RECA RESIDENTIAL UNIT 1-9 ACTUAL EXAMS PACK | LATEST UPDATE & ANSWERS (VERIFIED)| ALREADY GRADED

What is the RMS? ANSWER: Residential Measurement Standard 4 qualities of a standard ANSWER: 1. It must be objective (ie Uniform, consistent) 2. It mut apply to an object or process that can be quantified (i.e. measured) 3. It's results must be verifiable (i.e. repeated by others) 4. It's ...

What do REPs have a regulatory obligation to present and discuss with the consumer? 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? ANSWER: No ...

"Equity" meaning ANSWER: The market value of the property, less the outstanding balance of the mortgage and any other financial obligation registered against the property Definition of "Mortgage" ANSWER: The pledging of real property to a loender as security for a debt. In other words, ...

3 fundamental principles of fiduciary duty. AKA the 3 principles that give rise to fiduciary duties in a representation relationship: ANSWER: Trust and Confidence, Best Interests, Loyalty 8 General Obligations of REPs ANSWER: Exercise Care and Skill, Act Honestly, Negotiate Favourable terms, ...

If Sales to new listings ratio is increasing, is it a Seller's market or a buyer's market? ANSWER: Sellers' market What is the meaning of "Mode" in mathematics? ANSWER: it is the number in a group of numbers that appears the most often. For example Mary has a residence in X subdivision. ...

Fiduciary Representation ANSWER: - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity ANSWER: 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do Must disclose in writing ANSWER: - the nature of services provided - whether professional has entered into representati...

Self regulation ANSWER: -General obligation -Care & Skill -Act honestly -Negotiate favorable terms -Maintain confidentiality -Disclose information -Act in person -Obey lawful instructions -Perform mandate Brokerage interests ANSWER: Interest of brokerage at odds with brokerage client F...

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 Governme...