answer- One or two potentially serious infraction would cause this punishment Ratification- acting without authority or in excess of authority Implication- advice outside of object...

Which of the following is part of RECA's commitment to consumer protection? - Answer- What are some benefits that mortgage brokerage trade associations offer their members? - Answer- Licensing Standards for mortgage industry members Which entity has the authority to amend the Act? - Answer- Provincial Legislators Which of the following represents an accountability mechanism that RECA must comply with under the Act? - Answer- Previous Fiscal year In addition to mortgage brokerage tr...

RECA Exam Study Questions and Answers 100% Pass Carl, a real estate professional, is registered with Prime Plus Real Estate Ltd. He has listed his brother's house for sale with the brokerage. A real estate professional with another brokerage contacts Carl and asks to preview the property as she has a potential buyer. What level of disclosure must Carl provide? Disclosure level 1 When evaluating an ethical dilemma, the first step is awareness. An individual may become aware of an ethical dilem...

RECA Mortgage Broker Exam Questions With Verified Answers How are representation relationships typically established? - answerEstoppel Representation relationships can be established by: agreement, implication, ratification, estoppel, or operation of law What is the highest form of private land ownership in Alberta? - answerFee simple Fee simple ownership is the highest form of private land ownership as it gives the owner the most ownership rights, and the owner controls the land as l...

RECA Residential Exam with Verified Solutions Rated 100% Fiduciary Representation -ANS- - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity -ANS- 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do Must disclose in writing -ANS- - the nature of services provided - whether professional has entered into representation relationship with other party - any conflicts of interest - any other facts that may influence consumers decision to proceed with relationship ...

The purposes of RECA according to the Act is the following... - Answer- 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 - Answer- 1: Rules are a set of instructions to be followed by all industry pro...

The purposes of RECA according to the Act is the following... - ANSWER 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 - ANSWER 1: Rules are a set of instructions to be followed by all industry profe...