Exam (elaborations)
RECA RESIDENTIAL EXAM UNIT 5 ACTUAL EXAM REAL QUESTIONS AND DETAILED ANSWERS
- Course
- Institution
RECA RESIDENTIAL EXAM UNIT 5 ACTUAL EXAM REAL QUESTIONS AND DETAILED ANSWERS
[Show more]
Seller
Follow
nawfsidehuncho
Reviews received
Content preview
RECA RESIDENTIAL EXAM UNIT 4 ACTUAL EXAM200 REAL QUESTIONS AND DETAILED ANSWERS
AGRADE LATEST 2024 VERIFIED.
3 Types of property defects - ANSWER >>>>Patent, Latent,
Material latent
What are Patent defects (on a property)? - ANSWER
>>>>obvious flaw discovered upon reasonable inspection.
caveat emptor applies (meaning that the buyer should have
inspected enough to find anything like this). Unless the seller
provides information or warranties regarding the patent
defects, it is the buyers responsibility to address them.
What are Latent defects (on a property)? - ANSWER
>>>>Latent defects are physical deficiencies that do not
render the property dangerous or potentially dangerous, so
caveat emptor applies.
Latent (or hidden). A true latent defect is one that is not
known to either the seller or buyer at the time of the sale.
Liability becomes an issue when it can be proven that a defect
was known to the seller but could not have been discovered
by the buyer, even upon a reasonable inspection.
What are material latent defects (on a property)? - ANSWER
>>>>A material latent defect is a "hidden" defect that
materially (largely) affects the use or value of the property.
,Material latent defects are of significance because the seller is
aware of them but the buyer will not discover them through a
reasonable inspection. These effects may render the property
dangerous or potentially dangerous, unfit for habitation or unfit
for the purpose that the buyer is acquiring it.
What is caveat emptor? - ANSWER >>>>Let the buyer
beware. However, this rule is often violated; people are often
required to speak up
Two types of patent defects - ANSWER >>>>Minor and
material
8 examples of Minor patent defects - ANSWER >>>>Broken
window pane, damage to entry walkway/stairs, Ill-fitting or
damaged doors, ill-fitting windows, cracks in cement
driveway, stained/damaged walls and ceilings, worn or
damaged flooring, worn or damaged faucets/fixtures.
7 examples of Material patent defects - ANSWER >>>>Roof
requiring re-shingling, Large windows with broken seals,
cracked heat exchanger in furnace, easily observable
foundation deterioration, property located in flood hazard
area, property located near a fertilizer plant, property
condemned by Alberta Health Services.
What are material patent defects? - ANSWER >>>>defects
that could pose serious health and/or safety concerns for
occupants or visitors to the property.
5 examples of Latent defects - ANSWER >>>>1. a hole in
drywall hidden from view by a wall hanging. 2. A dent in
hardwood flooring hidden from view by an area carpet 3.
,Broken window latch hidden from view by window covering 4.
Water stains on carpeting hidden from view by a large plant
stand 5. Damage to the inside wall of a bedroom closet
hidden from view by clothes.
8 examples of material latent defects - ANSWER >>>>1.
Significant structure damage that has been concealed 2.
Notices from local authorities that prejudicially affect the
property 3. Any renovation or repair work that lacks
required/appropriate permits from the local municipality or
other authority 4. Concealed crack in the foundation wall 5.
Concealed electrical wiring improperly installed 6.
Environmental contamination not remediated and is
concealed 7. Properties formerly used as marijuana grow op
or drug lab what were renovated but not professionally
remediated 8. Corroded post-tension cables
If the buyer is not represented, it is the seller's REP to
communicate material latent defects to the unrepresented
buyer? - ANSWER >>>>Yes, as it in the best interest of the
seller (or else the buyer may sue the seller if it is not made
clear).
What does misrepresentation refer to? - ANSWER >>>>a
false or misleading statement or representation made by one
party to another
3 types of misrepresentation - ANSWER >>>>negligent,
reckless and intentional
Negligent Misrepresentation - ANSWER >>>>a false or
misleading statement made by a person, who believed it to be
true, and where the person carrying out the misrepresentation
, took reasonable steps to assure the accuracy of the
statement
Reckless Misrepresentation - ANSWER >>>>false or
misleading statement made by a person who had not
intended to mislead but failed to take reasonable steps to
confirm the statement's truthfulness or accuracy
In general property inspectors should have in-depth
knowledge on the following 6 areas - ANSWER >>>>1. New
and old building service systems 2. How different building
service systems interact 3. Causes and effects of building
systems deterioration and remedies 4. Applicable legislation
5. Hazardous material 6. Current safety standards
In Alberta who governs residential property inspectors and
inspection businesses? - ANSWER >>>>The Fair Trade Act,
Home Inspection Business Regulation
How to determine if a property inspector or business is
currently licensed? - ANSWER >>>>Visit Service Alberta
website at servicealberta.ca
What is the Property Inspection Request form and what does
it include? - ANSWER >>>>RECA created the Property
Inspection Request form to assist REPs in educating their
clients about property inspections. The form includes a list of
the various inspections and reports available to buyers.
What is an ESA? - ANSWER >>>>Environmental Site
Assessment. To determine if a property is contaminated
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller nawfsidehuncho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $29.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67163 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now