RECA RESIDENTIAL EXAM END OF COURSE
STUDY GUIDE LATEST UPDATED ACTUAL
TESTED QUESTIONS AND CORRECT
ANSWERS
⩥ Brokerage interests.
Answer: Interest of brokerage at odds with brokerage client
⩥ Fiduciary duties.
Answer: -Utmost loyalty
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
⩥ Competing interests.
Answer: Interest of brokerage clients compete in a transaction or
potential transaction
⩥ Opposing interests.
,Answer: Interest of brokerage clients oppose in the same
transaction or potential transaction
⩥ Standard of care.
Answer: -Professional standards
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
-Meeting regulatory requirements
-Enhances professionalism
-Prevents unintended relationships
-Clarifies responsibilities and services to consumers
-Reduces disputes
⩥ PIPEDA.
Answer: Federal - privacy act
⩥ PIPA.
Answer: Provincial - Privacy act
,⩥ CASL.
Answer: Canada's anti spam legislation - federal
⩥ Privacy principles.
Answer: -Accountability
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
-Accuracy
-Safeguards of data protection
-Openness
-Individual access
-Challenging compliance
⩥ Seller's confidential info.
Answer: -Reason of property sale
-Motivation regarding sale
-Price seller will accept for sale
-Offers received by seller
, ⩥ Buyer's confidential info.
Answer: -Reason for purchase of property
-Motivation to purchase
-Price willing to pay for property
-Offers submitted
⩥ Trustee.
Answer: Legally appointed person to hold assets for benefits of
one or more persons. Trust agreements set out terms of trustee's
powers and duties.
⩥ Executors.
Answer: Person who receives title of property when owner of
the property is deceased.
⩥ Development permits.
Answer: -Used for new subdivisions.
-Authorizes location, size and use of building.
⩥ Building permits.
STUDY GUIDE LATEST UPDATED ACTUAL
TESTED QUESTIONS AND CORRECT
ANSWERS
⩥ Brokerage interests.
Answer: Interest of brokerage at odds with brokerage client
⩥ Fiduciary duties.
Answer: -Utmost loyalty
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
⩥ Competing interests.
Answer: Interest of brokerage clients compete in a transaction or
potential transaction
⩥ Opposing interests.
,Answer: Interest of brokerage clients oppose in the same
transaction or potential transaction
⩥ Standard of care.
Answer: -Professional standards
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
-Meeting regulatory requirements
-Enhances professionalism
-Prevents unintended relationships
-Clarifies responsibilities and services to consumers
-Reduces disputes
⩥ PIPEDA.
Answer: Federal - privacy act
⩥ PIPA.
Answer: Provincial - Privacy act
,⩥ CASL.
Answer: Canada's anti spam legislation - federal
⩥ Privacy principles.
Answer: -Accountability
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
-Accuracy
-Safeguards of data protection
-Openness
-Individual access
-Challenging compliance
⩥ Seller's confidential info.
Answer: -Reason of property sale
-Motivation regarding sale
-Price seller will accept for sale
-Offers received by seller
, ⩥ Buyer's confidential info.
Answer: -Reason for purchase of property
-Motivation to purchase
-Price willing to pay for property
-Offers submitted
⩥ Trustee.
Answer: Legally appointed person to hold assets for benefits of
one or more persons. Trust agreements set out terms of trustee's
powers and duties.
⩥ Executors.
Answer: Person who receives title of property when owner of
the property is deceased.
⩥ Development permits.
Answer: -Used for new subdivisions.
-Authorizes location, size and use of building.
⩥ Building permits.
