pg. 1 RECA Fundamentals Latest 2024 Complete Exam/ 150 Actual Questions with Correct Verified Answers/ Graded A+
Responsibilities of RECA - Correct Answer - - Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production - Correct Answer - land, labor, capital, entrepreneurship
RECA provides the following annual reports - Correct Answer - - financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; - Correct Answer - - local real estate boards
- Alberta real estate association
- Canadian real estate association
Referral definition - Correct 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 1 / 3
pg. 2 RECAS professional conduct review Objects - Correct Answer - - gather all relevant information
- treat parties fairly
-gather information efficiently
What type of economy does Canada have? - Correct Answer - mixed economy
Benefits of RECAS trust assurance and practice review program - Correct 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
Amendments to the Act - Correct Answer - - can be made by provincial legislature with recommendations by the Minister of Service Alberta
Amendments to the rules - Correct Answer - The rules contain the day-to- day activities
- council has the authority to create and amend
Executive Director can suspend license - Correct Answer - - determines the length of suspension
- serves the decision on the industry professional
- will consider the evidence when making the decision
What’s includes in written service agreements? - Correct Answer - - the services to be provided by the brokerage 2 / 3
pg. 3
- the responsibilities of each party to the agreement
- the names of the parties to the agreement
How long is license valid if not registered with brokerage? - Correct Answer
- 36 months
Levels of Disclosure - Correct Answer - 1. other party represented by another brokerage
- other party not represented
- other party represented by same brokerage
Designated Agency vs Common law - Correct Answer - Designated Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
Common Law
- agency relationship exists
- conflict of interest extends to whole brokerage
- must be disclosed
Inducement vs incentives - Correct Answer - - Inducement is client specific
- incentives must be offered by brokerage to everyone
If industry professional withdraws from profession during disciplinary proceedings - Correct Answer - - RECA issues a news release
- all disciplinary proceedings terminated
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