RECA Fundamentals Exam| Questions and Verified Answers|100% Correct| 2023/ 2024

RECA Fundamentals Exam| Questions and Verified Answers|100% Correct| 2023/ 2024 Q: What’s 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 Q: 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 Q: How long is license valid if not registered with brokerage? Answer: 36 months Q: Levels of Disclosure Answer: 1. other party represented by another brokerage 2. other party not represented 3. other party represented by same brokerage Q: Designated Agency vs Common law Answer: 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 Q: Inducement vs incentives Answer: - Inducement is client specific - incentives must be offered by brokerage to everyone Q: If industry professional withdraws from profession during disciplinary proceedings Answer: - RECA issues a news release - all disciplinary proceedings terminated - lifetime ban from all industry professions governed by RECA Q: Advisory Notes Answer: Technical breach of legislation - ex. forgetting brokerage name on marketing Q: Letters of Reprimand Answer: - where cases of conduct deserving sanction is less serious - agent has also received an advisory note Q: Administrative penalties Answer: - actions breached a section of rules and deemed potentially serious Q: Approaches to complaints agent agent Answer: - Advisory notes - technical breach - letter of reprimand - less serious, already received advisory note - Administrative penalty - potentially serious - hearings - severe in nature Q: Records must be: Answer: - kept in Alberta - maintained in electronic form - kept by brokerage for 3 years - accessible to RECA for inspection Q: To become licensed Answer: - must become registered with brokerage before one year. - must renew by September 30, each year Q: Privacy legislation regarding client information Answer: - Personal Information Protection Act (PIPA) - Provincial legislation - Personal Information protection and Electronic Documents Act (PIPEDA) - federal legislation Q: Personal Ethics Answer: Morals - held by individual Ethics - Standard of Conduct (values/beliefs that guide actions) Professional Standards - Rules and Regulations Q: Ethical Decision Making Answer: 1. Recognize 2. Analyze 3. Test 3A. Seek assistance if needed 4. Implement Q: Golden rule Answer: Do unto others as you would have them do unto you