RECA Exam Latest Update 80 Questions and Verified Correct Correct Answers Guaranteed Success
- years - Correct Answer: Which of the following statements is correct regarding how
soon a Reserve Fund Study must be completed for a new condominium?
A contract that was valid and has now ended - Correct Answer: What is meant by a discharged contract?
Admissions made by real estate professionals - Correct Answer: Which of the following is NOT considered a frequent cause of conflicts and disputes?
Advisory Note - Correct Answer: Which of the following Professional Conduct Review outcomes is issued as a practice guideline for a technical breach of the legislation?
All Statements Apply - Correct Answer: Why is the value of a property based on a property valuation often different from that of a property assessment?Assessments are based on sales as far back as a year ago Property valuations rely on the most recent sales Assessments are done for taxation as opposed to a sale Assessments use a different process referred to as mass appraisal
An accumulation of laws enacted by various levels of government - Correct Answer: Which of the following best describes statute law?
An increase in the quantity supplied - Correct Answer: Which of the following will occur to the supply of a good when there is a change in quantity supplied due to a price increase?
As negotiators - Correct Answer: Brokers who use the VBRP typically have experience in which of the following roles?
Authority, responsibility and accountability - Correct Answer: In terms of the brokerage, what are the 3 components of leadership that relate to the broker?
- It occurs when either the principal or agent fails to fulfil their responsibilities to the
other party who terminates the representation relationship as a result - Correct Answer: Which of the following describes a lawful revocation?
- Statements II, III and IV - Correct Answer: Which of the following statements is
correct regarding the Real Estate Act Rules?The Rules may only be amended by the provincial legislature RECA posts the most current version of the Rules on its website The Rules refer to the standards of practice for industry professionals 1 / 2
When contemplating amendments to the Rules, RECA consults with industry professionals and stakeholders
Balance - Correct Answer: Which of the following is NOT a stage in the life cycle of an area?
Both clients provide their informed consent - Correct Answer: TrCorrect Answer: action brokerage may only proceed if which of the following occurs?
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? - Correct Answer:
Disclosure level 1
Conditions precedent - Correct Answer: Which of the following are the types of
conditions used in Alberta for real estate purchase contracts?
Customary authority - Correct Answer: Which of the following types of authority allow an agent to act according to the usual ways of performing an action as established by the profession?
Disclosure Level 2 - Correct Answer: Mary, a real estate professional registered with ABC Real Estate Brokerage, has agreed to purchase her neighbour's ranch. The seller of the property is not represented by a real estate professional. What level of disclosure does Mary need to provide?
Disclosure level 3 - Correct Answer: Stan, a real estate professional registered with McAgent Real Estate Brokerage has just listed his commercial property for lease with his brokerage. Jim, another real estate professional registered with the same brokerage tells Stan that he has a client interested in leasing the property. What level of disclosure is required in this situation?
Errors, omissions and negligent acts - Correct Answer: REIX covers which of the following liabilities?
Frustration - Correct Answer: If performance of a contract is impossible, what is the reason for the contract ending?
I, II, & III - Correct Answer: Which of the following statements include actions that may be considered suspicious by a real estate brokerage?A buyer purchases a property without first viewing it A buyer purchases a property in the name of another person A buyer uses cash to purchase a property A buyer is slow to confirm their identity
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