RECA FUNDAMENTALS EXAM QUESTIONS
COMPLETE WITH 100% VERIFIED ANSWER
\Q\.Which of the following is NOT a RECA educational resource for industry
professionals? - ANSWER-✔Spatial Information System (Spin 2)
\Q\.Which entity has the authority to amend the Real Estate Act - ANSWER-
✔Provincial Legislature
\Q\.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 - ANSWER-
✔Consumer Price Index (CPI)
\Q\.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? - ANSWER-✔an increase in
quantity supplied
\Q\.Microeconics - ANSWER-✔studies the basic theories of supply and demand as
it relates to individuals, households and firms
\Q\.Resource Markets - ANSWER-✔facilitate the exchange of factors of production
,\Q\.What causes the quantity demanded to shift? - ANSWER-✔change in tastes,
expectations, and number of consumers
\Q\.benefits of economic growth - ANSWER-✔depletion of natural resources
\Q\.Real Property Report - ANSWER-✔document produced by Alberta Land
Surveyor
\Q\.Which of the following is not a non-price determinant of demand - ANSWER-
✔cost of production
\Q\.What type of economy does Canada have? - ANSWER-✔mixed economy
\Q\.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
\Q\.Responsibilities of RECA - ANSWER-✔- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
, \Q\.Four factors of production - ANSWER-✔land, labor, capital, entrepreneurship
\Q\.RECA provides the following annual reports - ANSWER-✔- financial reports
- industry statistics
- reports for the previous year
\Q\.The structure of real estate in Alberta includes; - ANSWER-✔- local real estate
boards
- alberta real estate association
- canadian real estate association
\Q\.Referral definition - 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
\Q\.RECAS professional conduct review Objects - ANSWER-✔- gather all relevant
information
- treat parties fairly
-gather information efficiently
\Q\.Amendments to the Act - ANSWER-✔- can be made by provincial legislature
with recommendations by the Minister of Service Alberta
COMPLETE WITH 100% VERIFIED ANSWER
\Q\.Which of the following is NOT a RECA educational resource for industry
professionals? - ANSWER-✔Spatial Information System (Spin 2)
\Q\.Which entity has the authority to amend the Real Estate Act - ANSWER-
✔Provincial Legislature
\Q\.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 - ANSWER-
✔Consumer Price Index (CPI)
\Q\.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? - ANSWER-✔an increase in
quantity supplied
\Q\.Microeconics - ANSWER-✔studies the basic theories of supply and demand as
it relates to individuals, households and firms
\Q\.Resource Markets - ANSWER-✔facilitate the exchange of factors of production
,\Q\.What causes the quantity demanded to shift? - ANSWER-✔change in tastes,
expectations, and number of consumers
\Q\.benefits of economic growth - ANSWER-✔depletion of natural resources
\Q\.Real Property Report - ANSWER-✔document produced by Alberta Land
Surveyor
\Q\.Which of the following is not a non-price determinant of demand - ANSWER-
✔cost of production
\Q\.What type of economy does Canada have? - ANSWER-✔mixed economy
\Q\.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
\Q\.Responsibilities of RECA - ANSWER-✔- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
, \Q\.Four factors of production - ANSWER-✔land, labor, capital, entrepreneurship
\Q\.RECA provides the following annual reports - ANSWER-✔- financial reports
- industry statistics
- reports for the previous year
\Q\.The structure of real estate in Alberta includes; - ANSWER-✔- local real estate
boards
- alberta real estate association
- canadian real estate association
\Q\.Referral definition - 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
\Q\.RECAS professional conduct review Objects - ANSWER-✔- gather all relevant
information
- treat parties fairly
-gather information efficiently
\Q\.Amendments to the Act - ANSWER-✔- can be made by provincial legislature
with recommendations by the Minister of Service Alberta
