RECA fundamentals study guide
questions and answers graded A
duty-based ethics ✔✔Individual is expected to do the right thing cause it's the right thing to do,
regardless of outcome
utalitarian ethics ✔✔Sells the optimal result for the greatest number of people
Advisory note ✔✔Punishment for a technical breach
Administrative penalty/ fine ✔✔One or two potentially serious infraction would cause this
punishment
Ratification- acting without authority or in excess of authority
Implication- advice outside of objective ✔✔These two ways of creating a representation
relationship should not be done in real estate
,By Estoppel ✔✔This representation relationship arises when a principal acts in a way that leads
a third party to believe an agent has been given authority when in actuality the agent hasn't
consented or even knows about it
By operation of law ✔✔This type of representation relationship is created when someone takes
action to save a property or person from imminent danger/ damages
Ethics ✔✔Voluntary set of rules and guiding principles an individual uses as their moral
compass. Standard of conduct adopted and practiced within a culture or society li
Morals ✔✔A set of beliefs held by an individual and founded on fundamental principles of right
and wrong. Ex. Religious
Tort law ✔✔What area of law deals with civil wrong doings for which the courts may grant a
remedy. ( harm to a person or damage to property)
35,000$ ✔✔Max the real estate assurance fund may pay per claimant for damages or losses to
the services of a real estate professional
,Purpose of Real Estate Assurance Fund ✔✔Compensate consumers who have received court
judgement against a real estate professional for fraud or breach of trust
Real estate insurance exchange
REIX ✔✔To protect real estate professionals when they make a mistake regarding their business
Kohlbergs highest stage of moral development ✔✔Where moral development is based on
individual reflection and analysis of the issues ( level 3 stage 6)
Right of Recission ✔✔The ability of purchasers to cancel their purchase contract with a
developer within 10 days
Condominium ✔✔Ownership in common with others
CADS ✔✔If someone forgets the condo management company name for any reason where
would they find it
General power of attorney ✔✔Can make all decisions about finances or legal affairs has no limit
other then where they'll live or health care
, Yes ✔✔Will power or at tourney be on the title
building permit ✔✔Permit that applies to specific project that is an improvement to the property
development permit ✔✔Permit that applies to overall use of the land
It was legal at time of development ✔✔Non conforming suite means ?
Waterworks
Repair of roads
Ambulance ✔✔Municipal special taxes are for
Business revitalization tax ✔✔Taxes used in a business district to improve beauty, parking, or
promote
24 hrs ✔✔Landlord may enter without consent but with notice after giving how much notice
questions and answers graded A
duty-based ethics ✔✔Individual is expected to do the right thing cause it's the right thing to do,
regardless of outcome
utalitarian ethics ✔✔Sells the optimal result for the greatest number of people
Advisory note ✔✔Punishment for a technical breach
Administrative penalty/ fine ✔✔One or two potentially serious infraction would cause this
punishment
Ratification- acting without authority or in excess of authority
Implication- advice outside of objective ✔✔These two ways of creating a representation
relationship should not be done in real estate
,By Estoppel ✔✔This representation relationship arises when a principal acts in a way that leads
a third party to believe an agent has been given authority when in actuality the agent hasn't
consented or even knows about it
By operation of law ✔✔This type of representation relationship is created when someone takes
action to save a property or person from imminent danger/ damages
Ethics ✔✔Voluntary set of rules and guiding principles an individual uses as their moral
compass. Standard of conduct adopted and practiced within a culture or society li
Morals ✔✔A set of beliefs held by an individual and founded on fundamental principles of right
and wrong. Ex. Religious
Tort law ✔✔What area of law deals with civil wrong doings for which the courts may grant a
remedy. ( harm to a person or damage to property)
35,000$ ✔✔Max the real estate assurance fund may pay per claimant for damages or losses to
the services of a real estate professional
,Purpose of Real Estate Assurance Fund ✔✔Compensate consumers who have received court
judgement against a real estate professional for fraud or breach of trust
Real estate insurance exchange
REIX ✔✔To protect real estate professionals when they make a mistake regarding their business
Kohlbergs highest stage of moral development ✔✔Where moral development is based on
individual reflection and analysis of the issues ( level 3 stage 6)
Right of Recission ✔✔The ability of purchasers to cancel their purchase contract with a
developer within 10 days
Condominium ✔✔Ownership in common with others
CADS ✔✔If someone forgets the condo management company name for any reason where
would they find it
General power of attorney ✔✔Can make all decisions about finances or legal affairs has no limit
other then where they'll live or health care
, Yes ✔✔Will power or at tourney be on the title
building permit ✔✔Permit that applies to specific project that is an improvement to the property
development permit ✔✔Permit that applies to overall use of the land
It was legal at time of development ✔✔Non conforming suite means ?
Waterworks
Repair of roads
Ambulance ✔✔Municipal special taxes are for
Business revitalization tax ✔✔Taxes used in a business district to improve beauty, parking, or
promote
24 hrs ✔✔Landlord may enter without consent but with notice after giving how much notice
