1|Page
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!!!
Who has the power to amend the Rules of the RE Act? -
Answer-Council (not the Provincial Legislature, their job is
to amend the RE Act itself - two very different things)
Who has the power to suspend / revoke a license? -
Answer-The Executive Director
- determines the length of suspension
- serves the decision on the industry professional
- will consider the evidence when making the decision
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
,2|Page
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
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
,3|Page
- identifies and resolves potential problems regarding
brokerage trust accounting requirements
Responsibilities of RECA - Answer-- Handling professional
conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production - Answer-land, labor, capital,
entrepreneurship
RECA provides the following annual reports - Answer--
financial reports
- industry statistics
- reports for the previous year
Level of Disclosure: Other party represented by another
brokerage - Answer-Level 1
Level of Disclosure: Other party not represented - Answer-
Level 2
, 4|Page
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
Ethics - Standard of Conduct (values/beliefs that guide
actions)
Professional Standards - Rules and Regulations
Real Estate Insurance Exchange (REIX) - Answer--
provides financial protection
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!!!
Who has the power to amend the Rules of the RE Act? -
Answer-Council (not the Provincial Legislature, their job is
to amend the RE Act itself - two very different things)
Who has the power to suspend / revoke a license? -
Answer-The Executive Director
- determines the length of suspension
- serves the decision on the industry professional
- will consider the evidence when making the decision
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
,2|Page
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
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
,3|Page
- identifies and resolves potential problems regarding
brokerage trust accounting requirements
Responsibilities of RECA - Answer-- Handling professional
conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production - Answer-land, labor, capital,
entrepreneurship
RECA provides the following annual reports - Answer--
financial reports
- industry statistics
- reports for the previous year
Level of Disclosure: Other party represented by another
brokerage - Answer-Level 1
Level of Disclosure: Other party not represented - Answer-
Level 2
, 4|Page
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
Ethics - Standard of Conduct (values/beliefs that guide
actions)
Professional Standards - Rules and Regulations
Real Estate Insurance Exchange (REIX) - Answer--
provides financial protection
