Reca rural residential - Study guides, Class notes & Summaries

real estate - ANSWER Land and fixed improvements residential property - ANSWER Used as dwellings for one or more occupants, can be owned, rented or leased. Recreational Property - ANSWER land used for leisure activities, such as parks, forests, time-shares and campgrounds commercial property - ANSWER Business property, including office space, shopping centers, stores, theaters, hotels, and parking facilities industrial property - ANSWER Warehouses, factories, land in industrial distr...

Unit 7 Quiz(RECA)correctly answered rated A+ 2023What are Alberta's six natural water sources? A) Surface water, rain water, rivers, river basins, lakes, and wetlands B) Surface water, rivers, river basins, frozen water, lakes, and springs C) Surface water, rivers, river basins, lakes, wetlands, and springs D) Surface water, rivers, river basins, lakes, wetlands, and wells C Which of the following statements are correct regarding a Conservation Easement? 1. A Conservation Easement ...

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 through the Rules, Regulations & Bylaws Describe and explain the differences between the Rules, Regulations & Bylaws - ANSWER 1: Rules are a set of instructions to be followed by all industry profe...

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 management characteristics that identifies real estate as limited resource - Answer- scarce characteristic that defines real estate as indestructable - Answer- durable real estate as immobile - Answ...

Unit 1 RECA questions and answers latest 2023Define real estate refers to land and fixed improvements to land (permanent) What are the building classifications Residential Commercial Retail Institutional Agricultural Real Estate Sectors/Property Types Residential commercial rural property management characteristics that identifies real estate as limited resource scarce characteristic that defines real estate as indestructable durable real estate as i...

Chattels - ANSWER moveable items or personal property consumer price index - ANSWER an economic indicator that measures the change in consumer prices,experienced by canadians Industry Member - ANSWER someone authorized by RECA to trade in real estate,deal in mortgages or provide real estate appraisal services in accordance with the real estate act. industry professional - ANSWER someone authorized by RECA to trade in real estate,deal in mortgages or provide real estate appraisal service...

Real Estate - Answer- The land and fixed improvements to the land Classes of License - Answer- 1. Associate 2. Associate Broker 3. Broker 4 Areas of Practice - Answer- 1. Residential 2. Commercial 3. Rural 4. Property Management Mobile homes fall under the same category as recreational properties - Answer- False Industrial Properties - Answer- Include warehouses and custom-built manufacturing plants Residential Income property - Answer- Include low-rise and high-rise apartmen...

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 ...

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...

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...