RECA 2026 MORTGAGES FINANCING AND
REAL ESTATE VALUATION PRINCIPLES
LEARNING RESOURCE
◉ Voluntary Broker Resolution Process (VBRP)
Answer: - enables broker to take the lead in resolving complaints
and disputes
- prior to RECA + Formal courts
- brokers confer with REIX before proceeding
◉ Privacy Law
Answer: - Brokerages must designate a privacy officer to be
accountable for compliance
- must be consistent with the applicable privacy legislation
◉ Benefits of Voluntary Broker Resolution Process
Answer: - avoids time and intrusion involved with RECA
investigation
- identifies deficient brokerage practices that need improvement
- allows participation in the process to achieve acceptable resolution
- opportunity to mend relationship with consumer
◉ Three components of broker leadership
,Answer: Authority, responsibility, and accountability
◉ Reactions to conflict
Answer: Physical, Cognitive, Emotional
◉ Principles of Competition Act
Answer: - Do not collude with competitors
- do not discriminate against or refuse to do business with
competitors
- do not mislead the public through advertisement or representation
◉ Proceeds of Crime (Money Laundering) and Terrorist Financing
Act
Answer: - Federal act
- specific measures to detect and deter money laundering
- facilitates investigations
- responds to threats posed by organized crime
- fulfill international commitments to fight multi-national crime
◉ Financial Transactions and Reports Analysis Center of Canada
(FINTRAC)
Answer: - responsible for collection, analysis and disclosure of
information
, - identifies lists of groups under their watch
- brokers must report suspicious transactions
◉ Safeguards to protect personal information
Answer: Administrative, Technological, Physical
◉ Confidential information
Answer: includes both personal and business information
- not readily available info, may have value
◉ Civil liability
Answer: - private legal action between disputing parties
- involves and plaintiff and defendant appearing in court
- established by the courts at the conclusion of legal proceedings
◉ Types of Consent
Answer: Express (most important)
- given verbally or in writing
Implied
- does not specifically give, but volunteers personal information
REAL ESTATE VALUATION PRINCIPLES
LEARNING RESOURCE
◉ Voluntary Broker Resolution Process (VBRP)
Answer: - enables broker to take the lead in resolving complaints
and disputes
- prior to RECA + Formal courts
- brokers confer with REIX before proceeding
◉ Privacy Law
Answer: - Brokerages must designate a privacy officer to be
accountable for compliance
- must be consistent with the applicable privacy legislation
◉ Benefits of Voluntary Broker Resolution Process
Answer: - avoids time and intrusion involved with RECA
investigation
- identifies deficient brokerage practices that need improvement
- allows participation in the process to achieve acceptable resolution
- opportunity to mend relationship with consumer
◉ Three components of broker leadership
,Answer: Authority, responsibility, and accountability
◉ Reactions to conflict
Answer: Physical, Cognitive, Emotional
◉ Principles of Competition Act
Answer: - Do not collude with competitors
- do not discriminate against or refuse to do business with
competitors
- do not mislead the public through advertisement or representation
◉ Proceeds of Crime (Money Laundering) and Terrorist Financing
Act
Answer: - Federal act
- specific measures to detect and deter money laundering
- facilitates investigations
- responds to threats posed by organized crime
- fulfill international commitments to fight multi-national crime
◉ Financial Transactions and Reports Analysis Center of Canada
(FINTRAC)
Answer: - responsible for collection, analysis and disclosure of
information
, - identifies lists of groups under their watch
- brokers must report suspicious transactions
◉ Safeguards to protect personal information
Answer: Administrative, Technological, Physical
◉ Confidential information
Answer: includes both personal and business information
- not readily available info, may have value
◉ Civil liability
Answer: - private legal action between disputing parties
- involves and plaintiff and defendant appearing in court
- established by the courts at the conclusion of legal proceedings
◉ Types of Consent
Answer: Express (most important)
- given verbally or in writing
Implied
- does not specifically give, but volunteers personal information
