1|Page
RECA Fundamentals Exam ||Verified Exam!!|| Most
Recent Exam Actual Complete Real Exam Questions
And Correct Answers (Verified Answers) Already
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What's included in written service agreements? - Answer--
the services to be provided by the brokerage
- the responsibilities of each party to the agreement (i.e.
remuneration from client to brokerage)
- the names of the parties to the agreement
Failure to immediately notify Executive Director of
changes to information provided in support of license
results in: - Answer-- Exec. Director may refer the matter
for a professional conduct review
- Exec. Director may suspend industry professionals
license
- Exec. director may cancel the industry professionals
license
Length of time a license is valid for if NOT registered w a
brokerage - Answer-36 months
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Level of Disclosure: Other party represented by another
brokerage - Answer-Level 1
Level of Disclosure: Other party not represented - Answer-
Level 2
Level of Disclosure: Other party represented by same
brokerage - Answer-Level 3
Inducement vs incentives - Answer-- Inducement is client
specific
- Incentive is offered by the brokerage to any potential
client
Records must be: - Answer-- kept in Alberta
- maintained in electronic form
- kept by brokerage for 3 years
- accessible to RECA for inspection
- they can be held in multiple locations, provided they're all
in Alberta
Personal Ethics - Answer-Morals - held by individual
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Ethics - Standard of Conduct (values/beliefs that guide
actions)
Professional Standards - Rules and Regulations
Real Estate Insurance Exchange (REIX) - Answer--
provides financial protection
- compensates consumers up to $35,000
- mandatory errors & omissions insurance + negligence
- excludes injuries or death, transfers of title,
commission/fees
- $3,500 is the first deductible
- $7,000 if second claim.
- RECA collects premiums with licensing fees
Tort Law - Answer-Compensation for civil wrongs that
result in harm
- Negligent Tort
- carelessness, failure to exercise reasonable care
- Intentional Tort
- assault, fraud, theft, defamation
- strict liability Tort
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- the act itself, producting defective products, using
hazardous materials
Ethical Decision Making - Answer-1. Recognize
2. Analyze
3. Test
3A. Seek assistance if needed
4. Implement
Which of the following is NOT a RECA educational
resource for industry professionals? - Answer-Spatial
Information System (Spin 2)
Who is responsible for producing the "Real Property
Report"? - Answer-Alberta Land Surveyor
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
RECA Fundamentals Exam ||Verified Exam!!|| Most
Recent Exam Actual Complete Real Exam Questions
And Correct Answers (Verified Answers) Already
Graded A+ | Guaranteed Success!! Newest Exam!!!
What's included in written service agreements? - Answer--
the services to be provided by the brokerage
- the responsibilities of each party to the agreement (i.e.
remuneration from client to brokerage)
- the names of the parties to the agreement
Failure to immediately notify Executive Director of
changes to information provided in support of license
results in: - Answer-- Exec. Director may refer the matter
for a professional conduct review
- Exec. Director may suspend industry professionals
license
- Exec. director may cancel the industry professionals
license
Length of time a license is valid for if NOT registered w a
brokerage - Answer-36 months
,2|Page
Level of Disclosure: Other party represented by another
brokerage - Answer-Level 1
Level of Disclosure: Other party not represented - Answer-
Level 2
Level of Disclosure: Other party represented by same
brokerage - Answer-Level 3
Inducement vs incentives - Answer-- Inducement is client
specific
- Incentive is offered by the brokerage to any potential
client
Records must be: - Answer-- kept in Alberta
- maintained in electronic form
- kept by brokerage for 3 years
- accessible to RECA for inspection
- they can be held in multiple locations, provided they're all
in Alberta
Personal Ethics - Answer-Morals - held by individual
,3|Page
Ethics - Standard of Conduct (values/beliefs that guide
actions)
Professional Standards - Rules and Regulations
Real Estate Insurance Exchange (REIX) - Answer--
provides financial protection
- compensates consumers up to $35,000
- mandatory errors & omissions insurance + negligence
- excludes injuries or death, transfers of title,
commission/fees
- $3,500 is the first deductible
- $7,000 if second claim.
- RECA collects premiums with licensing fees
Tort Law - Answer-Compensation for civil wrongs that
result in harm
- Negligent Tort
- carelessness, failure to exercise reasonable care
- Intentional Tort
- assault, fraud, theft, defamation
- strict liability Tort
, 4|Page
- the act itself, producting defective products, using
hazardous materials
Ethical Decision Making - Answer-1. Recognize
2. Analyze
3. Test
3A. Seek assistance if needed
4. Implement
Which of the following is NOT a RECA educational
resource for industry professionals? - Answer-Spatial
Information System (Spin 2)
Who is responsible for producing the "Real Property
Report"? - Answer-Alberta Land Surveyor
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
