Exam (elaborations)
RECA Residential Practice Exam
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RECA Residential Practice Exam
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RECA Residential Practice ExamSelf regulation - ANSWER -General obligation
-Care & Skill
-Act honestly
-Negotiate favorable terms
-Maintain confidentiality
-Disclose information
-Act in person
-Obey lawful instructions
-Perform mandate
Brokerage interests - ANSWER Interest of brokerage at odds with brokerage client
Fiduciary duties - ANSWER -Utmost loyalty
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
Competing interests - ANSWER Interest of brokerage clients compete in a
transaction or potential transaction
Opposing interests - ANSWER Interest of brokerage clients oppose in the same
transaction or potential transaction
Standard of care - ANSWER -Professional standards
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
-Meeting regulatory requirements
-Enhances professionalism
-Prevents unintended relationships
-Clarifies responsibilities and services to consumers
-Reduces disputes
PIPEDA - ANSWER Federal - privacy act
PIPA - ANSWER Provincial - Privacy act
CASL - ANSWER Canada's anti spam legislation - federal
Privacy principles - ANSWER -Accountability
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
-Accuracy
,-Safeguards of data protection
-Openness
-Individual access
-Challenging compliance
Seller's confidential info - ANSWER -Reason of property sale
-Motivation regarding sale
-Price seller will accept for sale
-Offers received by seller
Buyer's confidential info - ANSWER -Reason for purchase of property
-Motivation to purchase
-Price willing to pay for property
-Offers submitted
Trustee - ANSWER Legally appointed person to hold assets for benefits of one or
more persons. Trust agreements set out terms of trustee's powers and duties.
Executors - ANSWER Person who receives title of property when owner of the
property is deceased.
Development permits - ANSWER -Used for new subdivisions.
-Authorizes location, size and use of building.
Building permits - ANSWER -Used for new residential buildings.
-Valid for one year in which building must proceed.
-ABC establishes technical specifications for new buildings.
Occupancy permits - ANSWER -Used for new residential buildings. Builder must
secure permit before residence is approved for occupation by purchaser.
Subsequent building permits - ANSWER -Used to change existing buildings.
-Required for new additions, demo or relocation, Major alterations or renovation,
supplemental structure.
Concepts of residential construction - ANSWER -Technology
-Sustainability
-Accessibility
-Adaptability
Technology - ANSWER -the process of implementing single application to operate
multiple functions of a property
Sustainability - ANSWER -Use and recycling of materials used in construction
Accessibility - ANSWER -Individuals ability to access a building, move within and
independence without barriers. IE Ramps, lifts elevators.
Adaptability - ANSWER -How easy it is to change a home to meet a client's need, ie
a home to grow old in.
, Developer warranty programs - ANSWER -1 year warranty on
materials/workmanship used to construct residence, begins when buyer takes
possession.
Extended warranty programs - ANSWER -In conjunction with builder's warranty,
provides 10-year protection against structural defects.
Manufactured construction - ANSWER -3 sections almost complete (up to 95%)
-Minimal time required to join and complete sections.
Modular construction - ANSWER -Three-dimensional, combined to create cohesive
building.
-85% complete, few weeks to fully develop.
Panelized construction - ANSWER -Prefabricated wall, floor or roof panel.
-Partial wall panel is framing sheathing.
-Completed wall panel include windows and or siding.
Building substructure - ANSWER Below grade construction of foundation.
Building superstructure - ANSWER Above grade construction of building.
-Envelope, service systems, interior building features.
Building envelope - ANSWER -Everything that encloses structure and protects from
elements.
-Roof, exterior walls, windows, exterior doors and interior walls.
Interior building features - ANSWER -Interior finishes that complete interior.
-Interior walls, features, finishes, fixtures, lighting, floor, ceiling, kitchen/bathroom
cabinets.
Building service systems - ANSWER Essential services, connected to applicable
municipal services
-Heat, electricity, water
Building lot - ANSWER Lot grading, landscaping and other exterior components.
-Landscaping, walkways, driveway, fences.
Poured concrete - ANSWER Cement, gravel, aggregate and sand. Poured from mix
trucks into large foundation molds known as forms.
-Strengthened by reinforced steel bars (rebar)
Cement block - ANSWER Poured concrete, cement, gravel aggregate and sand.
Fills blocks that are hollow but filled with mortar and reinforced with rebar.
Preserved wood - ANSWER Load bearing walls built with treated lumber and
sheathed with treated plywood.
-Wood used is treated with preservative chemicals to prevent decay and layered with
mortar.
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