RECA Exam Actual Questions and Verified

RECA Exam| Actual Questions and Verified Answers|100% Correct| - Grade A

Q: Stan, a real estate professional registered with McAgent Real Estate Bro- kerage has just listed his commercial property for lease with his brokerage. Jim, another real estate professional registered with the same brokerage tells Stan that he has a client interested in leasing the property. What level of disclosure is required in this situation?

• Disclosure level 1
• Disclosure level 2

• Disclosure level 3
• No disclosure level

Answer:

C

Q: With respect to brokerage record keeping, which of the following state- ments is correct?Brokerage records must be kept in Alberta Brokerage records may be maintained in electronic form Brokerage records must be kept by the brokerage for 3 years Brokerage records must be accessible to RECA for inspection

• Statements I, II, and III B) Statements I, II, and IV C) Statements I, III, and IV
• All the statements are correct

Answer:

D

Q: Which of the following is NOT a purpose of RECA?

• To set and enforce standards of conduct for the industry
• To administer the Act as provided in the Act
• To amend the Act as determined by Council
• To protect against and suppress mortgage fraud

Answer:

C

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Q: Which of the following statements does NOT apply to a duty-based ap- proach to ethical decision-making?

• This approach seeks the best result for the most number of people
• This approach perceives an individual's intentions or motives as important C) This approach

is based on a belief in a universal moral system of ethical reasoning

• This approach believes that an individual should do the right thing because it is the right thing

to do

Answer:

A

Q: What is the maximum amount the Real Estate Assurance Fund may pay per claimant for damages or losses related to the services of a real estate professional?

• $100,000 maximum B) $35,000 maximum C) $25,000 maximum
• No maximum amount

Answer:

B

Q: What is the purpose of the Real Estate Assurance Fund?

• To compensate a real estate brokerage for the loss of commissions related to unsuccessful

trades

• To compensate sellers when potential buyers fail to obtain the required mortgage financing to

purchase the property

• To compensate consumers who have received a court judgment against a

real estate professional for fraud or breach of trust

• To compensate property owners in the event that foreclosure proceedings are commenced

during a real estate transaction

Answer:

C

Q: Which of the following statements describe civil liability? Private legal action between the disputing parties 2 / 3

Public legal action between the government and the accused party Involves a plaintiff and a defendant appearing in court Established by the courts at the conclusion of legal proceedings

• Statements I, II and III B) Statements I, III and IV C) Statements II, III and IV D) All

statements apply

Answer:

B

Q: Which of the following statements include actions that may be considered suspicious by a real estate brokerage?A buyer purchases a property without first viewing it A buyer purchases a property in the name of another person A buyer uses cash to purchase a property A buyer is slow to confirm their identity

• Statements I, II, and III B) Statements II, III and IV C) Statements I, III and IV D) All

statements apply

Answer:

A

Q: Which of the following statements are correct regarding real estate broker- ages and privacy law?All brokerages within Alberta must comply with federal privacy legislation Brokerages must designate a Privacy Officer to be accountable for compliance Brokerages with privacy policies are not required to designate a Privacy Officer Brokerage privacy policies must be consistent with the applicable privacy legislation

• Statements I and II B) Statements II and III C) Statements II and IV D) Statements III and IV

Next Question

Answer:

C

Q: Which of the following terms relates to the right of individuals to have control over their personal information?

• Privacy
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