RECA Fundamentals Exam Questions
& Answers (Grade A+)
Which of the following is NOT a RECA educational resource for
industry professionals? -
correct answer ✅Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act -
correct answer ✅Provincial Legislature
Which of the following measures the change in a cost of a fixed
basket of goods and services purchased by families over a period of
time -
correct answer ✅Consumer Price Index (CPI)
Which of the following will occur to the supply of a good when
there is a change in quantity supplied due to a price increase? -
correct answer ✅an increase in quantity supplied
Microeconics -
correct answer ✅studies the basic theories of supply and demand
as it relates to individuals, households and firms
Resource Markets -
correct answer ✅facilitate the exchange of factors of production
,RECA Fundamentals Exam Questions
& Answers (Grade A+)
What causes the quantity demanded to shift? -
correct answer ✅change in tastes, expectations, and number of
consumers
benefits of economic growth -
correct answer ✅depletion of natural resources
Real Property Report -
correct answer ✅document produced by Alberta Land Surveyor
Which of the following is not a non-price determinant of demand -
correct answer ✅cost of production
What type of economy does Canada have? -
correct answer ✅mixed economy
Benefits of RECAS trust assurance and practice review program -
correct answer ✅- effective record keeping and administrative
procedures
- education and advice in relation to brokerage trust accounting
,RECA Fundamentals Exam Questions
& Answers (Grade A+)
- identifies and resolves potential problems regarding brokerage
trust accounting requirements
Responsibilities of RECA -
correct answer ✅- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production -
correct answer ✅land, labor, capital, entrepreneurship
RECA provides the following annual reports -
correct answer ✅- financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; -
correct answer ✅- local real estate boards
- alberta real estate association
- canadian real estate association
, RECA Fundamentals Exam Questions
& Answers (Grade A+)
Referral definition -
correct answer ✅The act of recommending or directing a person
for service to another person or business
- brokerage is responsible for paying and receiving remuneration in
connection to trade
RECAS professional conduct review Objects -
correct answer ✅- gather all relevant information
- treat parties fairly
-gather information efficiently
Amendments to the Act -
correct answer ✅- can be made by provincial legislature with
recommendations by the Minister of Service Alberta
Amendments to the rules -
correct answer ✅The rules contain the day to day activities
- council has the authority to create and amend
Executive Director can suspend license -
correct answer ✅- determines the length of suspension
& Answers (Grade A+)
Which of the following is NOT a RECA educational resource for
industry professionals? -
correct answer ✅Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act -
correct answer ✅Provincial Legislature
Which of the following measures the change in a cost of a fixed
basket of goods and services purchased by families over a period of
time -
correct answer ✅Consumer Price Index (CPI)
Which of the following will occur to the supply of a good when
there is a change in quantity supplied due to a price increase? -
correct answer ✅an increase in quantity supplied
Microeconics -
correct answer ✅studies the basic theories of supply and demand
as it relates to individuals, households and firms
Resource Markets -
correct answer ✅facilitate the exchange of factors of production
,RECA Fundamentals Exam Questions
& Answers (Grade A+)
What causes the quantity demanded to shift? -
correct answer ✅change in tastes, expectations, and number of
consumers
benefits of economic growth -
correct answer ✅depletion of natural resources
Real Property Report -
correct answer ✅document produced by Alberta Land Surveyor
Which of the following is not a non-price determinant of demand -
correct answer ✅cost of production
What type of economy does Canada have? -
correct answer ✅mixed economy
Benefits of RECAS trust assurance and practice review program -
correct answer ✅- effective record keeping and administrative
procedures
- education and advice in relation to brokerage trust accounting
,RECA Fundamentals Exam Questions
& Answers (Grade A+)
- identifies and resolves potential problems regarding brokerage
trust accounting requirements
Responsibilities of RECA -
correct answer ✅- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production -
correct answer ✅land, labor, capital, entrepreneurship
RECA provides the following annual reports -
correct answer ✅- financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; -
correct answer ✅- local real estate boards
- alberta real estate association
- canadian real estate association
, RECA Fundamentals Exam Questions
& Answers (Grade A+)
Referral definition -
correct answer ✅The act of recommending or directing a person
for service to another person or business
- brokerage is responsible for paying and receiving remuneration in
connection to trade
RECAS professional conduct review Objects -
correct answer ✅- gather all relevant information
- treat parties fairly
-gather information efficiently
Amendments to the Act -
correct answer ✅- can be made by provincial legislature with
recommendations by the Minister of Service Alberta
Amendments to the rules -
correct answer ✅The rules contain the day to day activities
- council has the authority to create and amend
Executive Director can suspend license -
correct answer ✅- determines the length of suspension
