RECA unit 1 quiz latest 2023 already
passed
Which of the following represents an accountability mechanism that RECA must comply with
under the Act?
A) RECA must prepare for the Minister of Service Alberta an annual report for the previous year
end
B) RECA must prepare for the Minister of Service Alberta an annual consumer report on the
investigations conducted
C) RECA must prepare for the Minister of Service Alberta a market report on the industries it
regulates
D) RECA must prepare for the Minister of Service Alberta a report on deposits made to the Real
Estate Assurance Fund ✔✔A) RECA must prepare for the Minister of Service Alberta an annual
report for the previous year end
Which of the following statements is correct regarding the Act?
A) The Act enables mortgage brokerage licensing and regulation to be done by the provincial
government
, B) The Act enables mortgage brokerage licensing and regulation to be done by the federal
government
C) The Act enables mortgage brokerage licensing and regulation to be done by the industry
D) The Act enables mortgage brokerage licensing and regulation to be done by the brokerages
✔✔D) The Act enables mortgage brokerage licensing and regulation to be done by the
brokerages
Which of the following is NOT a benefit of RECA's audit program
A) It identifies and resolves potential problems regarding brokerage trust accounting
requirements
B) It develops effective brokerage record keeping and administrative procedures
C) It establishes performance and evaluation standards for licensed brokerage employees
D) It provides education and advice in relation to brokerage trust accounting ✔✔C) It establishes
performance and evaluation standards for licensed brokerage employees
What is RECA's mandate under the Act?
A) Protect consumers and provide services that enhance or improve the industries it regulates
passed
Which of the following represents an accountability mechanism that RECA must comply with
under the Act?
A) RECA must prepare for the Minister of Service Alberta an annual report for the previous year
end
B) RECA must prepare for the Minister of Service Alberta an annual consumer report on the
investigations conducted
C) RECA must prepare for the Minister of Service Alberta a market report on the industries it
regulates
D) RECA must prepare for the Minister of Service Alberta a report on deposits made to the Real
Estate Assurance Fund ✔✔A) RECA must prepare for the Minister of Service Alberta an annual
report for the previous year end
Which of the following statements is correct regarding the Act?
A) The Act enables mortgage brokerage licensing and regulation to be done by the provincial
government
, B) The Act enables mortgage brokerage licensing and regulation to be done by the federal
government
C) The Act enables mortgage brokerage licensing and regulation to be done by the industry
D) The Act enables mortgage brokerage licensing and regulation to be done by the brokerages
✔✔D) The Act enables mortgage brokerage licensing and regulation to be done by the
brokerages
Which of the following is NOT a benefit of RECA's audit program
A) It identifies and resolves potential problems regarding brokerage trust accounting
requirements
B) It develops effective brokerage record keeping and administrative procedures
C) It establishes performance and evaluation standards for licensed brokerage employees
D) It provides education and advice in relation to brokerage trust accounting ✔✔C) It establishes
performance and evaluation standards for licensed brokerage employees
What is RECA's mandate under the Act?
A) Protect consumers and provide services that enhance or improve the industries it regulates
