RESIDENTIAL RECA
|RECA RESIDENTIAL PRACTICE EXAM QUESTIONS
WITH CORRECT ANSWERS
Concepts of residential construction -- ANSWER---Technology
-Sustainability
-Accessibility
-Adaptability
Technology -- ANSWER---the process of implementing single application to
operate multiple functions of a property
Sustainability -- ANSWER---Use and recycling of materials used in
construction
Accessibility -- ANSWER---Individuals ability to access a building, move
within and independence without barriers. IE Ramps, lifts elevators.
Adaptability -- ANSWER---How easy it is to change a home to meet a client's
need, ie a home to grow old in.
1
,Developer warranty programs -- ANSWER---1 year warranty on
materials/workmanship used to construct residence, begins when buyer takes
possession.
Extended warranty programs -- ANSWER---In conjunction with builder's
warranty, provides 10-year protection against structural defects.
Development permits -- ANSWER---Used for new subdivisions.
-Authorizes location, size and use of building.
Building permits -- ANSWER---Used for new residential buildings.
-Valid for one year in which building must proceed.
-ABC establishes technical specifications for new buildings.
Occupancy permits -- ANSWER---Used for new residential buildings. Builder
must secure permit before residence is approved for occupation by purchaser.
Subsequent building permits -- ANSWER---Used to change existing buildings.
-Required for new additions, demo or relocation, Major alterations or
renovation, supplemental structure.
Self regulation -- ANSWER---General obligation
-Care & Skill
2
,-Act honestly
-Negotiate favorable terms
-Maintain confidentiality
-Disclose information
-Act in person
-Obey lawful instructions
-Perform mandate
Brokerage interests -- ANSWER--Interest of brokerage at odds with brokerage
client
Fiduciary duties -- ANSWER---Utmost loyalty
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
Competing interests -- ANSWER--Interest of brokerage clients compete in a
transaction or potential transaction
Opposing interests -- ANSWER--Interest of brokerage clients oppose in the
same transaction or potential transaction
3
, Standard of care -- ANSWER---Professional standards
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
-Meeting regulatory requirements
-Enhances professionalism
-Prevents unintended relationships
-Clarifies responsibilities and services to consumers
-Reduces disputes
PIPEDA -- ANSWER--Federal - privacy act
PIPA -- ANSWER--Provincial - Privacy act
CASL -- ANSWER--Canada's anti spam legislation - federal
Privacy principles -- ANSWER---Accountability
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
4
|RECA RESIDENTIAL PRACTICE EXAM QUESTIONS
WITH CORRECT ANSWERS
Concepts of residential construction -- ANSWER---Technology
-Sustainability
-Accessibility
-Adaptability
Technology -- ANSWER---the process of implementing single application to
operate multiple functions of a property
Sustainability -- ANSWER---Use and recycling of materials used in
construction
Accessibility -- ANSWER---Individuals ability to access a building, move
within and independence without barriers. IE Ramps, lifts elevators.
Adaptability -- ANSWER---How easy it is to change a home to meet a client's
need, ie a home to grow old in.
1
,Developer warranty programs -- ANSWER---1 year warranty on
materials/workmanship used to construct residence, begins when buyer takes
possession.
Extended warranty programs -- ANSWER---In conjunction with builder's
warranty, provides 10-year protection against structural defects.
Development permits -- ANSWER---Used for new subdivisions.
-Authorizes location, size and use of building.
Building permits -- ANSWER---Used for new residential buildings.
-Valid for one year in which building must proceed.
-ABC establishes technical specifications for new buildings.
Occupancy permits -- ANSWER---Used for new residential buildings. Builder
must secure permit before residence is approved for occupation by purchaser.
Subsequent building permits -- ANSWER---Used to change existing buildings.
-Required for new additions, demo or relocation, Major alterations or
renovation, supplemental structure.
Self regulation -- ANSWER---General obligation
-Care & Skill
2
,-Act honestly
-Negotiate favorable terms
-Maintain confidentiality
-Disclose information
-Act in person
-Obey lawful instructions
-Perform mandate
Brokerage interests -- ANSWER--Interest of brokerage at odds with brokerage
client
Fiduciary duties -- ANSWER---Utmost loyalty
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
Competing interests -- ANSWER--Interest of brokerage clients compete in a
transaction or potential transaction
Opposing interests -- ANSWER--Interest of brokerage clients oppose in the
same transaction or potential transaction
3
, Standard of care -- ANSWER---Professional standards
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
-Meeting regulatory requirements
-Enhances professionalism
-Prevents unintended relationships
-Clarifies responsibilities and services to consumers
-Reduces disputes
PIPEDA -- ANSWER--Federal - privacy act
PIPA -- ANSWER--Provincial - Privacy act
CASL -- ANSWER--Canada's anti spam legislation - federal
Privacy principles -- ANSWER---Accountability
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
4
