RECA FUNDAMENTALS EXAM ALBERTA
2026 AND 2027 ULTIMATE SUCCESS PACK
COMPLETE QUESTIONS AND ANSWERS
100% CORRECT.
◎ Which entity has the authority to amend the Real Estate Act. ANSWER:- 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. ANSWER:- 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?. ANSWER:- an increase in quantity supplied
◎ Microeconics. ANSWER:- studies the basic theories of supply and demand as it
relates to individuals, households and firms
◎ Resource Markets. ANSWER:- facilitate the exchange of factors of production
◎ What causes the quantity demanded to shift?. ANSWER:- change in tastes,
expectations, and number of consumers
◎ benefits of economic growth. ANSWER:- depletion of natural resources
◎ Real Property Report. ANSWER:- document produced by Alberta Land Surveyor
◎ Which of the following is not a non-price determinant of demand. ANSWER:- cost of
production
◎ What type of economy does Canada have?. ANSWER:- mixed economy
◎ Benefits of RECAS trust assurance and practice review program. ANSWER:- -
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. ANSWER:- - Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
, ◎ Four factors of production. ANSWER:- land, labor, capital, entrepreneurship
◎ RECA provides the following annual reports. ANSWER:- - financial reports
- industry statistics
- reports for the previous year
◎ The structure of real estate in Alberta includes;. ANSWER:- - local real estate boards
- alberta real estate association
- canadian real estate association
◎ Referral definition. ANSWER:- 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. ANSWER:- - gather all relevant
information
- treat parties fairly
-gather information efficiently
◎ Amendments to the Act. ANSWER:- - can be made by provincial legislature with
recommendations by the Minister of Service Alberta
◎ Amendments to the rules. ANSWER:- The rules contain the day to day activities
- council has the authority to create and amend
◎ Executive Director can suspend license. ANSWER:- - 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?. ANSWER:- - 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:. ANSWER:- - 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?. ANSWER:- 36 months
◎ Levels of Disclosure. ANSWER:- 1. other party represented by another brokerage
2. other party not represented
2026 AND 2027 ULTIMATE SUCCESS PACK
COMPLETE QUESTIONS AND ANSWERS
100% CORRECT.
◎ Which entity has the authority to amend the Real Estate Act. ANSWER:- 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. ANSWER:- 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?. ANSWER:- an increase in quantity supplied
◎ Microeconics. ANSWER:- studies the basic theories of supply and demand as it
relates to individuals, households and firms
◎ Resource Markets. ANSWER:- facilitate the exchange of factors of production
◎ What causes the quantity demanded to shift?. ANSWER:- change in tastes,
expectations, and number of consumers
◎ benefits of economic growth. ANSWER:- depletion of natural resources
◎ Real Property Report. ANSWER:- document produced by Alberta Land Surveyor
◎ Which of the following is not a non-price determinant of demand. ANSWER:- cost of
production
◎ What type of economy does Canada have?. ANSWER:- mixed economy
◎ Benefits of RECAS trust assurance and practice review program. ANSWER:- -
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. ANSWER:- - Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
, ◎ Four factors of production. ANSWER:- land, labor, capital, entrepreneurship
◎ RECA provides the following annual reports. ANSWER:- - financial reports
- industry statistics
- reports for the previous year
◎ The structure of real estate in Alberta includes;. ANSWER:- - local real estate boards
- alberta real estate association
- canadian real estate association
◎ Referral definition. ANSWER:- 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. ANSWER:- - gather all relevant
information
- treat parties fairly
-gather information efficiently
◎ Amendments to the Act. ANSWER:- - can be made by provincial legislature with
recommendations by the Minister of Service Alberta
◎ Amendments to the rules. ANSWER:- The rules contain the day to day activities
- council has the authority to create and amend
◎ Executive Director can suspend license. ANSWER:- - 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?. ANSWER:- - 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:. ANSWER:- - 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?. ANSWER:- 36 months
◎ Levels of Disclosure. ANSWER:- 1. other party represented by another brokerage
2. other party not represented
