RECA Residential Exam / Actual Questions &
Expertly Verified Answers 2025 /2026.
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Terms in this set (112)
Fiduciary Representation - Trust and confidence
- Best interests
- Loyalty
5 Ds of Role Clarity 1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
Must disclose in writing - the nature of services provided
- whether professional has entered into
representation relationship with other party
- any conflicts of interest
- any other facts that may influence consumers
decision to proceed with relationship
made to clarify and provide proof of undertanding
in event issues or disputes arise
,Written Service Agreement vs Written Service Agreement
Customer Acknowledgement Forms - when consumer chooses a representation
relationship
- becomes a client
- provide signed copy to brokerage
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
PIPEDA - Federal legislation
PIPA Alberta's legislation, how private organizations use
and disclose personal information.
Power of Attorney a legal document authorizing someone to act on
your behalf
- must be 18
- POA must be written, dated and signed by both
donor and witness
- donor must be mentally capable or contract is
void
- only effective as long as donor is alive, will takes
effect once death
,Types of POA General POA
- has no limits on powers of the attorney
- can make all decisions regarding financial and
legal affairs
- exception where the donor resides and health
care
Special POA
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with
land
- must be registered on Certificate of Title
Immediate POA
- takes effect as soon as POA is signed, dated and
witnessed
- terminates upon loss of mental capacity or death
Enduring POA
- immediately upon being signed, dated and
witnessed
- continues if donor becomes incapable, mentally
incapacitated
- must include statement whether it takes effect
immediately and continues...
Judicial Sale Court ordered sale usually as a way to resolve
legal matters
- primary debt recovery method for default
mortgages
, Foreclosure legal action supervised by the court following a
default on the mortgage.
-transfers the real property from the borrower to
the lender and erases interests on title.
Alberta Building Code Legislation that establishes technical specifications
for new building construction and construction
materials
Building Permit typically valid for one year during which
construction process must be initiated
Factory Built Construction Manufactured
- three sections that are 95% complete when they
leave the factory.
- secure the sections to the foundation and join
together
- can often move in the same day or within days
- saves time and mony
Modular Construction
- manufacturing three dimensional units, 85 percent
complete when they leave
- requires few weeks on site to be complete
- allows for creation of multi-story buildings
Panelized construction
- creation of pre-fabricated wall, floor or roof
panels
- panels may be completed fully or partially
- may consist of just the frame or fully complete
with windows and siding
Alberta Safety Codes Act provincial legislation that sets specifications for
new building.
Expertly Verified Answers 2025 /2026.
Save
Terms in this set (112)
Fiduciary Representation - Trust and confidence
- Best interests
- Loyalty
5 Ds of Role Clarity 1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
Must disclose in writing - the nature of services provided
- whether professional has entered into
representation relationship with other party
- any conflicts of interest
- any other facts that may influence consumers
decision to proceed with relationship
made to clarify and provide proof of undertanding
in event issues or disputes arise
,Written Service Agreement vs Written Service Agreement
Customer Acknowledgement Forms - when consumer chooses a representation
relationship
- becomes a client
- provide signed copy to brokerage
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
PIPEDA - Federal legislation
PIPA Alberta's legislation, how private organizations use
and disclose personal information.
Power of Attorney a legal document authorizing someone to act on
your behalf
- must be 18
- POA must be written, dated and signed by both
donor and witness
- donor must be mentally capable or contract is
void
- only effective as long as donor is alive, will takes
effect once death
,Types of POA General POA
- has no limits on powers of the attorney
- can make all decisions regarding financial and
legal affairs
- exception where the donor resides and health
care
Special POA
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with
land
- must be registered on Certificate of Title
Immediate POA
- takes effect as soon as POA is signed, dated and
witnessed
- terminates upon loss of mental capacity or death
Enduring POA
- immediately upon being signed, dated and
witnessed
- continues if donor becomes incapable, mentally
incapacitated
- must include statement whether it takes effect
immediately and continues...
Judicial Sale Court ordered sale usually as a way to resolve
legal matters
- primary debt recovery method for default
mortgages
, Foreclosure legal action supervised by the court following a
default on the mortgage.
-transfers the real property from the borrower to
the lender and erases interests on title.
Alberta Building Code Legislation that establishes technical specifications
for new building construction and construction
materials
Building Permit typically valid for one year during which
construction process must be initiated
Factory Built Construction Manufactured
- three sections that are 95% complete when they
leave the factory.
- secure the sections to the foundation and join
together
- can often move in the same day or within days
- saves time and mony
Modular Construction
- manufacturing three dimensional units, 85 percent
complete when they leave
- requires few weeks on site to be complete
- allows for creation of multi-story buildings
Panelized construction
- creation of pre-fabricated wall, floor or roof
panels
- panels may be completed fully or partially
- may consist of just the frame or fully complete
with windows and siding
Alberta Safety Codes Act provincial legislation that sets specifications for
new building.
