RECA Fundamentals Study Guide Exam Questions And Answers (Updated And Verified)

RECA Fundamentals Study Guide Exam Questions And Answers (Updated And Verified) Duty-based ethics - answerIndividual is expected to do the right thing cause it's the right thing to do, regardless of outcome utalitarian ethics - answerSells the optimal result for the greatest number of people Advisory note - answerPunishment for a technical breach Administrative penalty/ fine - answerOne or two potentially serious infraction would cause this punishment Ratification- acting without authority or in excess of authority Implication- advice outside of objective - answerThese two ways of creating a representation relationship should not be done in real estate By Estoppel - answerThis representation relationship arises when a principal acts in a way that leads a third party to believe an agent has been given authority when in actuality the agent hasn't consented or even knows about it By operation of law - answerThis type of representation relationship is created when someone takes action to save a property or person from imminent danger/ damages Ethics - answerVoluntary set of rules and guiding principles an individual uses as their moral compass. Standard of conduct adopted and practiced within a culture or society li Morals - answerA set of beliefs held by an individual and founded on fundamental principles of right and wrong. Ex. Religious Tort law - answerWhat area of law deals with civil wrong doings for which the courts may grant a remedy. ( harm to a person or damage to property) 35,000$ - answerMax the real estate assurance fund may pay per claimant for damages or losses to the services of a real estate professional Purpose of Real Estate Assurance Fund - answerCompensate consumers who have received court judgement against a real estate professional for fraud or breach of trust Real estate insurance exchange REIX - answerTo protect real estate professionals when they make a mistake regarding their business Kohlbergs highest stage of moral development - answerWhere moral development is based on individual reflection and analysis of the issues ( level 3 stage 6) Right of Recission - answerThe ability of purchasers to cancel their purchase contract with a developer within 10 days Condominium - answerOwnership in common with others CADS - answerIf someone forgets the condo management company name for any reason where would they find it General power of attorney - answerCan make all decisions about finances or legal affairs has no limit other then where they'll live or health care Yes - answerWill power or at tourney be on the title building permit - answerPermit that applies to specific project that is an improvement to the property development permit - answerPermit that applies to overall use of the land It was legal at time of development - answerNon conforming suite means ? Waterworks Repair of roads Ambulance - answerMunicipal special taxes are for Business revitalization tax - answerTaxes used in a business district to improve beauty, parking, or promote 24 hrs - answerLandlord may enter without consent but with notice after giving how much notice Assignment - answerTenant isn't returning to the property so all obligations and rights go to the new tenant Sublease - answerTenant will be returning to the property, and they're still liable to the landlord Condominium Property Act - answerCondos are governed by the