A residen - Study guides, Class notes & Summaries

RECA Residential Exam:- Questions & Correct Answers

RECA Residential – Questions With Complete Solutions

RECA Residential Unit 7 Exam Questions and Answers 2024 under which Act/Law are all Alberta municipalities empowered to shape their communities? - Answer-MGA - The Municipal Government Act Which department is responsible for administration of the MGA? -Answer-Municipal Affairs is the department responsible for administering the Municipal Government Act MGA contains 3 key topics -Answer-1. Assessment and Taxation 2. Governance and Administration 3. Planning and Development When was the fir...

RECA Residential Unit 2 Exam Questions and Answers 9 things that, when representing sellers, REPs can do -Answer-1. Identify the features, qualities, and advantages that relate to the sellers' property 2. Describe the property appropriately in the applicable listing service and property databases. 3. Market the property based on the features, qualities, and advantages. 4. Promote the property and answer their buyers' questions regarding it. 5. Accurately answer questions regarding the pro...

RECA Residential Exam; Questions and Answers 100% Solved Fiduciary Representation Correct answer - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity Correct answer 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do Must disclose in writing Correct 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 pro...

3 options for who determine the RMS property size (this should be discussed with seller client) - Answer- 1. by the REP 2. by REP and the seller 3. By a qualified person engaged to do so 3 types of town houses - Answer-Row, stacked, cluster (cluster seem to be the same as 4plexes but maybe more than one 4plex together) 4 Benefits of the RMS - Answer-1. A province-wide property measurement standard for all real estate professionals 2. Applies to all real estate brokerages regardless of their...

RECA Residential Exam Latest Updated 2024 Power of Attorney - 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 - General POA - has no limits on powers of the attorney  - can make all decisions regarding financial and legal affairs - exception where the donor r...

"Equity" meaning - The market value of the property, less the outstanding balance of the mortgage and any other financial obligation registered against the property 2 reporting agencies in Canada that keep credit history data - Equifax Canada and TransUnion of Canada 2 rights of a lender (for mortgages) - Right to 1. assign the mortgage 2. be paid under the terms of the mortgage 2 ways to calculate interest (related to interest rates) - simple interest and compound interest 3 criteria/q...

RECA Residential Unit 1, 2,3,4,5,6,7,8 &9 Questions and Answers Latest Update Already Passed 3 fundamental principles of fiduciary duty. AKA the 3 principles that give rise to fiduciary duties in a representation relationship: Trust and Confidence, Best Interests, Loyalty 8 General Obligations of REPs Exercise Care and Skill, Act Honestly, Negotiate Favourable terms, Maintain Confidentiality, Disclose Information, Act in Person, Obey Lawful Instructions, Perform Mandate 6 Points ...

What is considered the 'Offer Date'? - Answer-When an offer is drafted, not signed. Does the date of an offer change? - Answer-No. Even if terms are changed on a following day and the offer is re-submitted, the offer date remains the same. What are the minimum requirements of using a legal name for a seller or buyer when drafting an offer? - Answer-Use the full legal names, and if the individual has one or more middle names, at a minimum identify the initial(s). Tip: Whenever possible, u...