RECA Residential Exam Passed And Verified Best Questions & Answer 2024

PIPEDA - √√- Federal legislation PIPA - √√Alberta's legislation, how private organizations use and disclose personal information. Power of Attorney - √√a legal document authorizing someone to act on your behalf - must be 18 - POA must be written, dated and signed by both donor and witness - donor must be mentally capable or contract is void - only effective as long as donor is alive, will takes effect once death Types of POA - √√General POA - has no limits on powers of the attorney - can make all decisions regarding financial and legal affairs - exception where the donor resides and health care Special POA - make certain decisions - also called limited POA - may grant authority to oversee sale, deals with land - must be registered on Certificate of Title Immediate POA - takes effect as soon as POA is signed, dated and witnessed - terminates upon loss of mental capacity or death Enduring POA - immediately upon being signed, dated and witnessed - continues if donor becomes incapable, mentally incapacitated - must include statement whether it takes effect immediately and continues... Judicial Sale - √√Court ordered sale usually as a way to resolve legal matters - primary debt recovery method for default mortgages Foreclosure - √√legal action supervised by the court following a default on the mortgage. -transfers the real property from the borrower to the lender and erases interests on title. Alberta Building Code - √√Legislation that establishes technical specifications for new building construction and construction materials Building Permit - √√typically valid for one year during which construction process must be initiated Factory Built Construction - √√Manufactured