Exam (elaborations)
RECA Fundamentals Exam Questions With 100% Correct Answers 2024
- Course
- Institution
RECA Fundamentals Exam Questions With 100% Correct Answers 2024
[Show more]
Content preview
RECA Fundamentals Exam QuestionsWith 100% Correct Answers 2024
Which of the following is NOT a RECA
educational resource for industry
professionals? - Correct Answer-Spatial
Information System (Spin 2)
Which entity has the authority to amend the
Real Estate Act - Correct Answer-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 - Correct Answer-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? -
Correct Answer-an increase in quantity
supplied
pg. 1 professoraxe l
,Microeconics - Correct Answer-studies the
basic theories of supply and demand as it
relates to individuals, households and firms
Resource Markets - Correct Answer-facilitate
the exchange of factors of production
What causes the quantity demanded to shift?
- Correct Answer-change in tastes,
expectations, and number of consumers
benefits of economic growth - Correct
Answer-depletion of natural resources
Real Property Report - Correct Answer-
document produced by Alberta Land Surveyor
Which of the following is not a non-price
determinant of demand - Correct Answer-cost
of production
What type of economy does Canada have? -
Correct Answer-mixed economy
pg. 2 professoraxe l
,Benefits of RECAS trust assurance and
practice review program - Correct Answer--
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 - Correct Answer--
Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production - Correct Answer-
land, labor, capital, entrepreneurship
RECA provides the following annual reports -
Correct Answer-- financial reports
- industry statistics
- reports for the previous year
pg. 3 professoraxe l
, The structure of real estate in Alberta
includes; - Correct Answer-- local real estate
boards
- alberta real estate association
- canadian real estate association
Referral definition - Correct Answer-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 -
Correct Answer-- gather all relevant
information
- treat parties fairly
-gather information efficiently
Amendments to the Act - Correct Answer--
can be made by provincial legislature with
recommendations by the Minister of Service
Alberta
pg. 4 professoraxe l
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 professoraxel. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now