RECA CORRECT FINAL EXAM QUESTIONS AND
ANSWERS SURE A+
✔✔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
- Exec. Director may suspend industry professionals license
- Exec. director may cancel the industry professionals license
✔✔How long is license valid if not registered with brokerage? - ✔✔36 months
✔✔Levels of Disclosure - ✔✔1. other party represented by another brokerage
2. other party not represented
3. other party represented by same brokerage
✔✔Designated Agency vs Common law - ✔✔Designated Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
Common Law
- agency relationship exists
- conflict of interest extends to whole brokerage
- must be disclosed
✔✔Inducement vs incentives - ✔✔- Inducement is client specific
- incentives must be offered by brokerage to everyone
, ✔✔If industry professional withdraws from profession during disciplinary proceedings -
✔✔- RECA issues a news release
- all disciplinary proceedings terminated
- lifetime ban from all industry professions governed by RECA
✔✔Advisory Notes - ✔✔Technical breach of legislation
- ex. forgetting brokerage name on marketing
✔✔Letters of Reprimand - ✔✔- where cases of conduct deserving sanction is less
serious
- agent has also received an advisory note
✔✔Administrative penalties - ✔✔- actions breached a section of rules and deemed
potentially serious
✔✔Approaches to complaints agent agent - ✔✔- Advisory notes
- technical breach
- letter of reprimand
- less serious, already received advisory note
- Administrative penalty
- potentially serious
- hearings
- severe in nature
✔✔Records must be: - ✔✔- kept in Alberta
- maintained in electronic form
- kept by brokerage for 3 years
- accessible to RECA for inspection
✔✔To become licensed - ✔✔- must become registered with brokerage before one year.
- must renew by September 30, each year
✔✔Privacy legislation regarding client information - ✔✔- Personal Information
Protection Act (PIPA)
- Provincial legislation
- Personal Information protection and Electronic Documents Act (PIPEDA)
- federal legislation
✔✔Personal Ethics - ✔✔Morals - held by individual
Ethics - Standard of Conduct (values/beliefs that guide actions)
Professional Standards - Rules and Regulations
✔✔Ethical Decision Making - ✔✔1. Recognize
2. Analyze
3. Test
ANSWERS SURE A+
✔✔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
- Exec. Director may suspend industry professionals license
- Exec. director may cancel the industry professionals license
✔✔How long is license valid if not registered with brokerage? - ✔✔36 months
✔✔Levels of Disclosure - ✔✔1. other party represented by another brokerage
2. other party not represented
3. other party represented by same brokerage
✔✔Designated Agency vs Common law - ✔✔Designated Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
Common Law
- agency relationship exists
- conflict of interest extends to whole brokerage
- must be disclosed
✔✔Inducement vs incentives - ✔✔- Inducement is client specific
- incentives must be offered by brokerage to everyone
, ✔✔If industry professional withdraws from profession during disciplinary proceedings -
✔✔- RECA issues a news release
- all disciplinary proceedings terminated
- lifetime ban from all industry professions governed by RECA
✔✔Advisory Notes - ✔✔Technical breach of legislation
- ex. forgetting brokerage name on marketing
✔✔Letters of Reprimand - ✔✔- where cases of conduct deserving sanction is less
serious
- agent has also received an advisory note
✔✔Administrative penalties - ✔✔- actions breached a section of rules and deemed
potentially serious
✔✔Approaches to complaints agent agent - ✔✔- Advisory notes
- technical breach
- letter of reprimand
- less serious, already received advisory note
- Administrative penalty
- potentially serious
- hearings
- severe in nature
✔✔Records must be: - ✔✔- kept in Alberta
- maintained in electronic form
- kept by brokerage for 3 years
- accessible to RECA for inspection
✔✔To become licensed - ✔✔- must become registered with brokerage before one year.
- must renew by September 30, each year
✔✔Privacy legislation regarding client information - ✔✔- Personal Information
Protection Act (PIPA)
- Provincial legislation
- Personal Information protection and Electronic Documents Act (PIPEDA)
- federal legislation
✔✔Personal Ethics - ✔✔Morals - held by individual
Ethics - Standard of Conduct (values/beliefs that guide actions)
Professional Standards - Rules and Regulations
✔✔Ethical Decision Making - ✔✔1. Recognize
2. Analyze
3. Test
