RECA FUNDAMENTALS EXAM | NEWEST
ACTUAL EXAM COMPREHENSIVE QUESTIONS
AND VERIFIED ANSWERS GRADED A+ | 100%
CORRECT | 2024 UPDATE!!!
Tort Law - ✔✔✔ Correct Answer > Compensation for civil wrongs
that result in harm
- Negligent Tort
- carelessness, failure to exercise reasonable care
- Intentional Tort
- assault, fraud, theft, defamation
- strict liability Tort
- the act itself, producting defective products, using hazardous
materials
Elements of representation relationships - ✔✔✔ Correct Answer > -
controlled by principal (client)
- involves fiduciary duties
- affects principals legal position
Transaction Brokerage - ✔✔✔ Correct Answer > -means to resolve
conflict of interests
,- if both clients accept conflict trade can proceed
- written agreement
- clients must have opportunity to review agreement before signing
- must get opportunity to ask questions
Benefits of REIX - ✔✔✔ Correct Answer > - enhances the image of
the profession
- has the potential to save on insurance costs
- The profession is active in managing the program and its risks
Duty based approach to ethical decision making - ✔✔✔ Correct
Answer > - individuals intentions or motives
- belief in universal moral system of ethical reasoning
- individuals should do the right thing because its the right thing to do
Errors and Omissions Insurance - ✔✔✔ Correct Answer > real estate
equivalent of malpractice coverage
Comprehensive General Liability Insurance - ✔✔✔ Correct Answer >
- broad coverage for claims against injury/damage
- civil liability (a fall)
- any damages or injuries
- legal defense costs
,- does not cover issues related to real estate transactions
Voluntary Broker Resolution Process (VBRP) - ✔✔✔ Correct Answer
> - enables broker to take the lead in resolving complaints and disputes
- prior to RECA + Formal courts
- brokers confer with REIX before proceeding
Privacy Law - ✔✔✔ Correct Answer > - Brokerages must designate a
privacy officer to be accountable for compliance
- must be consistent with the applicable privacy legislation
Benefits of Voluntary Broker Resolution Process - ✔✔✔ Correct
Answer > - avoids time and intrusion involved with RECA investigation
- identifies deficient brokerage practices that need improvement
- allows participation in the process to achieve acceptable resolution
- opportunity to mend relationship with consumer
Three components of broker leadership - ✔✔✔ Correct Answer >
Authority, responsibility, and accountability
Reactions to conflict - ✔✔✔ Correct Answer > Physical, Cognitive,
Emotional
, Principles of Competition Act - ✔✔✔ Correct Answer > - Do not
collude with competitors
- do not discriminate against or refuse to do business with competitors
- do not mislead the public through advertisement or representation
Proceeds of Crime (Money Laundering) and Terrorist Financing Act -
✔✔✔ Correct Answer > - Federal act
- specific measures to detect and deter money laundering
- facilitates investigations
- responds to threats posed by organized crime
- fulfill international commitments to fight multi-national crime
Financial Transactions and Reports Analysis Center of Canada (FINTRAC)
- ✔✔✔ Correct Answer > - responsible for collection, analysis and
disclosure of information
- identifies lists of groups under their watch
- brokers must report suspicious transactions
Safeguards to protect personal information - ✔✔✔ Correct Answer >
Administrative, Technological, Physical
Confidential information - ✔✔✔ Correct Answer > includes both
personal and business information
ACTUAL EXAM COMPREHENSIVE QUESTIONS
AND VERIFIED ANSWERS GRADED A+ | 100%
CORRECT | 2024 UPDATE!!!
Tort Law - ✔✔✔ Correct Answer > Compensation for civil wrongs
that result in harm
- Negligent Tort
- carelessness, failure to exercise reasonable care
- Intentional Tort
- assault, fraud, theft, defamation
- strict liability Tort
- the act itself, producting defective products, using hazardous
materials
Elements of representation relationships - ✔✔✔ Correct Answer > -
controlled by principal (client)
- involves fiduciary duties
- affects principals legal position
Transaction Brokerage - ✔✔✔ Correct Answer > -means to resolve
conflict of interests
,- if both clients accept conflict trade can proceed
- written agreement
- clients must have opportunity to review agreement before signing
- must get opportunity to ask questions
Benefits of REIX - ✔✔✔ Correct Answer > - enhances the image of
the profession
- has the potential to save on insurance costs
- The profession is active in managing the program and its risks
Duty based approach to ethical decision making - ✔✔✔ Correct
Answer > - individuals intentions or motives
- belief in universal moral system of ethical reasoning
- individuals should do the right thing because its the right thing to do
Errors and Omissions Insurance - ✔✔✔ Correct Answer > real estate
equivalent of malpractice coverage
Comprehensive General Liability Insurance - ✔✔✔ Correct Answer >
- broad coverage for claims against injury/damage
- civil liability (a fall)
- any damages or injuries
- legal defense costs
,- does not cover issues related to real estate transactions
Voluntary Broker Resolution Process (VBRP) - ✔✔✔ Correct Answer
> - enables broker to take the lead in resolving complaints and disputes
- prior to RECA + Formal courts
- brokers confer with REIX before proceeding
Privacy Law - ✔✔✔ Correct Answer > - Brokerages must designate a
privacy officer to be accountable for compliance
- must be consistent with the applicable privacy legislation
Benefits of Voluntary Broker Resolution Process - ✔✔✔ Correct
Answer > - avoids time and intrusion involved with RECA investigation
- identifies deficient brokerage practices that need improvement
- allows participation in the process to achieve acceptable resolution
- opportunity to mend relationship with consumer
Three components of broker leadership - ✔✔✔ Correct Answer >
Authority, responsibility, and accountability
Reactions to conflict - ✔✔✔ Correct Answer > Physical, Cognitive,
Emotional
, Principles of Competition Act - ✔✔✔ Correct Answer > - Do not
collude with competitors
- do not discriminate against or refuse to do business with competitors
- do not mislead the public through advertisement or representation
Proceeds of Crime (Money Laundering) and Terrorist Financing Act -
✔✔✔ Correct Answer > - Federal act
- specific measures to detect and deter money laundering
- facilitates investigations
- responds to threats posed by organized crime
- fulfill international commitments to fight multi-national crime
Financial Transactions and Reports Analysis Center of Canada (FINTRAC)
- ✔✔✔ Correct Answer > - responsible for collection, analysis and
disclosure of information
- identifies lists of groups under their watch
- brokers must report suspicious transactions
Safeguards to protect personal information - ✔✔✔ Correct Answer >
Administrative, Technological, Physical
Confidential information - ✔✔✔ Correct Answer > includes both
personal and business information
