RECA Quiz Review Questions [100%
Correct Answers]
Which of the following describes a competent real estate professional?
A) A real estate professional who agrees to provide services that they are incapable of performing
B) A real estate professional who possesses the necessary ability a...
RECA Quiz Review Questions [100%
Correct Answers]
Which of the following describes a competent real estate professional?
A) A real estate professional who agrees to provide services that they are incapable of performing
B) A real estate professional who possesses the necessary ability and knowledge to perform an action
proficiently
C) A real estate professional who represents a client in matters that are beyond their expertise
D) A real estate professional who holds a valid authorization from RECA and is registered with a
brokerage in Alberta
**Ans** B
The interests of a brokerage may give rise to which of the following conflicts with the interests of a
client?
A) Long or short
B) Consistent or varied
C) Direct or indirect
D) Consequent or subsequent
**Ans** C
Which of the following describes a real conflict of interest?
A) When an actual conflict arises between the interests of a client and the brokerage
B) When a perceived conflict arises between the interests of a client and the brokerage
C) When a customary conflict arises between the interests of a client and the brokerage
D) When a mutual conflict arises between the interests of a client and the brokerage
**Ans** A
Which of the following is NOT a type of authority an agent may hold?
A) Express authority
1
,B) Implied authority
C) Customary authority
D) Functional authority
**Ans** D
Which of the following types of authority allows an agent to act according to the usual methods of
performing a task as defined by the profession?
A) Express authority
B) Implied authority
C) Customary authority
D) Functional authority
**Ans** C
Which of the following statements reflect the three fundamental principles upon which fiduciary duties
are based?
a) Loyalty
b) Best interests
c) Act in person
d) Trust and confidence
**Ans** a, b, and d
Which of the following describes an unlawful revocation?
A) It occurs when either the principal or agent terminates the representation relationship even though
both parties have fulfilled their responsibilities
B) It occurs when either the principal or agent fails to fulfill their responsibilities to the other party,
leading to the termination of the representation relationship
C) It occurs when either the principal or agent provides written notice to the other party of their decision
to terminate the representation relationship
D) It occurs when either the principal or agent ends the representation relationship because they are no
longer authorized by RECA to trade in real estate
**Ans** A
2
,Which of the following describes a lawful revocation?
A) It occurs when either the principal or agent terminates the representation relationship even though
both parties have fulfilled their responsibilities
B) It occurs when either the principal or agent fails to fulfill their responsibilities to the other party,
leading to the termination of the representation relationship
C) It occurs when either the principal or agent provides written notice to the other party of their decision
to terminate the representation relationship
D) It occurs when either the principal or agent ends the representation relationship because they are no
longer authorized by RECA to trade in real estate
**Ans** B
Which of the following types of authority enable an agent to perform any necessary actions to execute
an express authority?
A) Legal authority
B) Implied authority
C) Customary authority
D) Functional authority
**Ans** B
Which of the following is NOT a capacity for which an agent must have express authority from a principal
in order to act?
A) Capacity to contract
B) Capacity to delegate
C) Capacity to incur expenses
D) Capacity to account
**Ans** D
Which of the following types of authority involve outlining (either verbally or in writing) the actions that
may be undertaken by an agent on behalf of a principal?
A) Express authority
3
, B) Implied authority
C) Customary authority
D) Functional authority
**Ans** A
What sets the minimum standards of conduct between a landlord and tenant for the leasing of a
residential property?
**Ans** The Residential Tenancies Act.
What applies to individuals who own a mobile home and lease the site from a landlord?
**Ans** The Mobile Home Sites Tenancies Act.
What provides the legal framework for incorporated organizations that are member-based?
**Ans** The relevant legal framework is established by the appropriate legislation, although the specific
act was not provided in your text. business organizations **Ans**Cooperatives Act
Provides for the creation and registration of security interests by a lender against the personal property
of a debtor **Ans**Personal Proper Security Act
Protects consumers from unfair business practices before, during or after a consumer transaction
**Ans**Consumer Protection Act
Promotes the protection, enhancement and wise use of the environment **Ans**Environmental
Protection and Enhancement Act
Limits the amount of land that can be bought by non-Canadians or foreign controlled corporations
**Ans**Agricultural and Recreational Land Ownership Act
Establishes the requirements for the creation and operation of a specific type of real property ownership
**Ans**Condominium Property Act
4
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 AceTests. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
