RECA Fundamentals Unit 5 Exam Questions
And Answers
What are the two types of laws? -
correct answer ✅Statute law: Federal or Provincial law
Common law: Laws based on previous decisions on similar matters
When you make an agreement/contract with a client is that
agreement with you or the brokerage? -
correct answer ✅it is not with you, it is with the brokerage
There are representative relationships and non-representative
relationship relationships. When does it become a representative
relationship? -
correct answer ✅When they sign a contract or a verbal
agreement.
Is a real estate agent allowed to represent both buyer and seller? -
correct answer ✅No the agent would then be in a conflict of
interest. The agent is only allowed to either represent the buyer or
the seller.... Unless there is a written letter stating that both parties
are okay with the conflict of interest.
, RECA Fundamentals Unit 5 Exam Questions
And Answers
What are the 5 D's of Role of clarity? -
correct answer ✅1 Discuss
2 Determine
3 Document
4 Disclose
5 Do
What are the obligations to the client that you have?? -
correct answer ✅• Exercise Skill and care
• Act Honestly
• Perform Mandate
• Obey Lawful Instructions
• Act in Person
• Disclose Information
• Negotiate Favorable Terms
• Maintain Confidentiality Fiduciary Duties
Can you fill out forms on behalf of a buyer when you are employed
by the seller? -
correct answer ✅yes, you can because you are helping the sale go
And Answers
What are the two types of laws? -
correct answer ✅Statute law: Federal or Provincial law
Common law: Laws based on previous decisions on similar matters
When you make an agreement/contract with a client is that
agreement with you or the brokerage? -
correct answer ✅it is not with you, it is with the brokerage
There are representative relationships and non-representative
relationship relationships. When does it become a representative
relationship? -
correct answer ✅When they sign a contract or a verbal
agreement.
Is a real estate agent allowed to represent both buyer and seller? -
correct answer ✅No the agent would then be in a conflict of
interest. The agent is only allowed to either represent the buyer or
the seller.... Unless there is a written letter stating that both parties
are okay with the conflict of interest.
, RECA Fundamentals Unit 5 Exam Questions
And Answers
What are the 5 D's of Role of clarity? -
correct answer ✅1 Discuss
2 Determine
3 Document
4 Disclose
5 Do
What are the obligations to the client that you have?? -
correct answer ✅• Exercise Skill and care
• Act Honestly
• Perform Mandate
• Obey Lawful Instructions
• Act in Person
• Disclose Information
• Negotiate Favorable Terms
• Maintain Confidentiality Fiduciary Duties
Can you fill out forms on behalf of a buyer when you are employed
by the seller? -
correct answer ✅yes, you can because you are helping the sale go
