RECA Unit Quiz Reviews Questions and
Answers Rated A
Which of the following indicators are used to calculate Gross Domestic Product (GDP)?
I. Imports
II. Consumer Spending
III. Business Spending
IV. Net income from foreign residents ✔✔Statements I, II and III
Which of the following is NOT a non-price determinant of demand?
A. Market size
B. Costs of production
C. Availability of credit
,D. Consumers' disposable income ✔✔Costs of production
Which of the following statements is correct regarding the resource markets?
A. they measure the total output of an economy
B. they determine the level of supply and demand
C. they measure the level of consumer confidence
D. they facilitate the exchange of the factors of production ✔✔they facilitate the exchange of the
factors of production
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?
A. a shift in the quantity supplied
,B. a shift in the quantity demanded
C. an increase in the quantity supplied
D. an increase in the quantity demanded ✔✔an increase in the quantity supplied
Which of the following statements is correct regarding the Real Estate Act Rules?
I. The Rules may only be amended by the provincial legislature
II. RECA posts he most current version of the Rules on its websites
III. The Rules refer to the standards of practice for industry professionals
IV. When contemplating amendments to the Rules, RECA consults with industry professionals
and stakeholders ✔✔Statements II, III and IV
Michael, a real estate professional with Prime Plus Real Estate Brokerage Ltd. has an assistant,
Marie, who used to be an industry professional. As Michael is very busy, Marie prepares
, promotional information for upcoming open houses that Michael will host. According to the
Rules related to support personnel and assistants, choose the best answer regarding the actions
Marie is performing.
A. Marie can prepare the promotional information if the broker has given his/her permission
B. Marie can prepare the promotional information if she has written permission from Michael
C. Marie can prepare the promotional information if Michael approves all the work she
completes
D. Marie can prepare the promotional information without any supervision as she was once an
industry professional ✔✔Marie can prepare the promotional information if Michael approves all
the work she completes
Dominic, a real estate associate with XYZ Real Estate Brokers Inc., plans to return to school in
September to complete his university degree. As such, he will not be renewing his registration
with the brokerage. How long does he have to become registered again with a brokerage before
his licence expires?
Answers Rated A
Which of the following indicators are used to calculate Gross Domestic Product (GDP)?
I. Imports
II. Consumer Spending
III. Business Spending
IV. Net income from foreign residents ✔✔Statements I, II and III
Which of the following is NOT a non-price determinant of demand?
A. Market size
B. Costs of production
C. Availability of credit
,D. Consumers' disposable income ✔✔Costs of production
Which of the following statements is correct regarding the resource markets?
A. they measure the total output of an economy
B. they determine the level of supply and demand
C. they measure the level of consumer confidence
D. they facilitate the exchange of the factors of production ✔✔they facilitate the exchange of the
factors of production
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?
A. a shift in the quantity supplied
,B. a shift in the quantity demanded
C. an increase in the quantity supplied
D. an increase in the quantity demanded ✔✔an increase in the quantity supplied
Which of the following statements is correct regarding the Real Estate Act Rules?
I. The Rules may only be amended by the provincial legislature
II. RECA posts he most current version of the Rules on its websites
III. The Rules refer to the standards of practice for industry professionals
IV. When contemplating amendments to the Rules, RECA consults with industry professionals
and stakeholders ✔✔Statements II, III and IV
Michael, a real estate professional with Prime Plus Real Estate Brokerage Ltd. has an assistant,
Marie, who used to be an industry professional. As Michael is very busy, Marie prepares
, promotional information for upcoming open houses that Michael will host. According to the
Rules related to support personnel and assistants, choose the best answer regarding the actions
Marie is performing.
A. Marie can prepare the promotional information if the broker has given his/her permission
B. Marie can prepare the promotional information if she has written permission from Michael
C. Marie can prepare the promotional information if Michael approves all the work she
completes
D. Marie can prepare the promotional information without any supervision as she was once an
industry professional ✔✔Marie can prepare the promotional information if Michael approves all
the work she completes
Dominic, a real estate associate with XYZ Real Estate Brokers Inc., plans to return to school in
September to complete his university degree. As such, he will not be renewing his registration
with the brokerage. How long does he have to become registered again with a brokerage before
his licence expires?
