RECA Residential Exam
5 C's of Borrower Credit - questions and answers-Character, Capital, Capacity, Collateral, Credit
5 Ds of Role Clarity - questions and answers-1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
Abandoned wells - questions and answers-- physical threat
- allowing surface runoff to directly enter an aquifer
- permitting cross contamination of different aquifers by a well bore
can tell that its running dry
- air bubbles in waterline
- no water flow
- water outages after heavy use
- pump does not produce as much water as it used to
- pump runs for long time before shutting off
- low water pressure
- sediment in water making it appear muddy
Alberta Building Code - questions and answers-Legislation that establishes technical
specifications for new building construction and construction materials
Alberta Safety Codes Act - questions and answers-provincial legislation that sets specifications
for new building.
Alberta Wildlife Act - questions and answers-- to identify, recover and protect species at risk
Alternative energy sources - questions and answers-- solar panels
- wind energy
- solar shingles
- geothermal energy systems
Borrower vs Lender - questions and answers-Borrower obligations
- repay mortgage and loan interest
- keep property adequately insured
- maintain the condition of the property
- pay any charges against the title
Rights
,- possession of property
- redeem or further mortgage the property
- receive a discharge of the mortgage
Lender Obligations
- discharge the mortgage upon payment
- Not interfere with borrowers use of property
- Provide annual statement of principal, interest and taxes
Rights
- assign the mortgage
- be paid under terms of mortgage
Building Floors - questions and answers-Beams - structural components that create base
Joist - support part of structure, placed horizontal - supports floor or ceiling
Bridging/Blocking - adds to load carrying capabilities and reduces the potential for movement.
Building Permit - questions and answers-typically valid for one year during which construction
process must be initiated
CADS - questions and answers-document used to register encumbrances, financial obligations,
and pending litigations
- includes legal description, name of condo corp and address, number of units, registered
bylaws, any financial obligations
found on SPIN2
Calculations for Adjustments to Comparable Properties - questions and answers-Percent
adjustments = ((New-old)/old X 100)/ number of months between sales
ex. overall time adjust of -4% = sale price x 96%
ex. four months ago with time adjustment of 1/2%
1/2% x 4 = 2% overall time adjustment
sale price x 1.02 =
Caveats - questions and answers-- notice by another party claiming an interest in the land
- may prevent the transfer of land to a new owner
- the land titles office must provide notice of the caveat to the registered owners
Ceilings - questions and answers-Valuted - follow roofline, unequal sides
Cathedral - two equal sides (Aframe)
Drop- covers pipes and wires
Coffered - insets, waffle like
, Comparable Market Analysis (CMA) - questions and answers-present topics
- sold properties
-active properties
-brokerage services
uses principal of substitution (pay no more than cost of acquiring similar property)
Components of Construction - questions and answers-Lot
Substructure - building foundation
Superstructure - above grade construction
includes; envelope, service systems, interior
- building envelope - everything that encloses the structure
- roof, exterior walls, windows, doors, and interior walls
- building service systems - supply's essential services
- heat, electricity, water
- interior - interior walls, features, finishes, and fixtures
Pre-wired
- security systems, internet, fireplace controls, windows
Components of wells - questions and answers-well screen, water pump, well casing, drop pipe,
annular seal, annular space, pitless adapter, pressure tank, and well cap
Cisterns - hold and store large volumes of water
- should be pumped clean and chlorinated one a year
Conditions can be - questions and answers-Waived
not waived
extended
confined vs unconfined aquifer - questions and answers-confined - lies between layers of
impermeable materials, fully saturated with ground water
unconfined - also called water table, upper water surface is at atmospheric pressure
Conservation Easement - questions and answers-- allows the alberta government to designate
private lands as protected
- regulated the allowable uses of land
- may restrict certain activities on the land
Consumer Relationship Guide - questions and answers-- makes consumers aware of
relationship options available to them
- should be discussed when entering into relationship with prospective client
5 C's of Borrower Credit - questions and answers-Character, Capital, Capacity, Collateral, Credit
5 Ds of Role Clarity - questions and answers-1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
Abandoned wells - questions and answers-- physical threat
- allowing surface runoff to directly enter an aquifer
- permitting cross contamination of different aquifers by a well bore
can tell that its running dry
- air bubbles in waterline
- no water flow
- water outages after heavy use
- pump does not produce as much water as it used to
- pump runs for long time before shutting off
- low water pressure
- sediment in water making it appear muddy
Alberta Building Code - questions and answers-Legislation that establishes technical
specifications for new building construction and construction materials
Alberta Safety Codes Act - questions and answers-provincial legislation that sets specifications
for new building.
