{"id":117041,"date":"2023-08-27T13:05:57","date_gmt":"2023-08-27T13:05:57","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=117041"},"modified":"2023-08-27T13:05:58","modified_gmt":"2023-08-27T13:05:58","slug":"reca-residential-exam-questions-and-answers-100-pass","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/08\/27\/reca-residential-exam-questions-and-answers-100-pass\/","title":{"rendered":"RECA Residential Exam Questions and Answers 100% Pass"},"content":{"rendered":"\n<p>RECA Residential Exam Questions and<br>Answers 100% Pass<br>Fiduciary Representation \u2714\u2714- Trust and confidence<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Best interests<\/li>\n\n\n\n<li>Loyalty<br>5 Ds of Role Clarity \u2714\u27141. Discuss<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Determine<\/li>\n\n\n\n<li>Document<\/li>\n\n\n\n<li>Disclose<\/li>\n\n\n\n<li>Do<br>Must disclose in writing \u2714\u2714- the nature of services provided<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>whether professional has entered into representation relationship with other party<\/li>\n\n\n\n<li>any conflicts of interest<\/li>\n\n\n\n<li>any other facts that may influence consumers decision to proceed with relationship<br>made to clarify and provide proof of undertanding in event issues or disputes arise<\/li>\n<\/ul>\n\n\n\n<p>Written Service Agreement vs Customer Acknowledgement Forms \u2714\u2714Written Service<br>Agreement<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>when consumer chooses a representation relationship<\/li>\n\n\n\n<li>becomes a client<\/li>\n\n\n\n<li>provide signed copy to brokerage<br>Customer Acknowledge forms<\/li>\n\n\n\n<li>non-representation relationship<\/li>\n\n\n\n<li>becomes a customer<\/li>\n\n\n\n<li>provide signed copy to brokerage<br>PIPEDA \u2714\u2714- Federal legislation<br>PIPA \u2714\u2714Alberta&#8217;s legislation, how private organizations use and disclose personal information.<br>Power of Attorney \u2714\u2714a legal document authorizing someone to act on your behalf<\/li>\n\n\n\n<li>must be 18<\/li>\n\n\n\n<li>POA must be written, dated and signed by both donor and witness<\/li>\n\n\n\n<li>donor must be mentally capable or contract is void<\/li>\n\n\n\n<li>only effective as long as donor is alive, will takes effect once death<br>Types of POA \u2714\u2714General POA<\/li>\n\n\n\n<li>has no limits on powers of the attorney<\/li>\n\n\n\n<li>can make all decisions regarding financial and legal affairs<\/li>\n\n\n\n<li>exception where the donor resides and health care<br>Special POA<\/li>\n\n\n\n<li>make certain decisions<\/li>\n\n\n\n<li>also called limited POA<\/li>\n\n\n\n<li>may grant authority to oversee sale, deals with land<\/li>\n\n\n\n<li>must be registered on Certificate of Title<br>Immediate POA<\/li>\n\n\n\n<li>takes effect as soon as POA is signed, dated and witnessed<\/li>\n\n\n\n<li>terminates upon loss of mental capacity or death<\/li>\n<\/ul>\n\n\n\n<p>Enduring POA<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>immediately upon being signed, dated and witnessed<\/li>\n\n\n\n<li>continues if donor becomes incapable, mentally incapacitated<\/li>\n\n\n\n<li>must include statement whether it takes effect immediately and continues\u2026<br>Judicial Sale \u2714\u2714Court ordered sale usually as a way to resolve legal matters<\/li>\n\n\n\n<li>primary debt recovery method for default mortgages<br>Foreclosure \u2714\u2714legal action supervised by the court following a default on the mortgage.<br>-transfers the real property from the borrower to the lender and erases interests on title.<br>Alberta Building Code \u2714\u2714Legislation that establishes technical specifications for new building<br>construction and construction materials<br>Building Permit \u2714\u2714typically valid for one year during which construction process must be<br>initiated<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>RECA Residential Exam Questions andAnswers 100% PassFiduciary Representation \u2714\u2714- Trust and confidence Written Service Agreement vs Customer Acknowledgement Forms \u2714\u2714Written ServiceAgreement Enduring POA<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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