RECA Residential Exam questions and answers latest 2023
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Course
RECA
Institution
RECA
RECA Residential Exam questions and answers latest 2023Fiduciary Representation
- Trust and confidence
- Best interests
- Loyalty
5 Ds of Role Clarity
1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
Must disclose in writing
- the nature of services provided
- whether p...
RECA Residential Exam questions and answers latest 2023
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 proceed with relationship
made to clarify and provide proof of undertanding in event issues or disputes arise
Written Service Agreement vs Customer Acknowledgement Forms - correct answer Written Service Agreement
- when consumer chooses a representation relationship
- becomes a client
- provide signed copy to brokerage
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
PIPEDA - correct answer - Federal legislation
PIPA - correct answer Alberta's legislation, how private organizations use and disclose personal information.
Power of Attorney - correct answer 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 - correct answer General POA
- has no limits on powers of the attorney - can make all decisions regarding financial and legal affairs
- exception where the donor resides and health care
Special POA
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with land
- must be registered on Certificate of Title
Immediate POA
- takes effect as soon as POA is signed, dated and witnessed
- terminates upon loss of mental capacity or death
Enduring POA
- immediately upon being signed, dated and witnessed - continues if donor becomes incapable, mentally incapacitated
- must include statement whether it takes effect immediately and continues...
Judicial Sale - correct answer Court ordered sale usually as a way to resolve legal matters
- primary debt recovery method for default mortgages
Foreclosure - correct answer legal action supervised by the court following a default on the mortgage. -transfers the real property from the borrower to the lender and erases interests on title.
Alberta Building Code - correct answer Legislation that establishes technical specifications for new building construction and construction materials
Building Permit - correct answer typically valid for one year during which construction process must be initiated
Factory Built Construction - correct answer Manufactured
- three sections that are 95% complete when they leave the factory.
- secure the sections to the foundation and join together
- can often move in the same day or within days
- saves time and mony
Modular Construction
- manufacturing three dimensional units, 85 percent complete when they leave
- requires few weeks on site to be complete
- allows for creation of multi-story buildings
Panelized construction - creation of pre-fabricated wall, floor or roof panels
- panels may be completed fully or partially
- may consist of just the frame or fully complete with windows and siding
Alberta Safety Codes Act - correct answer provincial legislation that sets specifications for new building.
Components of Construction - correct answer Lot
Substructure - building foundation
Superstructure - above grade construction
includes; envelope, service systems, interior - building envelope - everything that encloses the structure - roof, exterior walls, windows, doors, and interior walls - building service systems - supply's essential services - heat, electricity, water - interior - interior walls, features, finishes, and fixtures
Pre-wired
- security systems, internet, fireplace controls, windows
Preserved Wood foundation - correct answer treated wood, must be certified with a stamp. - must be examined by engineer or architect stating conforms to the Alberta Building Code requirements
- poured concrete is the most common foundation
Subsurface Drainage - correct answer Drain tiles - directs water to storm system or sump pit
Sump Pump
- located in sump pit in the foundation, accessible
- submersible pump - installed within the sump pit
- pedestal/upright - set outside of the sump pit
Parging - correct answer Thin top coat that is applied to exterior finish, used to create smooth surface. can be cement or acrylic
- protects above grade foundation walls
Building Floors - correct answer Beams - structural components that create base
Joist - support part of structure, placed horizontal - supports floor or ceiling
Bridging/Blocking - adds to load carrying capabilities and reduces the potential for movement.
R-Value or RSI - correct answer the rate at which heat moves through insulation, the higher the value the more effective the material is at resisting the transfer of heat.
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