RECA Exam Bundle (Graded A) updated 2023

duty-based ethics - Answer- Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome utalitarian ethics - Answer- Sells the optimal result for the greatest number of people Advisory note - Answer- Punishment for a technical breach Administrative ...

Carl, a real estate professional, is registered with Prime Plus Real Estate Ltd. He has listed his brother's house for sale with the brokerage. A real estate professional with another brokerage contacts Carl and asks to preview the property as she has a potential buyer. What level of disclosure mus...

General Power of Attorney - Answer- -No limits on powers to make decisions about donors financial and legal affairs -The one exception is decisions about the donors personal affairs such as consenting to health care or deciding where the donor should reside Special Power of Attorney - Answer- ...

Fiduciary Representation - Answer- - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity - Answer- 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do Must disclose in writing - Answer- - the nature of services provided - whether professional has entered into represen...

Meridians and ranges are - Answer- Longitudal lines condominium (condo) - Answer- form of ownership with the owners holding legal title to their own housing unit among many, with common grounds and facilities shared ownership cooperatives (co-ops) - Answer- -buildings owned by corporations wit...

Define real estate - Answer- refers to land and fixed improvements to land (permanent) What are the building classifications - Answer- Residential Commercial Retail Institutional Agricultural Real Estate Sectors/Property Types - Answer- Residential commercial rural property managem...

Which of the following represents an accountability mechanism that RECA must comply with under the Act? A) RECA must prepare for the Minister of Service Alberta an annual report for the previous year end B) RECA must prepare for the Minister of Service Alberta an annual consumer report on the in...

statutes law - Answer- legislation or regulations enact within jurisdiction typically municipal, provincial or federal level case law - Answer- court interpreted legislation applying to specific set of facts common law - Answer- system of historical customs and accumulated court decisions ev...

real estate relationship - Answer- .non-representative relationship .presentative relationship customer - Answer- individual or organization contacted but not engaged real estate professional non-representative relationship - Answer- limited responsibility no advice or opinion not advocate ...

The purposes of RECA according to the Act is the following... - Answer- 1. Set and enforce rules for industry members to follow, to promote integrity, and protect the consumer from mortgage fraud. 2. Provide services that help industry professionals in the industry. 3. Administer (enforce) the Act...

Which of the following is part of RECA's commitment to consumer protection? - Answer- What are some benefits that mortgage brokerage trade associations offer their members? - Answer- Licensing Standards for mortgage industry members Which entity has the authority to amend the Act? - Answer- ...