©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PM
Unit 5 Of the RECA Fundamentals
Questions and Answers (100% Pass)
What are the two types of laws? - ✔️✔️Statute law: Federal or Provincial law
Common law: Laws based on previous decisions on similar matters
When you make an agreement/contract with a client is that agreement with you or the brokerage?
- ✔️✔️it is not with you, it is with the brokerage
There are representative relationships and non-representative relationship relationships. When
does it become a representative relationship? - ✔️✔️When they sign a contract or a verbal
agreement.
Is a real estate agent allowed to represent both buyer and seller? - ✔️✔️No the agent would then
be in a conflict of interest. The agent is only allowed to either represent the buyer or the seller....
Unless there is a written letter stating that both parties are okay with the conflict of interest.
What are the 5 D's of Role of clarity? - ✔️✔️1 Discuss
2 Determine
3 Document
4 Disclose
5 Do
What are the obligations to the client that you have?? - ✔️✔️• Exercise Skill and care
• Act Honestly
• Perform Mandate
• Obey Lawful Instructions
• Act in Person
• Disclose Information
1
Unit 5 Of the RECA Fundamentals
Questions and Answers (100% Pass)
What are the two types of laws? - ✔️✔️Statute law: Federal or Provincial law
Common law: Laws based on previous decisions on similar matters
When you make an agreement/contract with a client is that agreement with you or the brokerage?
- ✔️✔️it is not with you, it is with the brokerage
There are representative relationships and non-representative relationship relationships. When
does it become a representative relationship? - ✔️✔️When they sign a contract or a verbal
agreement.
Is a real estate agent allowed to represent both buyer and seller? - ✔️✔️No the agent would then
be in a conflict of interest. The agent is only allowed to either represent the buyer or the seller....
Unless there is a written letter stating that both parties are okay with the conflict of interest.
What are the 5 D's of Role of clarity? - ✔️✔️1 Discuss
2 Determine
3 Document
4 Disclose
5 Do
What are the obligations to the client that you have?? - ✔️✔️• Exercise Skill and care
• Act Honestly
• Perform Mandate
• Obey Lawful Instructions
• Act in Person
• Disclose Information
1
