Exam (elaborations)
Reca – Residential Exam Prep Questions and Answers (100% Pass)
- Course
- Institution
Reca – Residential Exam Prep Questions and Answers (100% Pass)
[Show more]
Content preview
©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
1
,©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.
2
, ©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.
3
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 OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now