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Reca CH1 EXAM AND PRACTICE EXAM NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+€26,85
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Reca CH1 EXAM AND PRACTICE EXAM NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
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Reca CH1 EXAM AND PRACTICE EXAM NEWEST ACTUAL
EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
Which of the following is NOT a non-price determinant of demand?
A) Market size
B) Costs of production
C) Availability of credit
D) Consumers' dispos...
Reca CH1 EXAM AND PRACTICE EXAM NEWEST ACTUAL
EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
Which of the following is NOT a non-price determinant of demand?
A) Market size
B) Costs of production
C) Availability of credit
D) Consumers' disposable income - CORRECT ANSWER C) Availability of credit
Which entity has the authority to amend the Real Estate Act?
A) RECA
B) Federal government
C) Provincial legislature
D) Alberta Real Estate Association - CORRECT ANSWER C
Which of the following will occur to the supply of a good when there is a change in
quantity supplied due to a price increase?
A) A shift in the quantity supplied
B) A shift in the quantity demanded
C) An increase in the quantity supplied
D) An increase in the quantity demanded - CORRECT ANSWER C
Which of the following is NOT an accountability measure that RECA has to the Minister
of Service Alberta under the Real Estate Act?
A) RECA must provide financial reports annually
B) RECA must provide industry statistics annually
C) RECA must provide human resource statistics annually
D) RECA must provide an annual report for the previous year - CORRECT
ANSWER C
Which of the following related real estate professionals provide an independent and
objective analysis of a property's major systems and components?
A) Property appraiser
B) Property manager
C) Property measurer
D) Property inspector - CORRECT ANSWER D
,What is the occupancy rate for a housing complex that has a total of 20 units of which
15 are occupied?
A) 25%
B) 33%
C) 43%
D) 75% - CORRECT ANSWER D
Which of the following is an influencing factor that may cause the quantity demanded for
a good or service to shift?
A) A change in consumer tastes
B) A change in consumer expectations
C) A change in the number of consumers
D) All the statements apply - CORRECT ANSWER D
Which of the following is NOT a non-price determinant of demand?
A) Market size
B) Costs of production
C) Availability of credit
D) Consumers' disposable income - CORRECT ANSWER B
Which of the following statements is correct regarding the resource markets?
A) They measure the total output of an economy
B) They determine the level of supply and demand
C) They measure the level of consumer confidence
D) They facilitate the exchange of the factors of production - CORRECT ANSWER
D
Which of the following statements is NOT correct regarding the term demographics?
A) It measures the total output of an economy
B) It can affect the supply of, and demand for, real estate
C) It is the study of the characteristics of human populations
D) It includes statistical data such as age, gender, and ethnicity - CORRECT
ANSWER A
Which of the following best describes Canada's economy?
A) Barter economy
B) Mixed economy
C) Socialist economy
D) Capitalist economy - CORRECT ANSWER B
What market situation occurs when the quantity supplied is the same amount as the
quantity demanded?
A) Market surplus
B) Market shortage
,C) Market equilibrium
D) Market disequilibrium - CORRECT ANSWER C
Which stage of a business cycle experiences positive and increasing economic output
along with inflation in prices?
A) Trough
B) Recovery
C) Expansion
D) Contraction - CORRECT ANSWER C
Which of the following is NOT a benefit of economic growth for society?
A) The stimulation of employment
B) The depletion of natural resources
C) The enhancement in business confidence
D) The improvement in the standard of living - CORRECT ANSWER B
Which of the following variables contribute to economic growth?
A) Amount of natural resources
B) Amount of capital available for investment
C) Technological progress
D) All contribute to economic growth - CORRECT ANSWER D
Which term best describes the model under which RECA operates in relation to the
industries it governs?
A) Self-regulation
B) Self-jurisdiction
C) Self-government
D) Self-administration - CORRECT ANSWER A
Which term describes the document related to real estate that is produced by an Alberta
land surveyor?
A) Certificate of Title
B) Real Property Report
C) Real Estate Purchase Contract
D) Environmental Site Assessment - CORRECT ANSWER B
What type of real estate market is said to occur when the number of properties in a local
area exceeds the number of buyers?
A) Sellers' market
B) Buyers' market
C) Balanced market
D) Consumer market - CORRECT ANSWER B
What does the theory of demand state?
The higher the price of a product, the lower the quantity demanded
, The lower the price of a product, the higher the quantity demanded
The higher the price of a product, the higher the quantity demanded
The lower the price of a product, the lower the quantity demanded
A) Statements I and II
B) Statements III and IV
C) Statements I and IV
D) Statements II and III - CORRECT ANSWER A
Which field of economics studies the basic theories of supply and demand for goods
and services as relates to individuals, households, and firms?
A) Social economics
B) Microeconomics
C) Macroeconomics
D) Market economics - CORRECT ANSWER B
Which of the following is NOT a RECA educational resource for industry professionals?
A) Guides and forms
B) Information bulletins
C) The Regulator and RECA News
D) Spatial Information System (SPIN 2) - CORRECT ANSWER D
Which of the following describes the cyclical fluctuations of alternating periods of
contraction and expansion as reflected in variables such as production, employment,
prices, and wages?
A) Business cycle
B) Market correction
C) Capacity utilization rate
D) Demand and supply relationship - CORRECT ANSWER A
Which of the following will occur to the supply of a good when there is a change in
quantity supplied due to a price increase?
A) A shift in the quantity supplied
B) A shift in the quantity demanded
C) An increase in the quantity supplied
D) An increase in the quantity demanded - CORRECT ANSWER D
Which entity is responsible for monitoring the activities of RECA?
A) Minister of Finance
B) Minister of Service Alberta
C) Minister of Municipal Affairs
D) Minister of Consumer Affairs - CORRECT ANSWER B
Which of the following is NOT an accountability measure that RECA has to the Minister
of Service Alberta under the Real Estate Act?
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