Alberta Wildlife Act - questions and answers-- to identify, recover and protect species at risk
Alternative energy sources - questions and answers-- solar panels
- wind energy
- solar shingles
- geothermal energy systems
Borrower vs Lender - questions and answers-Borrower obligations
- repay mortgage and loan interest
- keep property adequately insured
- maintain the condition of the property
- pay any charges against the title
Rights
,- possession of property
- redeem or further mortgage the property
- receive a discharge of the mortgage
Lender Obligations
- discharge the mortgage upon payment
- Not interfere with borrowers use of property
- Provide annual statement of principal, interest and taxes
Rights
- assign the mortgage
- be paid under terms of mortgage
Building Floors - questions and answers-Beams - structural components that create base
Joist - support part of structure, placed horizontal - supports floor or ceiling
Bridging/Blocking - adds to load carrying capabilities and reduces the potential for movement.
Building Permit - questions and answers-typically valid for one year during which construction
process must be initiated
CADS - questions and answers-document used to register encumbrances, financial obligations,
and pending litigations
- includes legal description, name of condo corp and address, number of units, registered
bylaws, any financial obligations
found on SPIN2
Calculations for Adjustments to Comparable Properties - questions and answers-Percent
adjustments = ((New-old)/old X 100)/ number of months between sales
ex. overall time adjust of -4% = sale price x 96%
ex. four months ago with time adjustment of 1/2%
1/2% x 4 = 2% overall time adjustment
sale price x 1.02 =
Caveats - questions and answers-- notice by another party claiming an interest in the land
- may prevent the transfer of land to a new owner
- the land titles office must provide notice of the caveat to the registered owners
Ceilings - questions and answers-Valuted - follow roofline, unequal sides
Cathedral - two equal sides (Aframe)
Drop- covers pipes and wires
Coffered - insets, waffle like
, Comparable Market Analysis (CMA) - questions and answers-present topics
- sold properties
-active properties
-brokerage services
uses principal of substitution (pay no more than cost of acquiring similar property)
Components of Construction - questions and answers-Lot
Substructure - building foundation
Superstructure - above grade construction
includes; envelope, service systems, interior
- building envelope - everything that encloses the structure
- roof, exterior walls, windows, doors, and interior walls
- building service systems - supply's essential services
- heat, electricity, water
- interior - interior walls, features, finishes, and fixtures
Pre-wired
- security systems, internet, fireplace controls, windows
Components of wells - questions and answers-well screen, water pump, well casing, drop pipe,
annular seal, annular space, pitless adapter, pressure tank, and well cap
Cisterns - hold and store large volumes of water
- should be pumped clean and chlorinated one a year
Conditions can be - questions and answers-Waived
not waived
extended
confined vs unconfined aquifer - questions and answers-confined - lies between layers of
impermeable materials, fully saturated with ground water
unconfined - also called water table, upper water surface is at atmospheric pressure
Conservation Easement - questions and answers-- allows the alberta government to designate
private lands as protected
- regulated the allowable uses of land
- may restrict certain activities on the land
Consumer Relationship Guide - questions and answers-- makes consumers aware of
relationship options available to them
- should be discussed when entering into relationship with prospective client
