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Reca – Residential Exam Prep Questions and Answers (100% Pass)
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Reca – Residential Exam Prep Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PMReca – Residential Exam Prep Questions and
Answers (100% Pass)
Self regulation - ✔️✔️-General obligation
-Care & Skill
-Act honestly
-Negotiate favorable terms
-Maintain confidentiality
-Disclose information
-Act in person
-Obey lawful instructions
-Perform mandate
Brokerage interests - ✔️✔️Interest of brokerage at odds with brokerage client
Fiduciary duties - ✔️✔️-Utmost loyalty
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
Competing interests - ✔️✔️Interest of brokerage clients compete in a transaction or potential
transaction
Opposing interests - ✔️✔️Interest of brokerage clients oppose in the same transaction or potential
transaction
Standard of care - ✔️✔️-Professional standards
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
-Meeting regulatory requirements
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,©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PM
-Enhances professionalism
-Prevents unintended relationships
-Clarifies responsibilities and services to consumers
-Reduces disputes
PIPEDA - ✔️✔️Federal - privacy act
PIPA - ✔️✔️Provincial - Privacy act
CASL - ✔️✔️Canada's anti spam legislation - federal
Privacy principles - ✔️✔️-Accountability
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
-Accuracy
-Safeguards of data protection
-Openness
-Individual access
-Challenging compliance
Seller's confidential info - ✔️✔️-Reason of property sale
-Motivation regarding sale
-Price seller will accept for sale
-Offers received by seller
Buyer's confidential info - ✔️✔️-Reason for purchase of property
-Motivation to purchase
-Price willing to pay for property
-Offers submitted
Trustee - ✔️✔️Legally appointed person to hold assets for benefits of one or more persons. Trust
agreements set out terms of trustee's powers and duties.
Executors - ✔️✔️Person who receives title of property when owner of the property is deceased.
Development permits - ✔️✔️-Used for new subdivisions.
-Authorizes location, size and use of building.
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, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PM
Building permits - ✔️✔️-Used for new residential buildings.
-Valid for one year in which building must proceed.
-ABC establishes technical specifications for new buildings.
Occupancy permits - ✔️✔️-Used for new residential buildings. Builder must secure permit before
residence is approved for occupation by purchaser.
Subsequent building permits - ✔️✔️-Used to change existing buildings.
-Required for new additions, demo or relocation, Major alterations or renovation, supplemental
structure.
Concepts of residential construction - ✔️✔️-Technology
-Sustainability
-Accessibility
-Adaptability
Technology - ✔️✔️-the process of implementing single application to operate multiple functions
of a property
Sustainability - ✔️✔️-Use and recycling of materials used in construction
Accessibility - ✔️✔️-Individuals ability to access a building, move within and independence
without barriers. IE Ramps, lifts elevators.
Adaptability - ✔️✔️-How easy it is to change a home to meet a client's need, ie a home to grow
old in.
Developer warranty programs - ✔️✔️-1 year warranty on materials/workmanship used to construct
residence, begins when buyer takes possession.
Extended warranty programs - ✔️✔️-In conjunction with builder's warranty, provides 10-year
protection against structural defects.
Manufactured construction - ✔️✔️-3 sections almost complete (up to 95%)
-Minimal time required to join and complete sections.
Modular construction - ✔️✔️-Three-dimensional, combined to create cohesive building.
-85% complete, few weeks to fully develop.
Panelized construction - ✔️✔️-Prefabricated wall, floor or roof panel.
-Partial wall panel is framing sheathing.
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