RECA Fundamentals Exam
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answers/accurate solutions|Get it 100%
correct!! Already graded A+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)
Quantum Meruit - ✔✔ANSWER✔✔>>amount awarded by courts for contractual work
done to date
Essential Elements of a Contract - ✔✔ANSWER✔✔>>Legal object, capacity of both
parties, consideration, intent to contract, genuine consent, mutual agreement
Discharged contract - ✔✔ANSWER✔✔>>was valid and has now ended
privity of contract - ✔✔ANSWER✔✔>>- legal actions can only be taken by contracting
parties
- only original parties are bound by contract
,Powers of Attorney - ✔✔ANSWER✔✔>>General
- has no limits, can make financial and legal decisions
- cannot make decisions about health care and where they reside
Special
- specific/limited powers
Immediate
- appoints an attorney to make financial/legal decisions
- terminates upon loss of mental capacity/death
Enduring
- takes effect immediately if donor becomes incapable
Conditions precedent - ✔✔ANSWER✔✔>>- used in alberta
- party needs to waive or remove conditions for contract to proceed
- must be waived for contract to proceed
Bundle of rights - ✔✔ANSWER✔✔>>right to possess, use, enjoy and sell the land
- lease/rent
- sell/give away
- enter/use/do nothing
Land - ✔✔ANSWER✔✔>>includes physical ground and air space
characteristics;
- durable, rigid, immobile, unique, scarce
Real Estate vs Property vs Real Property - ✔✔ANSWER✔✔>>Real estate
- Raw land + any improvements that are permanent or fixed
Property
- rights of ownership, intangible
Real Property
- land, real estate, and property rights
- rights include right to lease,sell or giveaway land
Types of Ownership - ✔✔ANSWER✔✔>>Sole ownership
- one individual or company
- dower rights
Joint Tenancy
- co-owners equal interest
- four conditions
, - time, receive interests at same time
- title, all joint tenants must obtain title from same document
- interest, same type of ownership
- possession, undivided interest
if any of the conditions about are terminated switches to tenancy in common
Tenancy in Common
- may own different shares
Eminent Domain - ✔✔ANSWER✔✔>>right of government to expropriate
Escheat - ✔✔ANSWER✔✔>>government regains ownership if taxes arent paid
Encumbrances - ✔✔ANSWER✔✔>>interests registered on title
- will transfer with title to new owner
Registered Encumbrance - Easement - ✔✔ANSWER✔✔>>right to use land in common
with others
ex. access roads, walkways, parking rights
conservation easement - voluntary agreement, runs with land
Registered Encumbrance - caveat - ✔✔ANSWER✔✔>>notice/warning that someone is
claiming an interest in the land. Complicated sale
Registered Encumbrance - encroachments - ✔✔ANSWER✔✔>>item being placed,
erected/built on adjoining property. If adjoining owner does not sign, cannot be built.
Registered Encumbrance - Restrictive Covenants - ✔✔ANSWER✔✔>>restriction on
use/architectural detail
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
|Comprehensive questions and verified
answers/accurate solutions|Get it 100%
correct!! Already graded A+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)
Quantum Meruit - ✔✔ANSWER✔✔>>amount awarded by courts for contractual work
done to date
Essential Elements of a Contract - ✔✔ANSWER✔✔>>Legal object, capacity of both
parties, consideration, intent to contract, genuine consent, mutual agreement
Discharged contract - ✔✔ANSWER✔✔>>was valid and has now ended
privity of contract - ✔✔ANSWER✔✔>>- legal actions can only be taken by contracting
parties
- only original parties are bound by contract
,Powers of Attorney - ✔✔ANSWER✔✔>>General
- has no limits, can make financial and legal decisions
- cannot make decisions about health care and where they reside
Special
- specific/limited powers
Immediate
- appoints an attorney to make financial/legal decisions
- terminates upon loss of mental capacity/death
Enduring
- takes effect immediately if donor becomes incapable
Conditions precedent - ✔✔ANSWER✔✔>>- used in alberta
- party needs to waive or remove conditions for contract to proceed
- must be waived for contract to proceed
Bundle of rights - ✔✔ANSWER✔✔>>right to possess, use, enjoy and sell the land
- lease/rent
- sell/give away
- enter/use/do nothing
Land - ✔✔ANSWER✔✔>>includes physical ground and air space
characteristics;
- durable, rigid, immobile, unique, scarce
Real Estate vs Property vs Real Property - ✔✔ANSWER✔✔>>Real estate
- Raw land + any improvements that are permanent or fixed
Property
- rights of ownership, intangible
Real Property
- land, real estate, and property rights
- rights include right to lease,sell or giveaway land
Types of Ownership - ✔✔ANSWER✔✔>>Sole ownership
- one individual or company
- dower rights
Joint Tenancy
- co-owners equal interest
- four conditions
, - time, receive interests at same time
- title, all joint tenants must obtain title from same document
- interest, same type of ownership
- possession, undivided interest
if any of the conditions about are terminated switches to tenancy in common
Tenancy in Common
- may own different shares
Eminent Domain - ✔✔ANSWER✔✔>>right of government to expropriate
Escheat - ✔✔ANSWER✔✔>>government regains ownership if taxes arent paid
Encumbrances - ✔✔ANSWER✔✔>>interests registered on title
- will transfer with title to new owner
Registered Encumbrance - Easement - ✔✔ANSWER✔✔>>right to use land in common
with others
ex. access roads, walkways, parking rights
conservation easement - voluntary agreement, runs with land
Registered Encumbrance - caveat - ✔✔ANSWER✔✔>>notice/warning that someone is
claiming an interest in the land. Complicated sale
Registered Encumbrance - encroachments - ✔✔ANSWER✔✔>>item being placed,
erected/built on adjoining property. If adjoining owner does not sign, cannot be built.
Registered Encumbrance - Restrictive Covenants - ✔✔ANSWER✔✔>>restriction on
use/architectural detail
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
