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RECA RESIDENTIAL EXAM UNIT 3 ACTUAL EXAM REAL QUESTIONS AND DETAILED ANSWERS
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RECA RESIDENTIAL EXAM UNIT 3 ACTUAL EXAM REAL QUESTIONS AND DETAILED ANSWERS
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RECA RESIDENTIAL EXAM UNIT 3 ACTUAL EXAMREAL QUESTIONS AND DETAILED ANSWERS
AGRADE LATEST 2024 VERIFIED.
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 results must
be quantifiable (i.e. measurable)
What is a measurement standard as it relates to property
use? - ANSWER >>>>is an objective and consistent method
to determine the area of a property and the results are
verifiable. It is based on the application of transparent,
uniform principles and protocols.
What are FSBOs? - ANSWER >>>>For Sale By Owner
Does the RMS apply to builders and FSBOs? - ANSWER
>>>>Yes
When was the current Residential Measurement Standard
developed? - ANSWER >>>>April 2016. Effective May 18th,
2016, the RMS became the province-wide requirement for all
REPs when measuring and communicating the size of
residential properties
,Is the RMS a principles-based standard? - ANSWER
>>>>Yes. Principle-based means the standard has key
underlying concepts that are required to be applied in
practice.
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 service package, including mere postings
3. Clarity and consistency of property measurement 4.
Provides data reliability for property comparison
what does CMA mean? - ANSWER >>>>comparative market
analysis
Is it possible for portable dwellings to be considered
Residential real estate? If so, what is the criteria (x4) -
ANSWER >>>>Yes, Residential real estate may include a
portable dwelling (mobile Home) designed for use as a
residence. The portable dwelling: 1. must be mounted on or
attached to its own chassis and running gear 2. May be
transported on its own chassis and running gear 3. Must be
situated on a site that is used or intended to be used for
residential purposes 4. is represented by the site owner for
residential use
RMS applies to (x 6) - ANSWER >>>>1. Residential property
2. Rural residential property 3. Residential property for rent or
lease 4. Individual premise to be used as a dwelling even if
the dwelling was sold and purchased as a bundle for business
purpose (ie an apartment building) 5. Property measurement
service hired to measure a residential property 6. Residential
properties to be built
, RMS does not apply to (x3) - ANSWER >>>>Non-residential
properties, such as commercial, industrial or retail premises.
2. Private real estate transactions between individual sellers
and buyers with no real estate professional involved (ie for
Sakle By Owners (FSBOs) 3. Properties sold directly to the
public by a residential builder or developer, such as a new
home builder.
Why do some land developers and new home builders not
follow the RMS? - ANSWER >>>>They are not under RECA's
jurisdiction and so they are not required to follow the RMS
when working directly with the public regarding their
properties. (if REPs are involved the REP must follow the
RMS though)
Is it okay to compare the RMS against other measurement
standards? - ANSWER >>>>No, comparing RMS property
sizes with sizes obtained using other standards will cause
inconsistency, inaccuracy, and confusion. It may also create
the potential for civil or professional liability.
Which 2 different measurement methods does the RMS
have? - ANSWER >>>>One for Detached Properties and one
for Attached properties. It is unrelated to the form of
ownership (ie. fee simple, condominium) There is no
relationship between the form of property ownership and the
RMS methodology used.
Detached properties may be referred to as (x2) - ANSWER
>>>>These stand alone properties may be referred to as
single detached or single family homes. Detached properties
also include full;y detached bare land condominium units.
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