Exam (elaborations)
RECA Exam Study Questions with 100% Correct Answers
- Course
- Institution
RECA Exam Study Questions with 100% Correct Answers
[Show more]
Content preview
©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PMRECA Exam Study Questions with 100% Correct Answers
Carl, a real estate professional, is registered with Prime Plus 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 of
disclosure must Carl provide? - ✔️✔️Disclosure level 1
When evaluating an ethical dilemma, the first step is awareness. An individual may become
aware of an ethical dilemma through a variety of ways. Which one of the following is typically
NOT one of the ways? - ✔️✔️Others tell you that you have an ethical dilemma
Which of the following statements is correct regarding the length of time that real estate
professionals are obligated to keep client information confidential? - ✔️✔️It continues without a
time limit after real estate services are no longer provided
Which of the following describes what is meant by a lawful instruction? - ✔️✔️Any instruction
that is reasonable and ordinary under the circumstances
Which of the following types of authority involve describing (orally or in writing) the actions
that may be taken by an agent on behalf of a principal? - ✔️✔️Express Authority
Which of the following describes the party that exists outside of a representation relationship? -
✔️✔️Third Party
Which of the following is NOT a type of authority an agent may hold? - ✔️✔️Functional
Authority
Which of the following are the only entities authorized to trade in real estate? - ✔️✔️Real Estate
Brokerages
Which of the following categories of brokerage services involves numerous services that require
the greatest level of discretion or judgement? - ✔️✔️Property Management Services
Which of the following does NOT apply to consideration? - ✔️✔️Consideration always involves
money
What is the difference between a condition and a term in a contract? - ✔️✔️Conditions must be
waived for the contract to proceed, while a contract can still proceed with unmet terms
1
, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PM
Which of the following is NOT an essential element of a contract? - ✔️✔️The contract must be in
written form to be enforceable
The Ogami's have just completed their first English language course. They want to start a family
business and take out a mortgage on their small townhouse to get funds for the business.
However the business fails and they must repay the mortgage. Since the Ogami's struggle with
English, they did not understand the mortgage contract. If they challenge the contract, what term
describes the possible result? - ✔️✔️The contract may be voidable
Which of the following is NOT characteristic of value in relation to a commodity? - ✔️✔️Pricing
Advisory Note - ✔️✔️Which of the following Professional Conduct Review outcomes is issued as
a practice guideline for a technical breach of the legislation?
B) Statements II, III and IV - ✔️✔️Which of the following statements is correct regarding the Real
Estate Act Rules?
The Rules may only be amended by the provincial legislature
RECA posts the most current version of the Rules on its website
The Rules refer to the standards of practice for industry professionals
When contemplating amendments to the Rules, RECA consults with industry professionals and
stakeholders
Social Reaction - ✔️✔️Which of the following is NOT a type of reaction associated with conflicts
or disputes?
Personal Information Protection Act - ✔️✔️Which of the following is the provincial privacy
legislation in Alberta?
Authority, responsibility and accountability - ✔️✔️In terms of the brokerage, what are the 3
components of leadership that relate to the broker?
It should state that the consumer received and understands the written disclosure made by a real
estate professional - ✔️✔️Which of the following best describes a written acknowledgement?
Customary authority - ✔️✔️Which of the following types of authority allow an agent to act
according to the usual ways of performing an action as established by the profession?
Only some general obligations - ✔️✔️Which of the following responsibilities do real estate
professionals owe customers?
2
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)
72964 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now