RECA- UNIT 2 (REAL ESTATE ACT)
QUESTIONS & ELABORATED
COMPLETE SOLUTIONS PASSED
RECA Legislation: 4 components - Correct Answer ✔✔ 1. The Act (Responsibility of the
Minister of Service Alberta)
2. The Rules
3. The Regulations
4. The Bylaws
As a provincial statute, the act can only be amended by - Correct Answer ✔✔ provincial
legislature.
- Not something that RECA can do on their own; it is the responsibility of the Minister of
Service Alberta to make recommendations
The Act is divided into 6 parts - Correct Answer ✔✔ 1. Real Estate Council of Alberta:
establishes RECA and outlines it's purpose/powers
2. Regulation of Business of a licensee
3. Conduct proceedings
4. Real Estate Assurance Fund
5. Alberta Real Estate Foundation
6. General guidelines on council orders, inspections, service of documents, hearing
panels, etc
Outline of Rules in the Act - Correct Answer ✔✔ 1. Licences
2. Outlines industry standards
3. Establishes accounting, record keeping and reporting requirements
4. REIX
5. Contains fee schedules
6. Identifies the date on which the rules came into force
7. Designation of Administrative Penalties
_____ can create and amend the rules but do so with due care through industry
consultation and stakeholder discussion - Correct Answer ✔✔ The Industry Councils
The Regulations (Two Types) - Correct Answer ✔✔ 1. Ministerial Regulations
2. Exemption Regulations
Ministerial Regulations - Correct Answer ✔✔ Set policy in regards to organization and
administration of the Alberta Real Estate Foundation and Assurance Fund
QUESTIONS & ELABORATED
COMPLETE SOLUTIONS PASSED
RECA Legislation: 4 components - Correct Answer ✔✔ 1. The Act (Responsibility of the
Minister of Service Alberta)
2. The Rules
3. The Regulations
4. The Bylaws
As a provincial statute, the act can only be amended by - Correct Answer ✔✔ provincial
legislature.
- Not something that RECA can do on their own; it is the responsibility of the Minister of
Service Alberta to make recommendations
The Act is divided into 6 parts - Correct Answer ✔✔ 1. Real Estate Council of Alberta:
establishes RECA and outlines it's purpose/powers
2. Regulation of Business of a licensee
3. Conduct proceedings
4. Real Estate Assurance Fund
5. Alberta Real Estate Foundation
6. General guidelines on council orders, inspections, service of documents, hearing
panels, etc
Outline of Rules in the Act - Correct Answer ✔✔ 1. Licences
2. Outlines industry standards
3. Establishes accounting, record keeping and reporting requirements
4. REIX
5. Contains fee schedules
6. Identifies the date on which the rules came into force
7. Designation of Administrative Penalties
_____ can create and amend the rules but do so with due care through industry
consultation and stakeholder discussion - Correct Answer ✔✔ The Industry Councils
The Regulations (Two Types) - Correct Answer ✔✔ 1. Ministerial Regulations
2. Exemption Regulations
Ministerial Regulations - Correct Answer ✔✔ Set policy in regards to organization and
administration of the Alberta Real Estate Foundation and Assurance Fund
