RECA Residential Exam Questions With 100% Verified Answers.
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Course
RECA
Institution
RECA
RECA Residential Exam Questions With
100% Verified Answers.
Must disclose in writing - answer- the nature of services provided
- whether professional has entered into representation relationship with other party
- any conflicts of interest
- any other facts that may influence consumers decisio...
RECA Residential Exam Questions With
100% Verified Answers.
Must disclose in writing - answer✔- the nature of services provided
- whether professional has entered into representation relationship with other party
- any conflicts of interest
- any other facts that may influence consumers decision to proceed with relationship
made to clarify and provide proof of undertanding in event issues or disputes arise
Written Service Agreement vs Customer Acknowledgement Forms - answer✔Written Service
Agreement
- when consumer chooses a representation relationship
- becomes a client
- provide signed copy to brokerage
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
PIPEDA - answer✔- Federal legislation
PIPA - answer✔Alberta's legislation, how private organizations use and disclose personal
information.
Power of Attorney - answer✔a legal document authorizing someone to act on your behalf
- must be 18
- POA must be written, dated and signed by both donor and witness
- donor must be mentally capable or contract is void
- only effective as long as donor is alive, will takes effect once death
Types of POA - answer✔General POA
- has no limits on powers of the attorney
- can make all decisions regarding financial and legal affairs
- exception where the donor resides and health care
Special POA
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with land
- must be registered on Certificate of Title
Immediate POA
- takes effect as soon as POA is signed, dated and witnessed
- terminates upon loss of mental capacity or death
Enduring POA
- immediately upon being signed, dated and witnessed
- continues if donor becomes incapable, mentally incapacitated
- must include statement whether it takes effect immediately and continues...
Judicial Sale - answer✔Court ordered sale usually as a way to resolve legal matters
- primary debt recovery method for default mortgages
Foreclosure - answer✔legal action supervised by the court following a default on the mortgage.
-transfers the real property from the borrower to the lender and erases interests on title.
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