RECA FUNDAMENTALS EXAM QUESTION
AND ANSWERS ALREADY PASSED
(SPRING)
Which of the following is NOT a RECA educational resource for industry professionals?
✔✔Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act ✔✔Provincial Legislature
Which of the following measures the change in a cost of a fixed basket of goods and
servicespurchased by families over a period of time ✔✔Consumer Price Index (CPI)
Which of the following will occur to the supply of a good when there is a change in
quantitysupplied due to a price increase? ✔✔an increase in quantity supplied
Microeconics ✔✔studies the basic theories of supply and demand as it relates to individuals,
households and firms
Resource Markets ✔✔facilitate the exchange of factors of production consumers
,benefits of economic growth ✔✔depletion of natural resources
Real Property Report ✔✔document produced by Alberta Land Surveyor
Which of the following is not a non-price determinant of demand ✔✔cost of production
What type of economy does Canada have? ✔✔mixed economy
Benefits of RECAS trust assurance and practice review program ✔✔- 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
Responsibilities of RECA ✔✔- Handling professional conduct review
• establishing industry standards of practice
Four factors of production ✔✔land, labor, capital, entrepreneurship
,RECA provides the following annual reports ✔✔- financial reports
• industry statistics
• reports for the previous year
The structure of real estate in Alberta includes; ✔✔- local real estate boards
• alberta real estate association
• canadian real estate association
Referral definition ✔✔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
RECAS professional conduct review Objects ✔✔- gather all relevant information
• treat parties fairly
Amendments to the Act ✔✔- can be made by provincial legislature with recommendations by
, the Minister of Service Alberta
Amendments to the rules ✔✔The rules contain the day to day activities
• council has the authority to create and amend
Executive Director can suspend license ✔✔- determines the length of suspension
• serves the decision on the industry professional
• will consider the evidence when making the decision
Whats includes in written service agreements? ✔✔- the services to be provided by the
brokerage
• the responsibilities of each party to the agreement
• the names of the parties to the agreement
failure to immediately notify Executive Director of changes to information provided in
support of license results in: ✔✔- Exec. Director may refer the matter for a professional
conduct review
• Exec. director may cancel the industry professionals license
AND ANSWERS ALREADY PASSED
(SPRING)
Which of the following is NOT a RECA educational resource for industry professionals?
✔✔Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act ✔✔Provincial Legislature
Which of the following measures the change in a cost of a fixed basket of goods and
servicespurchased by families over a period of time ✔✔Consumer Price Index (CPI)
Which of the following will occur to the supply of a good when there is a change in
quantitysupplied due to a price increase? ✔✔an increase in quantity supplied
Microeconics ✔✔studies the basic theories of supply and demand as it relates to individuals,
households and firms
Resource Markets ✔✔facilitate the exchange of factors of production consumers
,benefits of economic growth ✔✔depletion of natural resources
Real Property Report ✔✔document produced by Alberta Land Surveyor
Which of the following is not a non-price determinant of demand ✔✔cost of production
What type of economy does Canada have? ✔✔mixed economy
Benefits of RECAS trust assurance and practice review program ✔✔- 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
Responsibilities of RECA ✔✔- Handling professional conduct review
• establishing industry standards of practice
Four factors of production ✔✔land, labor, capital, entrepreneurship
,RECA provides the following annual reports ✔✔- financial reports
• industry statistics
• reports for the previous year
The structure of real estate in Alberta includes; ✔✔- local real estate boards
• alberta real estate association
• canadian real estate association
Referral definition ✔✔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
RECAS professional conduct review Objects ✔✔- gather all relevant information
• treat parties fairly
Amendments to the Act ✔✔- can be made by provincial legislature with recommendations by
, the Minister of Service Alberta
Amendments to the rules ✔✔The rules contain the day to day activities
• council has the authority to create and amend
Executive Director can suspend license ✔✔- determines the length of suspension
• serves the decision on the industry professional
• will consider the evidence when making the decision
Whats includes in written service agreements? ✔✔- the services to be provided by the
brokerage
• the responsibilities of each party to the agreement
• the names of the parties to the agreement
failure to immediately notify Executive Director of changes to information provided in
support of license results in: ✔✔- Exec. Director may refer the matter for a professional
conduct review
• Exec. director may cancel the industry professionals license
