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RECA Fundamentals Exam Questions and Answers

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RECA Fundamentals Exam Questions and Answers Already Passed

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  • July 9, 2024
  • 34
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • reca fundamentals
  • already passed
  • reca
  • passed
  • exam questions and answers
  • fundamentals exam questions

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  • RECA Fundamentals
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By: RegisteredNurse • 3 months ago

Very Informative, detailed and timely, I passed, thank you very much

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RECA Fundamentals Exam Questions
and Answers Already Passed
Which of the following is NOT a RECA educational resource for industry professionals?

✔✔Spatial Information System (Spin 2)




Which entity has the authority to amend the Real Estate Act ✔✔Provincial Legislature




Which of the following measures the change in a cost of a fixed basket of goods and services

purchased by families over a period of time ✔✔Consumer Price Index (CPI)




Which of the following will occur to the supply of a good when there is a change in quantity

supplied due to a price increase? ✔✔an increase in quantity supplied




Microeconics ✔✔studies the basic theories of supply and demand as it relates to individuals,

households and firms




Resource Markets ✔✔facilitate the exchange of factors of production

,What causes the quantity demanded to shift? ✔✔change in tastes, expectations, and number of

consumers




benefits of economic growth ✔✔depletion of natural resources




Real Property Report ✔✔document produced by Alberta Land Surveyor




Which of the following is not a non-price determinant of demand ✔✔cost of production




What type of economy does Canada have? ✔✔mixed economy




Benefits of RECAS trust assurance and practice review program ✔✔- effective record keeping

and administrative procedures

- education and advice in relation to brokerage trust accounting

- identifies and resolves potential problems regarding brokerage trust accounting requirements




Responsibilities of RECA ✔✔- Handling professional conduct review


- establishing industry standards of practice

,- issuing authorization to trade in real estate




Four factors of production ✔✔land, labor, capital, entrepreneurship




RECA provides the following annual reports ✔✔- financial reports


- industry statistics

- reports for the previous year




The structure of real estate in Alberta includes; ✔✔- local real estate boards


- alberta real estate association

- canadian real estate association




Referral definition ✔✔The act of recommending or directing a person for service to another

person or business

- brokerage is responsible for paying and receiving remuneration in connection to trade




RECAS professional conduct review Objects ✔✔- gather all relevant information


- treat parties fairly

, -gather information efficiently




Amendments to the Act ✔✔- can be made by provincial legislature with recommendations by

the Minister of Service Alberta




Amendments to the rules ✔✔The rules contain the day to day activities


- council has the authority to create and amend




Executive Director can suspend license ✔✔- determines the length of suspension


- serves the decision on the industry professional

- will consider the evidence when making the decision




Whats includes in written service agreements? ✔✔- the services to be provided by the brokerage


- the responsibilities of each party to the agreement

- the names of the parties to the agreement




failure to immediately notify Executive Director of changes to information provided in support

of license results in: ✔✔- Exec. Director may refer the matter for a professional conduct review

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