RECA Residential Exam
Study online at https://quizlet.com/_9c7hk5
1. Fiduciary Representation: - Trust and confidence
- Best interests
- Loyalty
2. 5 Ds of Role Clarity: 1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
3. Must disclose in writing: - the nature of services provided
- whether professional has entered into representation relationship with other party
- any conflicts of interest
- any other facts that may influence consumers decision to proceed with relationship
made to clarify and provide proof of undertanding in event issues or disputes arise
4. Written Service Agreement vs Customer Acknowledgement Forms: Written Service
Agreement
- when consumer chooses a representation relationship
- becomes a client
- provide signed copy to brokerage
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
5. PIPEDA: - Federal legislation
6. PIPA: Alberta's legislation, how private organizations use and disclose personal information.
7. Power of Attorney: a legal document authorizing someone to act on your behalf
- must be 18
- POA must be written, dated and signed by both donor and witness
- donor must be mentally capable or contract is void
- only effective as long as donor is alive, will takes effect once death
, RECA Residential Exam
Study online at https://quizlet.com/_9c7hk5
8. Types of POA: General POA
- has no limits on powers of the attorney
- can make all decisions regarding financial and legal affairs
- exception where the donor resides and health care
Special POA
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with land
- must be registered on Certificate of Title
Immediate POA
- takes effect as soon as POA is signed, dated and witnessed
- terminates upon loss of mental capacity or death
Enduring POA
- immediately upon being signed, dated and witnessed
- continues if donor becomes incapable, mentally incapacitated
- must include statement whether it takes effect immediately and continues...
9. Judicial Sale: Court ordered sale usually as a way to resolve legal matters
- primary debt recovery method for default mortgages
10. Foreclosure: legal action supervised by the court following a default on the mortgage.
-transfers the real property from the borrower to the lender and erases interests on title.
11. Alberta Building Code: Legislation that establishes technical specifications for new building construction
and construction materials
12. Building Permit: typically valid for one year during which construction process must be initiated
13. Factory Built Construction: Manufactured
- three sections that are 95% complete when they leave the factory.
- secure the sections to the foundation and join together
- can often move in the same day or within days
- saves time and mony
, RECA Residential Exam
Study online at https://quizlet.com/_9c7hk5
Modular Construction
- manufacturing three dimensional units, 85 percent complete when they leave
- requires few weeks on site to be complete
- allows for creation of multi-story buildings
Panelized construction
- creation of pre-fabricated wall, floor or roof panels
- panels may be completed fully or partially
- may consist of just the frame or fully complete with windows and siding
14. Alberta Safety Codes Act: provincial legislation that sets specifications for new building.
15. Components of Construction: Lot
Substructure - building foundation
Superstructure - above grade construction
includes; envelope, service systems, interior
- building envelope - everything that encloses the structure
- roof, exterior walls, windows, doors, and interior walls
- building service systems - supply's essential services
- heat, electricity, water
- interior - interior walls, features, finishes, and fixtures
Pre-wired
- security systems, internet, fireplace controls, windows
16. Preserved Wood foundation: treated wood, must be certified with a stamp.
- must be examined by engineer or architect stating conforms to the Alberta Building Code requirements
- poured concrete is the most common foundation
17. Subsurface Drainage: Drain tiles - directs water to storm system or sump pit
Sump Pump
- located in sump pit in the foundation, accessible
- submersible pump - installed within the sump pit
- pedestal/upright - set outside of the sump pit
Study online at https://quizlet.com/_9c7hk5
1. Fiduciary Representation: - Trust and confidence
- Best interests
- Loyalty
2. 5 Ds of Role Clarity: 1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
3. Must disclose in writing: - the nature of services provided
- whether professional has entered into representation relationship with other party
- any conflicts of interest
- any other facts that may influence consumers decision to proceed with relationship
made to clarify and provide proof of undertanding in event issues or disputes arise
4. Written Service Agreement vs Customer Acknowledgement Forms: Written Service
Agreement
- when consumer chooses a representation relationship
- becomes a client
- provide signed copy to brokerage
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
5. PIPEDA: - Federal legislation
6. PIPA: Alberta's legislation, how private organizations use and disclose personal information.
7. Power of Attorney: a legal document authorizing someone to act on your behalf
- must be 18
- POA must be written, dated and signed by both donor and witness
- donor must be mentally capable or contract is void
- only effective as long as donor is alive, will takes effect once death
, RECA Residential Exam
Study online at https://quizlet.com/_9c7hk5
8. Types of POA: General POA
- has no limits on powers of the attorney
- can make all decisions regarding financial and legal affairs
- exception where the donor resides and health care
Special POA
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with land
- must be registered on Certificate of Title
Immediate POA
- takes effect as soon as POA is signed, dated and witnessed
- terminates upon loss of mental capacity or death
Enduring POA
- immediately upon being signed, dated and witnessed
- continues if donor becomes incapable, mentally incapacitated
- must include statement whether it takes effect immediately and continues...
9. Judicial Sale: Court ordered sale usually as a way to resolve legal matters
- primary debt recovery method for default mortgages
10. Foreclosure: legal action supervised by the court following a default on the mortgage.
-transfers the real property from the borrower to the lender and erases interests on title.
11. Alberta Building Code: Legislation that establishes technical specifications for new building construction
and construction materials
12. Building Permit: typically valid for one year during which construction process must be initiated
13. Factory Built Construction: Manufactured
- three sections that are 95% complete when they leave the factory.
- secure the sections to the foundation and join together
- can often move in the same day or within days
- saves time and mony
, RECA Residential Exam
Study online at https://quizlet.com/_9c7hk5
Modular Construction
- manufacturing three dimensional units, 85 percent complete when they leave
- requires few weeks on site to be complete
- allows for creation of multi-story buildings
Panelized construction
- creation of pre-fabricated wall, floor or roof panels
- panels may be completed fully or partially
- may consist of just the frame or fully complete with windows and siding
14. Alberta Safety Codes Act: provincial legislation that sets specifications for new building.
15. Components of Construction: Lot
Substructure - building foundation
Superstructure - above grade construction
includes; envelope, service systems, interior
- building envelope - everything that encloses the structure
- roof, exterior walls, windows, doors, and interior walls
- building service systems - supply's essential services
- heat, electricity, water
- interior - interior walls, features, finishes, and fixtures
Pre-wired
- security systems, internet, fireplace controls, windows
16. Preserved Wood foundation: treated wood, must be certified with a stamp.
- must be examined by engineer or architect stating conforms to the Alberta Building Code requirements
- poured concrete is the most common foundation
17. Subsurface Drainage: Drain tiles - directs water to storm system or sump pit
Sump Pump
- located in sump pit in the foundation, accessible
- submersible pump - installed within the sump pit
- pedestal/upright - set outside of the sump pit
