RECA FUNDAMENTALS EXAM LATEST 2023-
2024 REAL EXAM 130+ QUESTIONS AND
CORRECT ANSWERS| ALREADY GRADED A+
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
2024 REAL EXAM 130+ QUESTIONS AND
CORRECT ANSWERS| ALREADY GRADED A+
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
