Reca mortgage broker - Study guides, Class notes & Summaries

RECA Mortgage Broker Exam With 100% Correct Answers 2024

According to the Dower Act, what is NOT one of the criteria used to determine if Dower applies? - Answer-The property is mortgaged in the name of one party According to the Dower Act, which of the following would be considered disposition of the property?I. Selling the propertyII. Leasing the propertyIII. Placing a mortgage on the propertyIV. Getting a line of credit against the property - Answer-All of the above Explanation Disposition of the property includes:Selling the propertyLeasing ...

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RECA Mortgage broker; Questions and Answers 100% Solved How are representation relationships typically established? Correct answer Estoppel 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? Correct answer Fee 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...

Reca Mortgage Broker Real Exam Question And Answers Latest Update

RECA Fundamentals Exam Questions and Answers Already Passed Which of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act 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 Consumer Price Index (CPI) Which of the following will occur to the supply of a good when ther...

RECA Mortgage broker; Questions and Answers 100% Solved The class of license needed for the operation of the real estate business Correct answer Brokerage First license earned when entering the real estate profession Correct answer Associate Three components of Leadership Correct answer Authority, responsibility and accountability Broker assigning duties to other qualified real estate professionals Correct answer Broker Delegation All the necessary education components to being a broker...

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...

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