RECA Fundamentals Exam Questions Correctly Answered.
duty-based ethics - CORRECT ANSWER Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome
utalitarian ethics - CORRECT ANSWER Sells the optimal result for the greatest number of people
Advi...
duty-based ethics - CORRECT ANSWER Individual is expected to do the right thing cause it's the right
thing to do, regardless of outcome
utalitarian ethics - CORRECT ANSWER Sells the optimal result for the greatest number of people
Advisory note - CORRECT ANSWER Punishment for a technical breach
Administrative penalty/ fine - CORRECT ANSWER One or two potentially serious infraction would cause
this punishment
Ratification- acting without authority or in excess of authority
Implication- advice outside of objective - CORRECT ANSWER These two ways of creating a
representation relationship should not be done in real estate
By Estoppel - CORRECT ANSWER This representation relationship arises when a principal acts in a way
that leads a third party to believe an agent has been given authority when in actuality the agent hasn't
consented or even knows about it
By operation of law - CORRECT ANSWER This type of representation relationship is created when
someone takes action to save a property or person from imminent danger/ damages
Ethics - CORRECT ANSWER Voluntary set of rules and guiding principles an individual uses as their moral
compass. Standard of conduct adopted and practiced within a culture or society li
Morals - CORRECT ANSWER A set of beliefs held by an individual and founded on fundamental principles
of right and wrong. Ex. Religious
,Tort law - CORRECT ANSWER What area of law deals with civil wrong doings for which the courts may
grant a remedy. ( harm to a person or damage to property)
35,000$ - CORRECT ANSWER Max the real estate assurance fund may pay per claimant for damages or
losses to the services of a real estate professional
Purpose of Real Estate Assurance Fund - CORRECT ANSWER Compensate consumers who have received
court judgement against a real estate professional for fraud or breach of trust
Real estate insurance exchange
REIX - CORRECT ANSWER To protect real estate professionals when they make a mistake regarding their
business
Kohlbergs highest stage of moral development - CORRECT ANSWER Where moral development is based
on individual reflection and analysis of the issues ( level 3 stage 6)
Right of Recission - CORRECT ANSWER The ability of purchasers to cancel their purchase contract with a
developer within 10 days
Condominium - CORRECT ANSWER Ownership in common with others
CADS - CORRECT ANSWER If someone forgets the condo management company name for any reason
where would they find it
General power of attorney - CORRECT ANSWER Can make all decisions about finances or legal affairs has
no limit other then where they'll live or health care
Yes - CORRECT ANSWER Will power or at tourney be on the title
building permit - CORRECT ANSWER Permit that applies to specific project that is an improvement to the
property
, development permit - CORRECT ANSWER Permit that applies to overall use of the land
It was legal at time of development - CORRECT ANSWER Non conforming suite means ?
Waterworks
Repair of roads
Ambulance - CORRECT ANSWER Municipal special taxes are for
Business revitalization tax - CORRECT ANSWER Taxes used in a business district to improve beauty,
parking, or promote
24 hrs - CORRECT ANSWER Landlord may enter without consent but with notice after giving how much
notice
Assignment - CORRECT ANSWER Tenant isn't returning to the property so all obligations and rights go to
the new tenant
Sublease - CORRECT ANSWER Tenant will be returning to the property, and they're still liable to the
landlord
Condominium Property Act - CORRECT ANSWER Condos are governed by the
Agricultural and recreational land ownership act - CORRECT ANSWER This act prevents non Canadians
from buying significant amounts of prime land
Personal information - CORRECT ANSWER Refers to information that makes an individual identifiable
FINTRAC - CORRECT ANSWER Real Estate brokerages must report suspicious transactions to which
organization
Express
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