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RECA Fundamentals Exam Questions and Answers (100% Pass)
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RECA Fundamentals Exam Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PMRECA Fundamentals Exam Questions and
Answers (100% Pass)
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
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,©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PM
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
- Exec. Director may suspend industry professionals license
- Exec. director may cancel the industry professionals license
How long is license valid if not registered with brokerage? - ✔️✔️36 months
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, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PM
Levels of Disclosure - ✔️✔️1. other party represented by another brokerage
2. other party not represented
3. other party represented by same brokerage
Designated Agency vs Common law - ✔️✔️Designated Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
Common Law
- agency relationship exists
- conflict of interest extends to whole brokerage
- must be disclosed
Inducement vs incentives - ✔️✔️- Inducement is client specific
- incentives must be offered by brokerage to everyone
If industry professional withdraws from profession during disciplinary proceedings - ✔️✔️- RECA
issues a news release
- all disciplinary proceedings terminated
- lifetime ban from all industry professions governed by RECA
Advisory Notes - ✔️✔️Technical breach of legislation
- ex. forgetting brokerage name on marketing
Letters of Reprimand - ✔️✔️- where cases of conduct deserving sanction is less serious
- agent has also received an advisory note
Administrative penalties - ✔️✔️- actions breached a section of rules and deemed potentially
serious
Approaches to complaints agent agent - ✔️✔️- Advisory notes
- technical breach
- letter of reprimand
- less serious, already received advisory note
- Administrative penalty
- potentially serious
- hearings
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