RECA FUNDAMENTALS EXAM 2024 QUESTIONS
% VERIFIED ANSWERS GRADED A
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 supplied due to a price increase? - ANSWER-an increase in quantity supplied
Microeconics - ANSWER-studies the basic theories of supply and demand as it relates to individuals, households and firms
Resource Markets - ANSWER-facilitate the exchange of factors of production
What causes the quantity demanded to shift? - ANSWER-change in tastes, expectations, and number of consumers
benefits of economic growth - ANSWER-depletion of natural resources
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Real Property Report - ANSWER-document produced by Alberta Land Surveyor
Which of the following is not a non-price determinant of demand - ANSWER-cost of production
What type of economy does Canada have? - ANSWER-mixed economy
Benefits of RECAS trust assurance and practice review program - ANSWER-- effective record keeping and administrative procedures
- education and advice in relation to brokerage trust accounting
- identifies and resolves potential problems regarding brokerage trust accounting
requirements
Responsibilities of RECA - ANSWER-- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production - ANSWER-land, labor, capital, entrepreneurship
RECA provides the following annual reports - ANSWER-- financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; - ANSWER-- local real estate boards
- alberta real estate association
- canadian real estate association 2 / 3
Referral definition - ANSWER-The act of recommending or directing a person for service to another person or business
- brokerage is responsible for paying and receiving remuneration in connection to
trade
RECAS professional conduct review Objects - ANSWER-- gather all relevant information
- treat parties fairly
-gather information efficiently
Amendments to the Act - ANSWER-- can be made by provincial legislature with recommendations by the Minister of Service Alberta
Amendments to the rules - ANSWER-The rules contain the day to day activities
- council has the authority to create and amend
Executive Director can suspend license - ANSWER-- determines the length of suspension
- serves the decision on the industry professional
- will consider the evidence when making the decision
Whats includes in written service agreements? - ANSWER-- the services to be provided by the brokerage
- the responsibilities of each party to the agreement
- the names of the parties to the agreement
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