RECA Fundamentals Study Guide
Questions And Answers 100% Verified.
duty-based ethics - correct answer. Individual is expected to do the right thing cause
it's the right thing to do, regardless of outcome
utalitarian ethics - correct answer. Sells the optimal result for the greatest number of
people
Advisory note - correct answer. Punishment for a technical breach
Administrative penalty/ fine - correct 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 - correct answer. These two ways of creating a
representation relationship should not be done in real estate
By Estoppel - correct answer. This representation relationship arises when a principal
acts in a way that leads a third party to believe an agent has been given authority when
in actuality the agent hasn't consented or even knows about it
By operation of law - correct answer. This type of representation relationship is
created when someone takes action to save a property or person from imminent
danger/ damages
Ethics - correct answer. Voluntary set of rules and guiding principles an individual
uses as their moral compass. Standard of conduct adopted and practiced within a
culture or society li
Morals - correct answer. A set of beliefs held by an individual and founded on
fundamental principles of right and wrong. Ex. Religious
Tort law - correct answer. What area of law deals with civil wrong doings for which the
courts may grant a remedy. ( harm to a person or damage to property)
,35,000$ - correct answer. Max the real estate assurance fund may pay per claimant
for damages or losses to the services of a real estate professional
Purpose of Real Estate Assurance Fund - correct answer. Compensate consumers
who have received court judgement against a real estate professional for fraud or
breach of trust
Real estate insurance exchange
REIX - correct answer. To protect real estate professionals when they make a mistake
regarding their business
Kohlbergs highest stage of moral development - correct answer. Where moral
development is based on individual reflection and analysis of the issues ( level 3 stage
6)
Right of Recission - correct answer. The ability of purchasers to cancel their purchase
contract with a developer within 10 days
Condominium - correct answer. Ownership in common with others
CADS - correct answer. If someone forgets the condo management company name
for any reason where would they find it
General power of attorney - correct answer. Can make all decisions about finances or
legal affairs has no limit other then where they'll live or health care
Yes - correct answer. Will power or at tourney be on the title
building permit - correct answer. Permit that applies to specific project that is an
improvement to the property
development permit - correct answer. Permit that applies to overall use of the land
It was legal at time of development - correct answer. Non conforming suite means ?
Waterworks
Repair of roads
Ambulance - correct answer. Municipal special taxes are for
Business revitalization tax - correct answer. Taxes used in a business district to
improve beauty, parking, or promote
24 hrs - correct answer. Landlord may enter without consent but with notice after
giving how much notice
, Assignment - correct answer. Tenant isn't returning to the property so all obligations
and rights go to the new tenant
Sublease - correct answer. Tenant will be returning to the property, and they're still
liable to the landlord
Condominium Property Act - correct answer. Condos are governed by the
Agricultural and recreational land ownership act - correct answer. This act prevents
non Canadians from buying significant amounts of prime land
Personal information - correct answer. Refers to information that makes an individual
identifiable
FINTRAC - correct answer. Real Estate brokerages must report suspicious
transactions to which organization
Express
Implied
Opt-out - correct answer. Types of consent
Guardian,
Cause they're not entitled to make financial decisions regarding land - correct answer.
Makes decisions like healthcare, living arrangements, diet, dress. And they're not on
title search why?
Physical
Emotional
Cognitive - correct answer. Reactions associated with conflicts or disputes
Authority
Responsibility
Accountability - correct answer. In terms of brokerage what 3 components of
leadership relate to the broker
Negotiator - correct answer. Brokers who use VBRP typically have experience in
which role
Assumptions
Omissions - non act
Commissions- over act - correct answer. Frequent causes of conflicts and disputes
3500$
7000$ - correct answer. First claim with REIX
Second claim within 3 years if first
Questions And Answers 100% Verified.
duty-based ethics - correct answer. Individual is expected to do the right thing cause
it's the right thing to do, regardless of outcome
utalitarian ethics - correct answer. Sells the optimal result for the greatest number of
people
Advisory note - correct answer. Punishment for a technical breach
Administrative penalty/ fine - correct 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 - correct answer. These two ways of creating a
representation relationship should not be done in real estate
By Estoppel - correct answer. This representation relationship arises when a principal
acts in a way that leads a third party to believe an agent has been given authority when
in actuality the agent hasn't consented or even knows about it
By operation of law - correct answer. This type of representation relationship is
created when someone takes action to save a property or person from imminent
danger/ damages
Ethics - correct answer. Voluntary set of rules and guiding principles an individual
uses as their moral compass. Standard of conduct adopted and practiced within a
culture or society li
Morals - correct answer. A set of beliefs held by an individual and founded on
fundamental principles of right and wrong. Ex. Religious
Tort law - correct answer. What area of law deals with civil wrong doings for which the
courts may grant a remedy. ( harm to a person or damage to property)
,35,000$ - correct answer. Max the real estate assurance fund may pay per claimant
for damages or losses to the services of a real estate professional
Purpose of Real Estate Assurance Fund - correct answer. Compensate consumers
who have received court judgement against a real estate professional for fraud or
breach of trust
Real estate insurance exchange
REIX - correct answer. To protect real estate professionals when they make a mistake
regarding their business
Kohlbergs highest stage of moral development - correct answer. Where moral
development is based on individual reflection and analysis of the issues ( level 3 stage
6)
Right of Recission - correct answer. The ability of purchasers to cancel their purchase
contract with a developer within 10 days
Condominium - correct answer. Ownership in common with others
CADS - correct answer. If someone forgets the condo management company name
for any reason where would they find it
General power of attorney - correct answer. Can make all decisions about finances or
legal affairs has no limit other then where they'll live or health care
Yes - correct answer. Will power or at tourney be on the title
building permit - correct answer. Permit that applies to specific project that is an
improvement to the property
development permit - correct answer. Permit that applies to overall use of the land
It was legal at time of development - correct answer. Non conforming suite means ?
Waterworks
Repair of roads
Ambulance - correct answer. Municipal special taxes are for
Business revitalization tax - correct answer. Taxes used in a business district to
improve beauty, parking, or promote
24 hrs - correct answer. Landlord may enter without consent but with notice after
giving how much notice
, Assignment - correct answer. Tenant isn't returning to the property so all obligations
and rights go to the new tenant
Sublease - correct answer. Tenant will be returning to the property, and they're still
liable to the landlord
Condominium Property Act - correct answer. Condos are governed by the
Agricultural and recreational land ownership act - correct answer. This act prevents
non Canadians from buying significant amounts of prime land
Personal information - correct answer. Refers to information that makes an individual
identifiable
FINTRAC - correct answer. Real Estate brokerages must report suspicious
transactions to which organization
Express
Implied
Opt-out - correct answer. Types of consent
Guardian,
Cause they're not entitled to make financial decisions regarding land - correct answer.
Makes decisions like healthcare, living arrangements, diet, dress. And they're not on
title search why?
Physical
Emotional
Cognitive - correct answer. Reactions associated with conflicts or disputes
Authority
Responsibility
Accountability - correct answer. In terms of brokerage what 3 components of
leadership relate to the broker
Negotiator - correct answer. Brokers who use VBRP typically have experience in
which role
Assumptions
Omissions - non act
Commissions- over act - correct answer. Frequent causes of conflicts and disputes
3500$
7000$ - correct answer. First claim with REIX
Second claim within 3 years if first
