RECA Fundamentals Exam Questions and Answers

RECA Fundamentals Exam Questions and Answers

RECA Fundamentals Exam Questions

and Answers

Which of the following is NOT a RECA educational resource for industry professionals?

✔✔Spatial Information System (Spin 2)

Which entity has the authority to amend the Real Estate Act ✔✔Provincial Legislature

Which of the following measures the change in a cost of a fixed basket of goods and services

purchased by families over a period of time ✔✔Consumer Price Index (CPI)

Which of the following will occur to the supply of a good when there is a change in quantity

supplied due to a price increase? ✔✔an increase in quantity supplied

Microeconics ✔✔studies the basic theories of supply and demand as it relates to individuals,

households and firms

Resource Markets ✔✔facilitate the exchange of factors of production

What causes the quantity demanded to shift? ✔✔change in tastes, expectations, and number of

consumers

benefits of economic growth ✔✔depletion of natural resources

Real Property Report ✔✔document produced by Alberta Land Surveyor

Which of the following is not a non-price determinant of demand ✔✔cost of production

What type of economy does Canada have? ✔✔mixed economy

Benefits of RECAS trust assurance and practice review program ✔✔- effective record keeping

and administrative procedures

- education and advice in relation to brokerage trust accounting

- identifies and resolves potential problems regarding brokerage trust accounting requirements

Responsibilities of RECA ✔✔- Handling professional conduct review

- establishing industry standards of practice

- issuing authorization to trade in real estate

Four factors of production ✔✔land, labor, capital, entrepreneurship

RECA provides the following annual reports ✔✔- financial reports

- industry statistics

- reports for the previous year

The structure of real estate in Alberta includes; ✔✔- local real estate boards

- alberta real estate association

- canadian real estate association

Referral definition ✔✔The act of recommending or directing a person for service to another

person or business

- brokerage is responsible for paying and receiving remuneration in connection to trade

RECAS professional conduct review Objects ✔✔- gather all relevant information

- treat parties fairly

-gather information efficiently

Amendments to the Act ✔✔- can be made by provincial legislature with recommendations by

the Minister of Service Alberta

Amendments to the rules ✔✔The rules contain the day to day activities

- council has the authority to create and amend

Executive Director can suspend license ✔✔- determines the length of suspension

- serves the decision on the industry professional

- will consider the evidence when making the decision

Whats includes in written service agreements? ✔✔- the services to be provided by the brokerage

- the responsibilities of each party to the agreement

- the names of the parties to the agreement

failure to immediately notify Executive Director of changes to information provided in support

of license results in: ✔✔- Exec. Director may refer the matter for a professional conduct review