RETA CARO TEST BANK ALL CHAPTERS 1 9
ACTUAL EXAM SOLVED QUESTIONS AND
VERIFIED RESPONSES FULL SOLUTION
⩥ 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
ACTUAL EXAM SOLVED QUESTIONS AND
VERIFIED RESPONSES FULL SOLUTION
⩥ 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
