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RECA EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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RECA EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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RECA EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONSWhich of the following is NOT a RECA educational resource for industry professionals? - Precise Answer
✔✔Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act - Precise Answer ✔✔Provincial Legislature
Which of the following measures the change in a cost of a fixed basket of goods and services purchased
by families over a period of time - Precise Answer ✔✔Consumer Price Index (CPI)
Which of the following will occur to the supply of a good when there is a change in quantity supplied
due to a price increase? - Precise Answer ✔✔an increase in quantity supplied
Microeconics - Precise Answer ✔✔studies the basic theories of supply and demand as it relates to
individuals, households and firms
Resource Markets - Precise Answer ✔✔facilitate the exchange of factors of production
What causes the quantity demanded to shift? - Precise Answer ✔✔change in tastes, expectations, and
number of consumers
benefits of economic growth - Precise Answer ✔✔depletion of natural resources
Real Property Report - Precise Answer ✔✔document produced by Alberta Land Surveyor
Which of the following is not a non-price determinant of demand - Precise Answer ✔✔cost of
production
What type of economy does Canada have? - Precise Answer ✔✔mixed economy
,Benefits of RECAS trust assurance and practice review program - Precise Answer ✔✔- effective record
keeping and administrative procedures
- education and advice in relation to brokerage trust accounting
- identifies and resolves potential problems regarding brokerage trust accounting requirements
Responsibilities of RECA - Precise Answer ✔✔- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production - Precise Answer ✔✔land, labor, capital, entrepreneurship
RECA provides the following annual reports - Precise Answer ✔✔- financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; - Precise Answer ✔✔- local real estate boards
- alberta real estate association
- canadian real estate association
Referral definition - Precise Answer ✔✔The act of recommending or directing a person for service to
another person or business
- brokerage is responsible for paying and receiving remuneration in connection to trade
RECAS professional conduct review Objects - Precise Answer ✔✔- gather all relevant information
- treat parties fairly
-gather information efficiently
Amendments to the Act - Precise Answer ✔✔- can be made by provincial legislature with
recommendations by the Minister of Service Alberta
, Amendments to the rules - Precise Answer ✔✔The rules contain the day to day activities
- council has the authority to create and amend
Executive Director can suspend license - Precise Answer ✔✔- determines the length of suspension
- serves the decision on the industry professional
- will consider the evidence when making the decision
Whats includes in written service agreements? - Precise Answer ✔✔- the services to be provided by the
brokerage
- the responsibilities of each party to the agreement
- the names of the parties to the agreement
failure to immediately notify Executive Director of changes to information provided in support of license
results in: - Precise Answer ✔✔- Exec. Director may refer the matter for a professional conduct review
- Exec. Director may suspend industry professionals license
- Exec. director may cancel the industry professionals license
How long is license valid if not registered with brokerage? - Precise Answer ✔✔36 months
Levels of Disclosure - Precise Answer ✔✔1. other party represented by another brokerage
2. other party not represented
3. other party represented by same brokerage
Designated Agency vs Common law - Precise Answer ✔✔Designated Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
Common Law
- agency relationship exists
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