A residen Study guides, Class notes & Summaries

RECA Residential Unit 7 Exam Questions and Answers 2024 under which Act/Law are all Alberta municipalities empowered to shape their communities? - Answer-MGA - The Municipal Government Act Which department is responsible for administration of the MGA? -Answer-Municipal Affairs is the department responsible for administering the Municipal Government Act MGA contains 3 key topics -Answer-1. Assessment and Taxation 2. Governance and Administration 3. Planning and Development When was the fir...

3 options for who determine the RMS property size (this should be discussed with seller client) - Answer- 1. by the REP 2. by REP and the seller 3. By a qualified person engaged to do so 3 types of town houses - Answer-Row, stacked, cluster (cluster seem to be the same as 4plexes but maybe more than one 4plex together) 4 Benefits of the RMS - Answer-1. A province-wide property measurement standard for all real estate professionals 2. Applies to all real estate brokerages regardless of their...

RECA Residential – Questions With Complete Solutions

RECA Residential Exam:- Questions & Correct Answers

RECA Residential Exam Latest Updated 2024 Power of Attorney - a legal document authorizing someone to act on your behalf - must be 18 - POA must be written, dated and signed by both donor and witness - donor must be mentally capable or contract is void - only effective as long as donor is alive, will takes effect once death Types of POA - General POA - has no limits on powers of the attorney  - can make all decisions regarding financial and legal affairs - exception where the donor r...

RECA Residential Unit 1, 2,3,4,5,6,7,8 &9 Questions and Answers Latest Update Already Passed 3 fundamental principles of fiduciary duty. AKA the 3 principles that give rise to fiduciary duties in a representation relationship: Trust and Confidence, Best Interests, Loyalty 8 General Obligations of REPs Exercise Care and Skill, Act Honestly, Negotiate Favourable terms, Maintain Confidentiality, Disclose Information, Act in Person, Obey Lawful Instructions, Perform Mandate 6 Points ...

"Equity" meaning - The market value of the property, less the outstanding balance of the mortgage and any other financial obligation registered against the property 2 reporting agencies in Canada that keep credit history data - Equifax Canada and TransUnion of Canada 2 rights of a lender (for mortgages) - Right to 1. assign the mortgage 2. be paid under the terms of the mortgage 2 ways to calculate interest (related to interest rates) - simple interest and compound interest 3 criteria/q...

What is considered the 'Offer Date'? - Answer-When an offer is drafted, not signed. Does the date of an offer change? - Answer-No. Even if terms are changed on a following day and the offer is re-submitted, the offer date remains the same. What are the minimum requirements of using a legal name for a seller or buyer when drafting an offer? - Answer-Use the full legal names, and if the individual has one or more middle names, at a minimum identify the initial(s). Tip: Whenever possible, u...

RECA Residential Unit 7 Exam Questions and Answers

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...