Reca commercial unit 4 - Study guides, Class notes & Summaries

Unit 2(RECA)QUESTIONS WITH COMPLETE SOLUTION LATEST 2023The purposes of RECA according to the Act is the following... 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 through the Rules, Regulations & Bylaws Describe and explain the differences between the Rules, Regulations & Bylaws 1: Rules are a set of instr...

RECA Commercial EXAM 2 Correctly Solved 100% Pass Commercial real estate assets have a number of attributes that make them unique relative to other types of investments. These attributes include the following: (x10) *ANS* 1. They involve land 2.Transaction time frames are long 3. Transaction costs are high 4. they are expensive 5. They are long lasting 6. Highly regulated 7. have a long production cycle 8. are management intensive 9. are heterogeneous 10. Involve measuring return on ...

RECA Residential Exam with Verified Solutions Rated 100% Fiduciary Representation -ANS- - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity -ANS- 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do Must disclose in writing -ANS- - 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 ...

RECA Fundamentals Verified Q&A Scored 100% Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome *ANS* duty-based ethics Sells the optimal result for the greatest number of people *ANS* utalitarian ethics Punishment for a technical breach *ANS* Advisory note One or two potentially serious infraction would cause this punishment *ANS* Administrative penalty/ fine These two ways of creating a representation relationship should not be do...