RECA Residential Unit 8 Comprehensive Exam With Questions And Well Elaborated Answers/2024.

What do REPs have a regulatory obligation to present and discuss with the consumer? - correct 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? - correct answer No 2 types of consumer relationships - correct answer client and customer Difference between Common Law Agency relationship and Designated Agency Relationship - correct answer Common Law agency relationship is a client relationship in which the brokerage represents the seller Designated Agency Relationship is a client relationship in which the real estate professional represents the seller as a designated agent True or false - Regardless of whether the brokerage practices common law or designated agency, the responsibilities of REPs to clients remain the same as REPs much protect the interests of the clients. - correct answer True 6 responsibilities of the REP to their clients - correct answer 1. Undivided Loyalty 2. Confidentiality 3. Full Disclosure 4. Obedience 5. Reasonable Care and Skill 6. Full Accountability 4 Responsibilities clients have to brokerages - correct answer 1. Give REP any information that may impact a transaction 2. Give the REP any facts that may impact their ability to represent the client 3. Pay the brokerage all fees as agreed to in writing 4. Pay the brokerage all expenses as agreed in writing 3 things REPs may offer customers (which would ultimately benefit their clients) - correct answer 1. Providing the customer with statistical information 2. Assisting the customer in completing the more commonly used residential real estate forms. 3. Recommending the customer contact appraisers, mortgage brokers, property inspectors, and/or other service providers. 8 responsibilities a REP has in the case of being a transaction facilitator (representing both buyer and seller) - correct answer 1. To not give confidential advice, support to only one party, or use judgement or discretion that benefits one party over the other. 2. To be impartial in dealing with all parties 3. To provide all parties with the same real estate statistics and information, including comparable property information form the list