RECA Residential Unit 3 Questions And Answers Rated A+

3 options for who determine the RMS property size (this should be discussed with seller client) - Answer- 1. by the REP 2. by REP and the seller 3. By a qualified person engaged to do so 3 types of town houses - Answer-Row, stacked, cluster (cluster seem to be the same as 4plexes but maybe more than one 4plex together) 4 Benefits of the RMS - Answer-1. A province-wide property measurement standard for all real estate professionals 2. Applies to all real estate brokerages regardless of their service package, including mere postings 3. Clarity and consistency of property measurement 4. Provides data reliability for property comparison 4 documents Trust Assurance and Practice Review Officer will expect to see regarding the RMS - Answer- 1. If property was measured by REP, the drawings, measurements and methodology used for the property type (exterior of detached, interior for attached) 2. Record of calculations on drawing or side paper 3. If a condominium unit, expect to see the condominium plan and comparison of RMS 4. If property was measured by a qualified person, the property measurement report they created. + other regulations the broker may have in place 4 options for buyers to verify the represented property size - Answer-1. verify the represented property size prior to submitting an offer to purchase on the property 2. Submit an offer to purchase subject to the buyer verifying the property size as a condition of the offer. 3. Submit an offer to purchase subject to the seller verifying the property size as a condition of the offer 4. Submit an offer to purchase with amended terms. Delete any term that places the onus on the buyer to verify the represented size of the property and add a term that places the onus on the seller to warrant the represented size of the property. 4 qualities of a standard - Answer-1. It must be objective (ie Uniform, consistent) 2. It mut apply to an object or process that can be quantified (i.e. measured) 3. It's results must be verifiable (i.e. repeated by others) 4. It's results must be quantifiable (i.e. measurable) 6 Steps to determine interior measurements - Answer-1. View interior and verify floor plan for each above grade level. 2. Identify longest runs for each above grade level 3. Identify measureable shapes for each above grade level 4. Measure each above grade level according to RMS 5. Calculate the RMS for each above grade level 6. Add all above grade levels areas to get total6 things REPs should not do when it comes to the RMS - Answer-1. Do not guess at property measurements 2. Do not copy property measurements from previous listings 3. Do not rely on builder blueprints and/or floor plans 4. Do not use the condominium unit registered size as the RMS area 5. Do not rely on previous property appraisal reports 6. Do not use property tax assessment records 8 step process for calculating the RMS area of a detached property - Answer-1. Observe - Walk around the property, sketching and noting the measurable walls, features and obstacles 2. Identify - Identify measurable shapes 3. Measure - Measure exterior walls at the foundation, including features that meet RMS requirements 4. Verify - Verify measurable shapes and features from the interior 5. Identify - Identify required interior measurements 6. Measure - Measure the interior according to the RMS 7. Extrapolate - Extrapolate exterior measurements for each level above the main level as needed on the main level 8. Calculate - Calculate the RMS area for each above grade level and then calculate the total RMS area for the property.