RECA Residential Exam Questions and Answers 100% Pass
Fiduciary Representation <<Ans>>- Trust and confidence - Best interests - Loyalty 5
Ds of Role Clarity <<Ans>>1. Discuss 2. Determine 3. Document 4. Disclose 5. Do
Must disclose in writing <<Ans>>- the nature of services provided - whether
professional has entered into representation relationship with other party - any
conflicts of interest - any other facts that may influence consumers decision to
proceed with relationship made to clarify and provide proof of undertanding in
event issues or disputes arise Written Service Agreement vs Customer
Acknowledgement Forms <<Ans>>Written Service Agreement - when consumer
chooses a representation relationship - becomes a client - provide signed copy to
brokerage Customer Acknowledge forms - non-representation relationship -
becomes a customer - provide signed copy to brokerage PIPEDA <<Ans>>- Federal
legislation PIPA <<Ans>>Alberta's legislation, how private organizations use and
disclose personal information. Power of Attorney <<Ans>>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 <<Ans>>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 <<Ans>>Court ordered sale usually as a
way to resolve legal matters - primary debt recovery method for default mortgages
Foreclosure <<Ans>>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 <<Ans>>Legislation that establishes technical
specifications for new building construction and construction materials Building
Permit <<Ans>>typically valid for one year during which construction process must
be initiated Factory Built Construction <<Ans>>Manufactured - three sections that
are 95% complete when they leave the factory. - secure the sections to the
foundation and join together - can often move in the same day or within days - saves
time and mony Modular Construction - manufacturing three dimensional units, 85
percent complete when they leave - requires few weeks on site to be complete -
allows for creation of multi-story buildings Panelized construction - creation of pre-
fabricated wall, floor or roof panels - panels may be completed fully or partially -
may consist of just the frame or fully complete with windows and siding Alberta
Safety Codes Act <<Ans>>provincial legislation that sets specifications for new
building. Components of Construction <<Ans>>Lot Substructure - building
foundation Superstructure - above grade construction includes; envelope, service
systems, interior - building envelope - everything that encloses the structure - roof,
, exterior walls, windows, doors, and interior walls - building service systems - supply's
essential services - heat, electricity, water - interior - interior walls, features, finishes,
and fixtures Pre-wired - security systems, internet, fireplace controls, windows
Preserved Wood foundation <<Ans>>treated wood, must be certified with a stamp. -
must be examined by engineer or architect stating conforms to the Alberta Building
Code requirements - poured concrete is the most common foundation Subsurface
Drainage <<Ans>>Drain tiles - directs water to storm system or sump pit Sump Pump
- located in sump pit in the foundation, accessible - submersible pump - installed
within the sump pit - pedestal/upright - set outside of the sump pit Parging
<<Ans>>Thin top coat that is applied to exterior finish, used to create smooth
surface. can be cement or acrylic - protects above grade foundation walls Building
Floors <<Ans>>Beams - structural components that create base Joist - support part
of structure, placed horizontal - supports floor or ceiling Bridging/Blocking - adds to
load carrying capabilities and reduces the potential for movement. R-Value or RSI
<<Ans>>the rate at which heat moves through insulation, the higher the value the
more effective the material is at resisting the transfer of heat. R2000
<<Ans>>Standard of insulation for new construction. Certified by Govt - energy
performance - indoor air quality - environmental responsibility Roofs <<Ans>>Low
slope - 14 degrees or less Steep slope - 15 degrees or more Flashing - used to create
weatherproof seal Soffits - underside of roof, ventilation for the attic Fascia - trim
the ends of the roof eaves - form connection between roof and exterior walls
Windows <<Ans>>Bay - angled Bow- smoother rounder than bay Dormer - built into
the main roof Clerestory - high windows located on the upper part of wall Sky lights
Fuel Utilization <<Ans>>Low - Less than 77% Mid - 78-89% High - 90% + Electrical
<<Ans>>residential properties with less than 100 amp may be difficult to insure -
permits needed for installation Hot water <<Ans>>hot water tanks Tankless hot
water heaters - central - designed to supply hot water throughout whole building -
point of use - only supply to plumbing fixture they are attached to. Efficient to use
but expensive to install Plumbing <<Ans>>includes fresh water, hot water, and waste
water - materials used include copper, rigid plastic, and flexible plastic Heating
<<Ans>>The main types of residential heating include; Forced air hot water radiant -
uses hot water or electricity electric systems High efficiency vents out the buildings
exterior wall Ceilings <<Ans>>Valuted - follow roofline, unequal sides Cathedral - two
equal sides (Aframe) Drop- covers pipes and wires Coffered - insets, waffle like Main
principals of water <<Ans>>Reduce, Retrofit, repair Remediation <<Ans>>return a
contaminated area to a level that does not impair or damage the environment,
health or safety Legislation <<Ans>>Safety Codes Act - Permit regulation Fair Trading
Act - Home inspection business regulation Energy Efficiency Act and Regulations -
minimum energy performance requirements Alberta Building Code - specifications
for new construction and building materials Property Inspections <<Ans>>an
examination of various building systems in order to provide an opinion Should
include - current conditions of all items inspected by the property - Inspected items
listed as unsafe or requires repairs - preventative measures needed to remedy or
extend life of inspected items - do not look at building permits Home inspection
business regulation Environmental Risks <<Ans>>- are situations in which a property
and/or its occupants are exposed to danger - only limited exposure is possibly before
irreparable damage - becomes risk only if a conduit to facilitate the transaction is
