Residentialreca rural - Study guides, Class notes & Summaries

RECA Fundamentals Exam| 2023/ 2024| Questions and Verified Answers|100% Correct QUESTION Errors and Omissions Insurance? Answer: real estate equivalent of malpractice coverage QUESTION Comprehensive General Liability Insurance? Answer: - broad coverage for claims against injury/damage - civil liability (a fall) - any damages or injuries - legal defense costs - does not cover issues related to real estate transactions QUESTION Voluntary Broker Resoluti...

RECA Exam| Actual Questions and Verified Answers|100% Correct| 2023/ 2024- Grade A Q: Stan, a real estate professional registered with McAgent Real Estate Bro- kerage has just listed his commercial property for lease with his brokerage. Jim, another real estate professional registered with the same brokerage tells Stan that he has a client interested in leasing the property. What level of disclosure is required in this situation? A) Disclosure level 1 B) Disclosure level 2 C) Disclosure...

RECA Fundamentals Exam| Questions and Verified Answers|100% Correct| 2023/ 2024 Q: What’s includes in written service agreements? Answer: - the services to be provided by the brokerage - the responsibilities of each party to the agreement - the names of the parties to the agreement Q: failure to immediately notify Executive Director of changes to information provided in support of license results in: Answer: - Exec. Director may refer the matter for a professional condu...

RECA Residential Exam| Study Guide with Verified and Detailed Answers|100% Correct| 2023/ 2024 Q: Cement block? Answer: Poured concrete, cement, gravel aggregate and sand. Fills blocks that are hollow but filled with mortar and reinforced with rebar. Q: Preserved wood? Answer: Load bearing walls built with treated lumber and sheathed with treated plywood. -Wood used is treated with preservative chemicals to prevent decay and layered with mortar. -Requires certification b...

RECA Residential Exam | Latest 2023/ 2024 | Guide with Verified and Detailed Answers|100% Correct QUESTION Property inspection report aspects:? Answer: -Current condition of inspected items -Inspected items that are deemed unsafe or require repair or replacement. -Estimation of approximate replacements/repairs are needed. -Preventative measures to remedy current issues/extend life of inspected items. *should never include estimates or quotes for repairs, replacements or improv...

RECA Exam| 200+ Actual Questions and Verified Answers|100% Correct| 2023/ 2024 Q: Under the Residential Tenancies Act, when can a landlord enter a tenant's leased premises without consent or notice? A) When a fire alarm has sounded and the fire department requires access to all of the units to check for the source of the fire B) When the landlord has not seen the tenant or received rent in 2 months and newspapers are collecting at the front door of the premises C) When water is leaking in...

RECA Exam | 2023/ 2024 Update| Real Questions and Verified Answers|100% Correct- Grade A QUESTION Which of the following are benefits of professional courtesy? It helps avoid legal proceedings against real estate professionals It helps avoid a professional conduct review being conducted by RECA It helps avoid the issuance of disciplinary outcomes by RECA It helps avoid claims being made against REIX A) Statements I, II and III B) Statements II, III and IV C) Statements I, III and ...

RECA Exam| Questions and Verified Answers|100% Correct| 2023/ 2024 Q: Which of the following best describes a written acknowledgement? Answer: It should state that the consumer received and understands the written disclosure made by a real estate professional Q: Which of the following types of authority allow an agent to act according to the usual ways of performing an action as established by the profession? Answer: Customary authority Q: Which of the following resp...

RECA Exam| More than 200 Real Questions and Verified Answers| Grade A| 2023/ 2024 Update QUESTION The Oleksiaks paid $410,000 ten years ago for a house in a small town. There is now an economic downturn forcing the closure of a local industrial plant. As with many residents of the town, the Oleksiaks were employed by the plant and will now have to relocate to the city. When the Oleksiaks go to sell their home, the property is now valued at $350,000. Which of the following Principles...