RECA Fundamentals Exam Questions With Correct Answers

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RECA Fundamentals Exam Questions With Correct Answers

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2025/2026

Institution RECA Fundamentals Of Real Estate

Course RECA Fundamentals of Real Estate

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RECA Fundamentals Exam Questions With Correct Answers

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RECA Fundamentals Exam Questions With
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Correct Answers
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Which of the following is NOT a RECA educational
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resource for industry professionals? - CORRECT
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ANSWERS(S)✔✔Spatial Information System (Spin 2)
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Who is responsible for producing the "Real Property
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Report"? - CORRECT ANSWERS(S)✔✔Alberta Land
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Surveyor
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Benefits of RECAS trust assurance and practice review
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program - CORRECT ANSWERS(S)✔✔- effective record
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keeping and administrative procedures
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- education and advice in relation to brokerage trust
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accounting
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- identifies and resolves potential problems regarding
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brokerage trust accounting requirements
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Responsibilities of RECA - CORRECT ANSWERS(S)✔✔- // // // // //

Handling professional conduct review
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,- establishing industry standards of practice
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- issuing authorization to trade in real estate
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Four factors of production - CORRECT
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ANSWERS(S)✔✔land, labor, capital, entrepreneurship
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RECA provides the following annual reports - CORRECT
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ANSWERS(S)✔✔- financial reports
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- industry statistics
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- reports for the previous year
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Who has the power to amend the Rules of the RE Act? -
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CORRECT ANSWERS(S)✔✔Council (not the Provincial
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Legislature, their job is to amend the RE Act itself - two
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very different things)
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Who has the power to suspend / revoke a license? -
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CORRECT ANSWERS(S)✔✔The Executive Director
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- determines the length of suspension
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- serves the decision on the industry professional
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,- will consider the evidence when making the decision
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What's included in written service agreements? - CORRECT
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ANSWERS(S)✔✔- the services to be provided by the
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brokerage
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- the responsibilities of each party to the agreement (i.e.
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remuneration from client to brokerage)
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- the names of the parties to the agreement
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Failure to immediately notify Executive Director of changes
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to information provided in support of license results in: -
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CORRECT ANSWERS(S)✔✔- Exec. Director may refer the
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matter for a professional conduct review
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- Exec. Director may suspend industry professionals
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license
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- Exec. director may cancel the industry professionals
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license
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Length of time a license is valid for if NOT registered w a
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brokerage - CORRECT ANSWERS(S)✔✔36 months
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, Level of Disclosure: Other party represented by another
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brokerage - CORRECT ANSWERS(S)✔✔Level 1
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Level of Disclosure: Other party not represented -
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CORRECT ANSWERS(S)✔✔Level 2
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Level of Disclosure: Other party represented by same
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brokerage - CORRECT ANSWERS(S)✔✔Level 3
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Inducement vs incentives - CORRECT ANSWERS(S)✔✔-
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Inducement is client specific
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- Incentive is offered by the brokerage to any potential
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client
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Records must be: - CORRECT ANSWERS(S)✔✔- kept in
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Alberta
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- maintained in electronic form
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- kept by brokerage for 3 years
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- accessible to RECA for inspection
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- they can be held in multiple locations, provided they're
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all in Alberta
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Uploaded on: March 27, 2026
Number of pages: 45
Written in: 2025/2026
Type: Exam (elaborations)
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