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RECA - Fundamentals Study Guide Unit 4 Quiz (Weighted 8%) with Complete Solutions
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RECA - Fundamentals Study Guide Unit 4 Quiz (Weighted 8%) with Complete Solutions
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PMRECA - Fundamentals Study Guide Unit 4 Quiz
(Weighted 8%) with Complete Solutions
The class of license needed for the operation of the real estate business - ✔️✔️Brokerage
First license earned when entering the real estate profession - ✔️✔️Associate
Three components of Leadership - ✔️✔️Authority, responsibility and accountability
Broker assigning duties to other qualified real estate professionals - ✔️✔️Broker Delegation
All the necessary education components to being a broker but not the broker - ✔️✔️Associate
Broker
The employment term associate with real estate professionals associated with their brokerage -
✔️✔️Independent Contractors
Class of license to be the leader of a brokerage - ✔️✔️Broker
Brokerage is responsible for these as they relate to real estate professionals, whether they are
new to the brokerage or leaving - ✔️✔️Registrations
The education for people who wish to be registered as brokers - ✔️✔️Broker Education
Importance of new real estate professionals to understand this structure in their brokerage as they
operate within it to trade real estate - ✔️✔️Brokerage Framework
Real estate professionals employed by their brokerage - ✔️✔️Employees
Difference between Real estate professionals associated and employed by their brokerage -
✔️✔️Independent contractors vs Employees. Designated vs common law agencies.
REIX is mandatory for which profession? - ✔️✔️Real estate professional
What does REIX insurance cover? - ✔️✔️Errors and omissions, negligent acts
Who does the REIX exclude - ✔️✔️The real estate professional buying and selling their own
property. (they'll be under themselves and not under a brokerage)
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, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PM
What is Homeowner's Insurance? - ✔️✔️Insurance protecting the home, it may relate to real estate
professional's tools and equipment related to their business activities.
What is Comprehensive General Liability Insurance - ✔️✔️Policy that provides broad coverage
for claims made against the insured for bodily injury or damage to property of others. (Falls,
Damages at client's home)
How much does the deductible increase for the Real Estate Professional per claim? - ✔️✔️1st
Claim - $3500
2nd Claim - $7000 within a 3 year period
Maximum liability limit per claim of $1000000
What doe the REIX stand for? - ✔️✔️Real Estate Insurance Exchange
Who oversees the collection of premiums for the REIX? - ✔️✔️RECA
What are some conditions all Real Estate Professionals must adhere to in regarding the
participation - ✔️✔️Participation is mandatory pursuant to the rules
Subscribers join when they become registered with a brokerage
What may compromise REIX insurance coverage? - ✔️✔️Late reporting of an incident
Failing to cooperate with REIX
Offering to settle without first involving REIX
When are the payments for REIX due? - ✔️✔️Same time is renewing registration. Sept 30th.
What is accounted for when determining the amount of the REIX premiums? - ✔️✔️By annual
indemnities paid and potential claims in progress
What is excluded from REIX Insurance? - ✔️✔️Issues regarding payment of commissions and
fees
Acts that are dishonest, fraudulent, criminal, or malicious
Acts that give rise to claims of libel and slander
What kind of insurance program is REIX? - ✔️✔️Reciprocal insurance program
Timely and friendly communication between real estate professionals regarding misinformation,
errors, or minor breaches is considered as? - ✔️✔️Professional Courtesy
Are you obligated to report misconduct of others to their broker? - ✔️✔️No
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