Reca residential unit 6 - Study guides, Class notes & Summaries

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...

"Equity" meaning - The market value of the property, less the outstanding balance of the mortgage and any other financial obligation registered against the property Definition of "Mortgage" - The pledging of real property to a loender as security for a debt. In other words, a mortgage represents the security over property given to a lender for repayment of a loan. Meaning of redemption (as related to mortgages) - The act of performing the borrowers obligations and consequential dis...

RECA Residential Unit 4 Exam Questions with Complete Solutions Latest Update (Already Passed) 3 Types of property defects - Answers Patent, Latent, Material latent What are Patent defects (on a property)? - Answers obvious flaw discovered upon reasonable inspection. caveat emptor applies (meaning that the buyer should have inspected enough to find anything like this). Unless the seller provides information or warranties regarding the patent defects, it is the buyers responsibility to address ...

"Equity" meaning - The market value of the property, less the outstanding balance of the mortgage and any other financial obligation registered against the property Definition of "Mortgage" - The pledging of real property to a loender as security for a debt. In other words, a mortgage represents the security over property given to a lender for repayment of a loan. Meaning of redemption (as related to mortgages) - The act of performing the borrowers obligations and consequential dis...

"Equity" meaning - The market value of the property, less the outstanding balance of the mortgage and any other financial obligation registered against the property Definition of "Mortgage" - The pledging of real property to a loender as security for a debt. In other words, a mortgage represents the security over property given to a lender for repayment of a loan. Meaning of redemption (as related to mortgages) - The act of performing the borrowers obligations and consequential dischar...

RECA Commercial EXAM 2 Correctly Solved 100% Pass Commercial real estate assets have a number of attributes that make them unique relative to other types of investments. These attributes include the following: (x10) *ANS* 1. They involve land 2.Transaction time frames are long 3. Transaction costs are high 4. they are expensive 5. They are long lasting 6. Highly regulated 7. have a long production cycle 8. are management intensive 9. are heterogeneous 10. Involve measuring return on ...

RECA Residential Unit 8: Q&A All Correct 2023 What do REPs have a regulatory obligation to present and discuss with the consumer? - Answer - The Consumer Relationship guide (the Guide) By signing the guide (the consumer relationship guide), is the consumer committed to work with the particular real estate professional/brokerage? - Answer - No 2 types of consumer relationships - Answer - client and customer Difference between Common Law Agency relationship and Designated Agency Relati...

3 fundamental principles of fiduciary duty. AKA the 3 principles that give rise to fiduciary duties in a representation relationship: - Answer-Trust and Confidence, Best Interests, Loyalty 3 fundamental principles of fiduciary duty. AKA the 3 principles that give rise to fiduciary duties in a representation relationship: - Answer-Trust and Confidence, Best Interests, Loyalty 8 General Obligations of REPs - Answer-Exercise Care and Skill, Act Honestly, Negotiate Favourable terms, Maintain...

RECA Residential Unit 1 Questions and Answers RECA Residential Unit 1 Questions and Answers 3 fundamental principles of fiduciary duty. AKA the 3 principles that give rise to fiduciary duties in a representation relationship: - ANSWER-Trust and Confidence, Best Interests, Loyalty 8 General Obligations of REPs - ANSWER-Exercise Care and Skill, Act Honestly, Negotiate Favourable terms, Maintain Confidentiality, Disclose Information, Act in Person, Obey Lawful Instructions, Perform Mandate ...

RECA Residential Unit 2 Exam Questions and Answers (Graded A) 9 things that, when representing sellers, REPs can do - ANSWER-1. Identify the features, qualities, and advantages that relate to the sellers' property 2. Describe the property appropriately in the applicable listing service and property databases. 3. Market the property based on the features, qualities, and advantages. 4. Promote the property and answer their buyers' questions regarding it. 5. Accurately answer questions regardi...