RECA Fundamentals Exam Questions and
Answers Already Passed LATEST 2024.
Which of the following is NOT a RECA educational resource for
industry professionals? - ANSWER >>>> Spatial Information System
(Spin 2)
Which entity has the authority to amend the Real Estate Act -
ANSWER >>>> Provincial Legislature
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)
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
Microeconics - ANSWER >>>> studies the basic theories of supply
and demand as it relates to individuals, households and firms
Resource Markets - ANSWER >>>> facilitate the exchange of factors
of production
What causes the quantity demanded to shift? - ANSWER >>>>
change in tastes, expectations, and number of consumers
benefits of economic growth - ANSWER >>>> depletion of natural
resources
Real Property Report - ANSWER >>>> document produced by
Alberta Land Surveyor
Which of the following is not a non-price determinant of demand -
ANSWER >>>> cost of production
,What type of economy does Canada have? - ANSWER >>>> mixed
economy
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
Responsibilities of RECA - ANSWER >>>> - Handling professional
conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production - ANSWER >>>> land, labor, capital,
entrepreneurship
RECA provides the following annual reports - ANSWER >>>> -
financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; - ANSWER >>>> -
local real estate boards
- alberta real estate association
- canadian real estate association
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
RECAS professional conduct review Objects - ANSWER >>>> -
gather all relevant information
- treat parties fairly
, -gather information efficiently
Amendments to the Act - ANSWER >>>> - can be made by provincial
legislature with recommendations by the Minister of Service Alberta
Amendments to the rules - ANSWER >>>> The rules contain the day
to day activities
- council has the authority to create and amend
Executive Director can suspend license - ANSWER >>>> -
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? - ANSWER >>>> - 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: - ANSWER >>>>
- Exec. Director may refer the matter for a professional conduct review
- Exec. Director may suspend industry professionals license
- Exec. director may cancel the industry professionals license
How long is license valid if not registered with brokerage? - ANSWER
>>>> 36 months
Levels of Disclosure - ANSWER >>>> 1. other party represented by
another brokerage
2. other party not represented
3. other party represented by same brokerage
Designated Agency vs Common law - ANSWER >>>> Designated
Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
Answers Already Passed LATEST 2024.
Which of the following is NOT a RECA educational resource for
industry professionals? - ANSWER >>>> Spatial Information System
(Spin 2)
Which entity has the authority to amend the Real Estate Act -
ANSWER >>>> Provincial Legislature
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)
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
Microeconics - ANSWER >>>> studies the basic theories of supply
and demand as it relates to individuals, households and firms
Resource Markets - ANSWER >>>> facilitate the exchange of factors
of production
What causes the quantity demanded to shift? - ANSWER >>>>
change in tastes, expectations, and number of consumers
benefits of economic growth - ANSWER >>>> depletion of natural
resources
Real Property Report - ANSWER >>>> document produced by
Alberta Land Surveyor
Which of the following is not a non-price determinant of demand -
ANSWER >>>> cost of production
,What type of economy does Canada have? - ANSWER >>>> mixed
economy
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
Responsibilities of RECA - ANSWER >>>> - Handling professional
conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production - ANSWER >>>> land, labor, capital,
entrepreneurship
RECA provides the following annual reports - ANSWER >>>> -
financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; - ANSWER >>>> -
local real estate boards
- alberta real estate association
- canadian real estate association
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
RECAS professional conduct review Objects - ANSWER >>>> -
gather all relevant information
- treat parties fairly
, -gather information efficiently
Amendments to the Act - ANSWER >>>> - can be made by provincial
legislature with recommendations by the Minister of Service Alberta
Amendments to the rules - ANSWER >>>> The rules contain the day
to day activities
- council has the authority to create and amend
Executive Director can suspend license - ANSWER >>>> -
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? - ANSWER >>>> - 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: - ANSWER >>>>
- Exec. Director may refer the matter for a professional conduct review
- Exec. Director may suspend industry professionals license
- Exec. director may cancel the industry professionals license
How long is license valid if not registered with brokerage? - ANSWER
>>>> 36 months
Levels of Disclosure - ANSWER >>>> 1. other party represented by
another brokerage
2. other party not represented
3. other party represented by same brokerage
Designated Agency vs Common law - ANSWER >>>> Designated
Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
