Alberta real estate law - Study guides, Class notes & Summaries

Solution manual for Canadian Income Taxation 20222023 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman CHAPTER 1 TAXATION― ITS ROLE IN BUSINESS DECISION MAKING Review Questions 1. If income tax is imposed after profits have been determined, why is taxation relevant to business decision making? 2. Most business decisions involve the evaluation of alternative courses of action. For example, a marketing manager may be responsible for choosing a strategy for establishing ...

Which of the following is part of RECA's commitment to consumer protection? - AnswerWhat 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- Provincial Legislators Which of the following represents an accountability mechanism that RECA must comply with under the Act? - Answer- Previous Fiscal year In addition to mortgage brokerage trade associ...

RECA Exam 1 With Correct Solutions Already Passed A+ 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 must Carl provide? *ANS* Disclosure level 1 When evaluating an ethical dilemma, the first step is awareness. An individual may become aware of...

The term 'Act' is The Real Estate Act of Alberta, which is the legislation governing residential, commercial, property management, condo management and mortgage brokers. RECA administers the Act on behalf of the Alberta government The term 'VBRP' is Voluntary Brokers Resolution Process. As a result the broker has the control over the timing and location of the process. Whether they want to proceed with a negotiation on their own directly with the dissatisfied client or customer, or ...

Land The ground & that which is beneath & above it Real estate land & fixed improvements to the land 00:35 01:34 Real property land, fixed improvements & intangible rights of ownership Personal Property Items that can be removed without damaging to the the property Surface rights Rights assoctiaed with physcial ground (top layer of land) Supply The quantity supplied is the amount of good or service the market can offer at a certain price. Produc...

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 penalty/ fine - ANSWER One or two potentially serious infraction would cause this punishment Ratification- acting without authority or in excess of authority Implication- advice outside of objective ...

Which of the following is NOT a RECA educational resource for industry professionals? - ANSWER-Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act - ANSWER-Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time - ANSWER-Consumer Price Index (CPI) Which of the following will occur to the supply of a good when there is a change in quantity su...

buyer's market - ANSWER contraction in local economy, property prices decline, fewer buyers compared to available properties, properties remain on market for longer time, larger inventory of properties for sale seller's market - ANSWER demand for properties is higher than available Supply seller's market - ANSWER booming local economy, property sell quick, increasing property prices, increasing number of buyers, smaller inventory of properties for sale, limited time given to buyers to m...

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 penalty/ fine - Answer- One or two potentially serious infraction would cause this punishment Ratification- acting without authority or in excess of authority Implication- advice outside of object...

RECA Mortgage Broker Exam Questions With Verified Answers How are representation relationships typically established? - answerEstoppel Representation relationships can be established by: agreement, implication, ratification, estoppel, or operation of law What is the highest form of private land ownership in Alberta? - answerFee simple Fee simple ownership is the highest form of private land ownership as it gives the owner the most ownership rights, and the owner controls the land as l...