RECA FUNDAMENTALS EXAM AND STUDY
GUIDE LATEST 2024-2025 ACTUAL EXAM 150
QUESTIONS AND CORRECT DETAILED ANSWERS
WITH RATIONALES
Terms in this set (144)
Which of the following is Spatial Information System (Spin 2)
NOT a RECA educational
resource for industry
professionals?
Which entity has the Provincial Legislature
authority to amend the Real
Estate Act
Which of the following Consumer Price Index (CPI)
measures the change in a
cost of a fixed basket of
goods and services
purchased by families over
a period of time
Which of the following will an increase in quantity supplied
occur to the supply of a
good when there is a
change in quantity supplied
due to a price increase?
studies the basic theories of supply and demand as it
Microeconics
relates to individuals, households and firms
Resource Markets facilitate the exchange of factors of production
What causes the quantity change in tastes, expectations, and number of
demanded to shift? consumers
, benefits of economic depletion of natural resources
growth
Real Property Report document produced by Alberta Land Surveyor
Which of the following is cost of production
not a non-price
determinant of demand
What type of economy mixed economy
does Canada have?
- effective record keeping and administrative
procedures
Benefits of RECAS trust
- education and advice in relation to brokerage trust
assurance and practice
accounting
review program
- identifies and resolves potential problems regarding
brokerage trust accounting requirements
- Handling professional conduct review
Responsibilities of RECA - establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production land, labor, capital, entrepreneurship
- financial reports
RECA provides the
- industry statistics
following annual reports
- reports for the previous year
- local real estate boards
The structure of real estate
- alberta real estate association
in Alberta includes;
- canadian real estate association
The act of recommending or directing a person for
service to another person or business
Referral definition
- brokerage is responsible for paying and receiving
remuneration in connection to trade
- gather all relevant information
RECAS professional
- treat parties fairly
conduct review Objects
-gather information efficiently
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