RECA FUNDAMENTALS EXAM ALBERTA | COMPLETE SOLUTION | 100% ACCURATE PASS.
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Course
RECA
Institution
RECA
RECA FUNDAMENTALS EXAM ALBERTA | COMPLETE SOLUTION | 100% ACCURATE PASS.
Real Estate - refers to the land and fixed improvements to the land
Classes of licence - associate, associate broker, broker and brokerage
four areas of practice - residential, commercial, property management a...
RECA FUNDAMENTALS EXAM ALBERTA |
COMPLETE SOLUTION | 100% ACCURATE
PASS.
Real Estate - refers to the land and fixed improvements to the land
Classes of licence - associate, associate broker, broker and brokerage
four areas of practice - residential, commercial, property management and mortgage
Industrial property - include warehouses and custom-built manufacturing plants.
Residential income property - include low-rise and high-rise apartments, duplexes,
fourplexes and townhouses
supply and demand - characteristic that identifies the slow response of these 2 market
forces affecting real estate
scarce - characteristic that identifies real estate as a limited resource
durable - characteristic that identifies real estate as indestructible
fixed - characteristic that identifies real estate as immobile
unique - characteristic that identifies parcel of land as being different from one another
private - characteristic that identifies how real estate transactions are conducted
between a buyer and seller
standardized - characteristic that identifies the inability to market properties for all areas
of real estate in a universal approach
local - characteristic that identifies real estate transactions as occurring in a defined
area
balanced market - -property prices generally stable
-supply of available properties and the number of buyers desiring to purchase properties
are somewhat equal
-properties sold within a reasonable time frame
affordable interest rates for financing
, sellers market - -local booming economy
-increasing property prices
-properties sell quickly
-market demand for properties in an area is greater than the available supply
buyers market - -properties remain on the market for a longer period of time
-properties remain on the market for a longer period of time
-declining property prices
-inventory of properties exceeds the number of buyers
1990-1999 - period during which the following events occured:
real estate industry self-regulation achieved and Real Estate Act established. RECA
approves pre-licensing and re-licensing education programs. RECA establishes
disciplinary processes for conduct of industry professionals
1928-1943 - period during which the following events occured:
Real Estate Agents Licensing Act replaces Real Estate Commission Act, Alberta Real
Estate Association is created
2010-present - period during which the following events occured:
RECA launches social media options to communicate with industry professionals.
RECA reviews validity of electronic signatures and contracts for real estate.
RECA implements 5 year plan and approves statement on self-regulation
2000-2009 - period during which the following events occured:
RECA implements measures to prevent and deal with mortgage fraud and amends its
mandate
RECA assumes jurisdiction over real estate appraisal
RECA develops and delivers pre-licensing and re-licensing courses online
1905-1927 - period during which the following events occured:
RECA, 1st legislation governing real estate is passed
1970-1979 - period during which the following events occured:
Alberta Consumer and Corporate Affairs prepares four objectives for real estate
industry, starting its transition from government regulation to self-regulation
1980-1989 - period during which the following events occured:
Real Estate Assurance Fund established for real estate and mortgage brokerage.
Alberta Real Estate Licensing Committee created to handle licensing and registration of
industry professionals, education standards, and examination
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