COMPREHENSIVE RESIDENTIAL REAL ESTATE
CERTIFICATION EXAM PREPARATION WITH UPDATED
LEGISLATION, PRACTICE STANDARDS, AND TRANSACTION
GUIDELINES || REAL RECA-STYLE QUESTIONS WITH
VERIFIED DETAILED ACCURATE ANSWERS LATEST
EDITION || ELITE A+ PREMIUM QUALITY GUARANTEED
Fiduciary Representation - THE CORRECT ANSWER - - Trust and
confidence
- Best interests
- Loyalty
5 Ds of Role Clarity - THE CORRECT ANSWER - 1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
Must disclose in writing - THE CORRECT ANSWER - - 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
Written Service Agreement vs Customer Acknowledgement Forms - THE
CORRECT ANSWER - 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
,PIPEDA - THE CORRECT ANSWER - - Federal legislation
PIPA - THE CORRECT ANSWER - Alberta's legislation, how private
organizations use and disclose personal information.
RMS - THE CORRECT ANSWER - Detached house - measure from
exterior wall at foundation
Attached/semi attached - measure from interior walls at floor level.
Exclude any floors where portion is below grade.
include anything above grade + any additions if they have permanent
foundation/footings, connected to main electrical, heated by main heating or has
its own
5 ft ceiling height may be included as long as 7ft is somewhere
stairs are added to level they lead to
Correlation between property size and price - THE CORRECT ANSWER -
- not proportional, many other factors.
- no direct correlation
Measurement tips - THE CORRECT ANSWER - interior measurements are
used to extrapolate exterior measurements - when exterior is inaccessible
extrapolated measurements should be included as additional measurements
Professionals Sanctions - THE CORRECT ANSWER - Advisory Note -
measures property but makes mistake (math error, data entry error) - not
technically a sanction
Letter of Reprimand - measures property but makes error (failing to maintain
diagram, failing to use correct methods, not discussing RMS with client,
measuring outside of knowledge)
Administrative Penalties - fails to measure or disregards process (not measuring
properly, disregarding advice, choosing to not discuss with client)
Property Defects - THE CORRECT ANSWER - Patent Defects - obvious
flaws discovered upon reasonable inspection. Buyer is responsible to discover
and makes steps to satisfy.
, Latent Defects - not known to the seller or buyer at time of sale. Physical
deficiencies that are not dangerous. Liability is an issue - common law doctrine
of Caveat Emptor (buyer beware - protect own interests)
Material Latent Defects - not visible upon ordinary inspection. Affects use or
value. Seller must disclose
- sellers may decide whether or not to disclose if has been remedied
Flooding - THE CORRECT ANSWER - Floodways - deepest fastest,
highest risk (red)
Flood Fringes - shallower, slower (pink)
Found on flood hazard map
Disaster Recovery Program - provides funding for uninsured property damage.
registers on property title, can only qualify every 100 years.
- administered by Alberta Municipal Affairs
Secondary Suites - THE CORRECT ANSWER - Not usually permitted in
duplexes, semi-detached or attached.
- must have seperate entrance with direct access to outside
- at least one window in each bedroom
- fire protection between suite and dwelloing
- interconnected smoke alarm, carbon monoxide
- enclosed furnace room
- independent heating, ventilation and electrical
Property Inspectors - THE CORRECT ANSWER - exclude alarm system,
smoke alarm, sprinkler, telephone, wood burning, underground items,
outbuildings
Land Use - urban population growth - THE CORRECT ANSWER -
Subdivision - division of larger lot into two or more smaller lots
Intensification- change in intensity of use within the same land use classification.
involves development of higher occupancy than what currently exists.
Assmblage - involves purchase of continuous lots to create a larger single lot.
Densification - increased concentration of residents, increase in the maximum
allowable occupants. usually involves land use change