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Exam (elaborations)

Reca – Residential Exam Study Guide.

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  • RECA
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  • RECA

Reca – Residential Exam Study Guide. Self 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 - answerInterest of broke...

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  • November 12, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RECA
  • RECA
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Thebright
©THEBRIGHT EXAM SOLUTIONS

11/06/2024 7:22 PM


Reca – Residential Exam Study Guide.


Self 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

, ©THEBRIGHT EXAM SOLUTIONS

11/06/2024 7:22 PM

-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

, ©THEBRIGHT EXAM SOLUTIONS

11/06/2024 7:22 PM

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%)

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