Fiduciary Representation <<Ans>>- Trust and confidence - Best interests - Loyalty 5
Ds of Role Clarity <<Ans>>1. Discuss 2. Determine 3. Document 4. Disclose 5. Do
Must disclose in writing <<Ans>>- the nature of services provided - whether
professional has entered into representation relationship with other party - any
conflicts of interest - any other facts that may influence consumers decision to
proceed with relationship made to clarify and provide proof of undertanding in
event issues or disputes arise Written Service Agreement vs Customer
Acknowledgement Forms <<Ans>>Written Service Agreement - when consumer
chooses a representation relationship - becomes a client - provide signed copy to
brokerage Customer Acknowledge forms - non-representation relationship -
becomes a customer - provide signed copy to brokerage PIPEDA <<Ans>>- Federal
legislation PIPA <<Ans>>Alberta's legislation, how private organizations use and
disclose personal information. Power of Attorney <<Ans>>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 <<Ans>>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 <<Ans>>Court ordered sale usually as a
way to resolve legal matters - primary debt recovery method for default mortgages
Foreclosure <<Ans>>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 <<Ans>>Legislation that establishes technical
specifications for new building construction and construction materials Building
Permit <<Ans>>typically valid for one year during which construction process must
be initiated Factory Built Construction <<Ans>>Manufactured - three sections that
are 95% complete when they leave the factory. - secure the sections to the
foundation and join together - can often move in the same day or within days - saves
time and mony Modular Construction - manufacturing three dimensional units, 85
percent complete when they leave - requires few weeks on site to be complete -
allows for creation of multi-story buildings Panelized construction - creation of pre-
fabricated wall, floor or roof panels - panels may be completed fully or partially -
may consist of just the frame or fully complete with windows and siding Alberta
Safety Codes Act <<Ans>>provincial legislation that sets specifications for new
building. Components of Construction <<Ans>>Lot Substructure - building
foundation Superstructure - above grade construction includes; envelope, service
systems, interior - building envelope - everything that encloses the structure - roof,
, exterior walls, windows, doors, and interior walls - building service systems - supply's
essential services - heat, electricity, water - interior - interior walls, features, finishes,
and fixtures Pre-wired - security systems, internet, fireplace controls, windows
Preserved Wood foundation <<Ans>>treated wood, must be certified with a stamp. -
must be examined by engineer or architect stating conforms to the Alberta Building
Code requirements - poured concrete is the most common foundation Subsurface
Drainage <<Ans>>Drain tiles - directs water to storm system or sump pit Sump Pump
- located in sump pit in the foundation, accessible - submersible pump - installed
within the sump pit - pedestal/upright - set outside of the sump pit Parging
<<Ans>>Thin top coat that is applied to exterior finish, used to create smooth
surface. can be cement or acrylic - protects above grade foundation walls Building
Floors <<Ans>>Beams - structural components that create base Joist - support part
of structure, placed horizontal - supports floor or ceiling Bridging/Blocking - adds to
load carrying capabilities and reduces the potential for movement. R-Value or RSI
<<Ans>>the rate at which heat moves through insulation, the higher the value the
more effective the material is at resisting the transfer of heat. R2000
<<Ans>>Standard of insulation for new construction. Certified by Govt - energy
performance - indoor air quality - environmental responsibility Roofs <<Ans>>Low
slope - 14 degrees or less Steep slope - 15 degrees or more Flashing - used to create
weatherproof seal Soffits - underside of roof, ventilation for the attic Fascia - trim
the ends of the roof eaves - form connection between roof and exterior walls
Windows <<Ans>>Bay - angled Bow- smoother rounder than bay Dormer - built into
the main roof Clerestory - high windows located on the upper part of wall Sky lights
Fuel Utilization <<Ans>>Low - Less than 77% Mid - 78-89% High - 90% + Electrical
<<Ans>>residential properties with less than 100 amp may be difficult to insure -
permits needed for installation Hot water <<Ans>>hot water tanks Tankless hot
water heaters - central - designed to supply hot water throughout whole building -
point of use - only supply to plumbing fixture they are attached to. Efficient to use
but expensive to install Plumbing <<Ans>>includes fresh water, hot water, and waste
water - materials used include copper, rigid plastic, and flexible plastic Heating
<<Ans>>The main types of residential heating include; Forced air hot water radiant -
uses hot water or electricity electric systems High efficiency vents out the buildings
exterior wall Ceilings <<Ans>>Valuted - follow roofline, unequal sides Cathedral - two
equal sides (Aframe) Drop- covers pipes and wires Coffered - insets, waffle like Main
principals of water <<Ans>>Reduce, Retrofit, repair Remediation <<Ans>>return a
contaminated area to a level that does not impair or damage the environment,
health or safety Legislation <<Ans>>Safety Codes Act - Permit regulation Fair Trading
Act - Home inspection business regulation Energy Efficiency Act and Regulations -
minimum energy performance requirements Alberta Building Code - specifications
for new construction and building materials Property Inspections <<Ans>>an
examination of various building systems in order to provide an opinion Should
include - current conditions of all items inspected by the property - Inspected items
listed as unsafe or requires repairs - preventative measures needed to remedy or
extend life of inspected items - do not look at building permits Home inspection
business regulation Environmental Risks <<Ans>>- are situations in which a property
and/or its occupants are exposed to danger - only limited exposure is possibly before
irreparable damage - becomes risk only if a conduit to facilitate the transaction is
