Reca exam solved - Study guides, Class notes & Summaries

RECA Fundamentals Exam; Questions and Answers 100% Solved Which of the following is NOT a RECA educational resource for industry professionals? Correct answer Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act Correct answer Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time Correct answer Consumer Price Index (CPI) Which of the fo...

Reca – Residential Exam; Questions and Answers 100% Solved Self regulation Correct answer -General obligation -Care & Skill -Act honestly -Negotiate favorable terms -Maintain confidentiality -Disclose information -Act in person -Obey lawful instructions -Perform mandate Brokerage interests Correct answer Interest of brokerage at odds with brokerage client Fiduciary duties Correct answer -Utmost loyalty -Not to make secret profits -Maintain confidentiality -To account -Avoid an...

RECA Residential Exam; Questions and Answers 100% Solved Fiduciary Representation Correct answer - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity Correct answer 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do Must disclose in writing Correct answer - 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 pro...

Reca Practice Exam; Questions and Answers 100% Solved 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 electric...

RECA Exam Study Guide; Questions and Answers 100% Solved 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? Correct answer Disclosure level 1 When evaluating an ethical dilemma, the first step is awareness. An individual may ...

RECA Unit 1 Exam; Questions and Answers 100% Solved Define real estate Correct answer refers to land and fixed improvements to land (permanent) What are the building classifications Correct answer Residential Commercial Retail Institutional Agricultural Real Estate Sectors/Property Types Correct answer Residential commercial rural property management characteristics that identifies real estate as limited resource Correct answer scarce characteristic that defines real estate ...

RECA Unit 1 Quiz Correctly Solved Exam [100% Correct Answers] Which of the following acts as an accountability mechanism that RECA is obligated to follow under the Act? A) RECA must compile an annual report for the Minister of Service Alberta for the prior year. B) RECA must prepare an annual consumer report detailing the investigations conducted for the Minister of Service Alberta. C) RECA must create a market report regarding the industries it regulates for the Minister of S...