RECA Fundamentals Exam (Answered)
105 Questions and Correct Answers,
100% Correct.
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
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?
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
What causes the quantity demanded to shift?
change in tastes, expectations, and number of 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
Four factors of production
, land, labor, capital, entrepreneurship
The structure of real estate in Alberta includes;
- local real estate boards
- alberta real estate association
- canadian real estate association
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
Inducement vs incentives
- Inducement is client specific
- incentives must be offered by brokerage to everyone
Letters of Reprimand
- where cases of conduct deserving sanction is less serious
- agent has also received an advisory note
Privacy legislation regarding client information
- Personal Information Protection Act (PIPA)
- Provincial legislation
- Personal Information protection and Electronic Documents Act (PIPEDA)
- federal legislation
Personal Ethics
Morals - held by individual
Ethics - Standard of Conduct (values/beliefs that guide actions)
Professional Standards - Rules and Regulations
Ethical Decision Making
1. Recognize
2. Analyze
3. Test
3A. Seek assistance if needed
4. Implement
Golden rule
Do unto others as you would have them do unto you
Real Estate Insurance Exchange (REIX)
105 Questions and Correct Answers,
100% Correct.
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
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?
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
What causes the quantity demanded to shift?
change in tastes, expectations, and number of 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
Four factors of production
, land, labor, capital, entrepreneurship
The structure of real estate in Alberta includes;
- local real estate boards
- alberta real estate association
- canadian real estate association
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
Inducement vs incentives
- Inducement is client specific
- incentives must be offered by brokerage to everyone
Letters of Reprimand
- where cases of conduct deserving sanction is less serious
- agent has also received an advisory note
Privacy legislation regarding client information
- Personal Information Protection Act (PIPA)
- Provincial legislation
- Personal Information protection and Electronic Documents Act (PIPEDA)
- federal legislation
Personal Ethics
Morals - held by individual
Ethics - Standard of Conduct (values/beliefs that guide actions)
Professional Standards - Rules and Regulations
Ethical Decision Making
1. Recognize
2. Analyze
3. Test
3A. Seek assistance if needed
4. Implement
Golden rule
Do unto others as you would have them do unto you
Real Estate Insurance Exchange (REIX)
