Reca Fundamentals Of Real Estate - Unit 2 (17% - 25q) Questions And Answers With Verified Solutions 100% Correct!!! Jan, a real estate professional has been asked by a buyer who she is representing for the name of a lawyer to help with the legal aspects of the transaction. Jan provides the name of 3 lawyers, 1 of whom is her cousin. According to the Rules, which of the following requirements must Jan fulfill? - ANSWER✔✔ She must disclose the relationship that exists betwen her and 1 of the referrals + She must disclose the potential for her to receive a referral fee or other compensation. Which of the following statemen ts describe the details of an incentive? - ANSWER✔✔ The incentive must be offered by all real estate professionals registered with the brokerage + The incentive must be available to all members of the public to attract business to the brokerage + The incen tive is provided by the brokerage and paid for by the brokerage. According to the Rules, which of the following statements describes an element that must be incorporated into written service agreements? - ANSWER✔✔ The services to be provided by the broker age + The responsibilities of each party to the agreement + The names of the parties to the agreement. Which of the following statements best describes the concept of scalable enforcement under RECAs Professional Conduct Review Program? - ANSWER✔✔ Industr y professionals will receive sanctions that can and will escalate upon future occurrences of the same activity. Which of the following applies to the payment of referral fees? - ANSWER✔✔ Real estate brokerages may be paid referral fees by mortgage brokera ges. Which of the following Professional Conduct Review outcomes is issued as a practice guideline for a technical breach of the legislation? - ANSWER✔✔ Advisory Note. Dominic, a real estate associate with XYZ Real Estate Brokers Inc, plans to return to school in September to complete his university degree. As such, he will not be renewing his registration with the brokerage. How long does he have to become registered again with a brokerage before his license expires? - ANSWER✔✔ Within 36 months from the last date of his registration. Which of the following is NOT a responsibility of real estate professionals? - ANSWER✔✔ To receive referral fees directly from other industry professionals. Which of the following disclosures are required by a brokerage whe n one of its real estate professionals wants to purchase a property that the brokerage has listed for sale? - ANSWER✔✔ Disclose to the client the name of the real estate professional + Disclose to the client the existence of a conflict of interest + Disclo se to the client the opportunity to seek independent advice. To which of the following groups does the obligation to keep client information confidential apply? - ANSWER✔✔ Real estate brokerage + Staff employed by the brokerage + Real estate professionals registered with the brokerage. Which of the following statements is correct regarding the Real Estate Act Rules? - ANSWER✔✔ RECA posts the most current version of the Rules on its website + The Rules refer to the standards of practice for industry profes sionals + When contemplating amendments to the Rules, RECA consults with industry professionals and stakeholders. Which of the following statements identifies the circumstances under which an individual is NOT eligible for licensing? - ANSWER✔✔ The indivi dual is not at least 18 years of age + The individual fails to obtain the appropriate insurance coverage + The individual fails to submit the required fees, levies or premiums. When the license of a real estate brokerage is suspended, what actions must re al estate professionals who are registered with the brokerage take? - ANSWER✔✔ They must cease to trade in real estate. Which of the following statements is a component of the licensing process? - ANSWER✔✔ Determining an individuals suitability to be licensed + Determining an individuals eligibility to be licensed. The Rules require real estate brokerages to retain all its transactions records. Which statement best describes this requirement as it relates to real estate professionals? - ANSWER✔✔ Transactions records can include such items as written disclosures and specific property advertising. Carl, a real estate profess ional, is registered with Prime Plan Real Estate Ltd. He has listed his brother's house for sale with the brokerage. A real estate professional with another brokerage contacts Carl and asks to preview the property as she has a potential buyer. What level o f disclosure must Carl provide? - ANSWER✔✔ Disclosure Level 1 The Rules set out the circumstances when the Executive Director may refuse to issue a license or registration. Which of the following statements describes such a circumstance? - ANSWER✔✔ The ap plicant is not of good character + It would harm the integrity of the industry + The applicant has provided false or misleading information. According to the Rules, which of the following responsibilities are required of all industry professionals? - ANSW ER✔✔ Act honestly and provide competent service + Ensure their role relationship is understood by clients + Cooperate with RECA regarding requests for information + Disclose any conflicts of interests as a result of their services. Michael, a real estate professional with Prime Plus Real Estate Brokerage Ltd. has an assistant, Marie, who used to be an industry professional. As Michael is very busy, Marie prepares promotional information for upcoming open houses that Michael will host. According to the Rule s related to support personnel and assistants, choose the best answer regarding the actions Marie is performing. - ANSWER✔✔ Marie can prepare the promotional information if Michael approves all the work she completes. On June 15th, Cory successfully compl eted the final education exam required by RECA to become licensed as a real estate professional. How long does he have to become registered with a real estate brokerage before the completion of the education requirement is no longer valid? - ANSWER✔✔ Until June 14 the following year. According to the Rules, which of the following statements best defines a referral? - ANSWER✔✔ The act of recommending or directing a person for service, assistance or business to another person or business. Which of the follo wing statements describe the written disclosures required by real estate professionals when they are involved in a personal trade with a party represented by another brokerage? - ANSWER✔✔ Disclose that they are authorized under the Act to trade in real est ate + Disclose the name of the brokerage with which they are registered.
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 classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
