pg. 1 RECA Fundamentals Newest 2024 Complete Exam Practice Questions with Correct Detailed Answers (Verified Answers) Rated A+
Three components of broker leadership - Correct Answer - Authority, responsibility, and accountability
Reactions to conflict - Correct Answer - Physical, Cognitive, Emotional
Principles of Competition Act - Correct Answer - - Do not collude with competitors
- do not discriminate against or refuse to do business with competitors
- do not mislead the public through advertisement or representation
Proceeds of Crime (Money Laundering) and Terrorist Financing Act - Correct Answer - - Federal act
- specific measures to detect and deter money laundering
- facilitates investigations
- responds to threats posed by organized crime
- fulfill international commitments to fight multi-national crime
Financial Transactions and Reports Analysis Center of Canada (FINTRAC) - Correct Answer - - responsible for collection, analysis and disclosure of information
- identifies lists of groups under their watch
- brokers must report suspicious transactions
Safeguards to protect personal information - Correct Answer - Administrative, Technological, Physical 1 / 3
pg. 2
Confidential information - Correct Answer - includes both personal and business information
- not readily available info, may have value
Civil liability - Correct Answer - - private legal action between disputing parties
- involves and plaintiff and defendant appearing in court
- established by the courts at the conclusion of legal proceedings
Designated Agency - Correct Answer - - discretion of broker, must be applied to brokerage
- helps avoid conflicts of interest
- conflict arises if same designated agent is representing multiple clients with interest in
- broker remains neutral
same property, either competing or opposing
Elements of representation relationships - Correct Answer - - controlled by principal (client)
- involves fiduciary duties
- affects principals legal position
Transaction Brokerage - Correct Answer - -means to resolve conflict of interests
- if both clients accept conflict trade can proceed
- written agreement
- clients must have opportunity to review agreement before signing
- must get opportunity to ask questions
Types of Consent - Correct Answer - Express (most important)
- given verbally or in writing
Implied 2 / 3
pg. 3
- does not specifically give, but volunteers personal information
- unless the individual takes action, can assume consent is given
Opt-out
Legacy Information - Correct Answer - - personal information collected before application privacy legislation came into effect
- considered to be collected with consent
- may be used for a new purpose other than original purpose if new consent is obtained
Disputes come from: - Correct Answer - Assumptions
Omissions (non actions) Commissions
- act that did not meet approval, creating issues
ex. young couple in 55+ building
Rights of Land - Correct Answer - Fee Simple - freehold, absolute owner of land
Leasehold - interest in land expires with lease agreement
life estate - interest in land for duration of life
- reverts to fee simple with death
Dover Act - Correct Answer - upon death non-titled spouse acquired interest
- only applies if legally married and matrimonial house
- dissolves with divorce
Quantum Meruit - Correct Answer - amount awarded by courts for contractual work done to date
- / 3