Correctly Solved Final Exam Property Management- Real Estate Council of Alberta [100% Correct Answers]
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Course
RECA
Institution
RECA
Correctly Solved Final Exam Property
Management- Real Estate Council of
Alberta [100% Correct Answers]
The 4 D's of Disclosure are as follows:
**Ans** Decide, Disclose, Document, Do.
A common limitation on payouts is the co-insurance clause.
**Ans** This clause safeguards the insu...
Correctly Solved Final Exam Property
Management- Real Estate Council of
Alberta [100% Correct Answers]
The 4 D's of Disclosure are as follows:
**Ans** Decide, Disclose, Document, Do.
A common limitation on payouts is the co-insurance clause.
**Ans** This clause safeguards the insurance company when a property is insured for less than its
complete replacement value. If the owner opts for insufficient coverage and later files a claim, they will
not receive the total amount of the loss.
A housing cooperative is typically:
**Ans** Often self-managed.
A tenant is permitted to withhold rent if:
**Ans** They have not received a copy of the rental agreement.
A tenant who remains on the property after their lease has ended is referred to as:
**Ans** An overholding tenant.
A triple net lease is also known as:
**Ans** A lease where the tenant is responsible for all expenses, or a net, net, net lease.
According to the Voluntary Code of Practice:
**Ans** Landlords must provide tenants with 365 days' notice before terminating a tenancy for major
renovations, and no rent increases are allowed during that period.
Additional rent refers to:
1
, **Ans** All other financial obligations of the tenant, excluding minimum annual rent and percentage
rent.
Additional rent includes:
**Ans** Property, local improvement, and business taxes, repairs and maintenance for the leased
premises and common areas, insurance, utilities, and special charges such as advertising, promotion,
and security costs.
Agency disclosure issues consist of:
**Ans** Breach of fiduciary duties due to non-disclosure of critical information to the owner, non-
disclosure of material facts such as gifts from tenants or undisclosed profits, misrepresentation of facts
that could lead to owner income loss, and lack of care in duty fulfillment, like allowing a tenant to move
in without insurance and causing a fire.
Agency is the legal connection between:
**Ans** A brokerage and its client.
In Alberta, municipalities are categorized into three types:
**Ans** Urban, rural, and specialized.
Methods used by assessors to evaluate the value of a property include:
**Ans** The direct sales approach, which compares sale prices of similar properties; the cost approach,
which assesses the cost of new or unique properties; and the income approach, which evaluates income-
producing properties.
Areas of tort law for which property managers are responsible include:
**Ans** Trespass, nuisance, and liability for negligence.
Assessment refers to:
**Ans** The process of establishing a property's tax value for taxation purposes.
Assessment classes include:
2
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