RECA Fundamentals Exam 2026 || Most Recent Exam
2026-2027 Actual Complete Real Exam Questions And
Correct Answers (Verified Answer) Already Graded A+ |
Guaranteed Success!! Brand New |Just Released!!
Types of Representation Termination - ANSWER-Agreement
- mutual (both parties agree)
- expiry (set date)
- completion/performance (ends once purpose is achieved)
Revocation
- mutual
consent
- lawfully - either party fails to fulfil
duties
- unlawful - terminated without consent from both parties
(parties fulfilled duties)
Operation of
Law
- impossible, illegial, death, mental incapacity,
bankruptcy
Designated Agency - ANSWER-- discretion of broker, must be
applied to brokerage
- helps avoid conflicts of interest
,- conflict arises if same designated agent is representing
multiple clients with interest in same property, either
competing or opposing
- broker remains neutral
Elements of representation relationships - ANSWER--
controlled by principal
(client)
- involves fiduciary
duties
- affects principals legal
position
Transaction Brokerage - ANSWER--means to resolve
conflict of interests
- if both clients accept conflict trade
can proceed
- written
agreement
- clients must have opportunity to review agreement
before signing
- must get opportunity to ask
questions
Rights of Land - ANSWER-Fee Simple - freehold, absolute
owner of land
Leasehold - interest in land expires with lease agreement
,life estate - interest in land for
duration of life
- reverts to fee simple with
death
Dover Act - ANSWER-upon death non-titled spouse
acquired interest
- only applies if legally married and
matrimonial house
- dissolves with
divorce
Quantum Meruit - ANSWER-amount awarded by courts for
contractual work
done to
date
Essential Elements of a Contract - ANSWER-Legal object,
capacity of both parties, consideration, intent to contract,
genuine consent, mutual agreement
Discharged contract - ANSWER-was valid and has now ended
privity of contract - ANSWER-- legal actions can only be taken
by contracting
parties
- only original parties are bound by
contract
, Powers of Attorney - ANSWER-
General
- has no limits, can make financial and legal
decisions
- cannot make decisions about health care and
where they reside
Special
- specific/limited
powers
Immediate
- appoints an attorney to make financial/legal decisions
- terminates upon loss of mental capacity/death
Enduring
- takes effect immediately if donor becomes
incapable
Conditions precedent - ANSWER-- used in alberta
- party needs to waive or remove conditions for contract to
proceed
- must be waived for contract to proceed
Bundle of rights - ANSWER-right to possess, use, enjoy and
sell the land
-
lease/rent
2026-2027 Actual Complete Real Exam Questions And
Correct Answers (Verified Answer) Already Graded A+ |
Guaranteed Success!! Brand New |Just Released!!
Types of Representation Termination - ANSWER-Agreement
- mutual (both parties agree)
- expiry (set date)
- completion/performance (ends once purpose is achieved)
Revocation
- mutual
consent
- lawfully - either party fails to fulfil
duties
- unlawful - terminated without consent from both parties
(parties fulfilled duties)
Operation of
Law
- impossible, illegial, death, mental incapacity,
bankruptcy
Designated Agency - ANSWER-- discretion of broker, must be
applied to brokerage
- helps avoid conflicts of interest
,- conflict arises if same designated agent is representing
multiple clients with interest in same property, either
competing or opposing
- broker remains neutral
Elements of representation relationships - ANSWER--
controlled by principal
(client)
- involves fiduciary
duties
- affects principals legal
position
Transaction Brokerage - ANSWER--means to resolve
conflict of interests
- if both clients accept conflict trade
can proceed
- written
agreement
- clients must have opportunity to review agreement
before signing
- must get opportunity to ask
questions
Rights of Land - ANSWER-Fee Simple - freehold, absolute
owner of land
Leasehold - interest in land expires with lease agreement
,life estate - interest in land for
duration of life
- reverts to fee simple with
death
Dover Act - ANSWER-upon death non-titled spouse
acquired interest
- only applies if legally married and
matrimonial house
- dissolves with
divorce
Quantum Meruit - ANSWER-amount awarded by courts for
contractual work
done to
date
Essential Elements of a Contract - ANSWER-Legal object,
capacity of both parties, consideration, intent to contract,
genuine consent, mutual agreement
Discharged contract - ANSWER-was valid and has now ended
privity of contract - ANSWER-- legal actions can only be taken
by contracting
parties
- only original parties are bound by
contract
, Powers of Attorney - ANSWER-
General
- has no limits, can make financial and legal
decisions
- cannot make decisions about health care and
where they reside
Special
- specific/limited
powers
Immediate
- appoints an attorney to make financial/legal decisions
- terminates upon loss of mental capacity/death
Enduring
- takes effect immediately if donor becomes
incapable
Conditions precedent - ANSWER-- used in alberta
- party needs to waive or remove conditions for contract to
proceed
- must be waived for contract to proceed
Bundle of rights - ANSWER-right to possess, use, enjoy and
sell the land
-
lease/rent
