RECA RESIDENTIAL EXAM TESTBANK WITH
COMPLETE UNITS ACTUAL QUESTIONS AND
CORRECT ANSWERS (CORRECT VERIFIED
SOLUTIONS) LATEST UPDATED VERSION 2025
|GUARANTEED PASS.
Fiduciary Representation - answer- Trust and confidence
- Best interests
- Loyalty
5 Ds of Role Clarity - answer1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
Must disclose in writing - answer- 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 -
answerWritten 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 - answer- Federal legislation
PIPA - answerAlberta's legislation, how private organizations use and disclose
personal information.
Power of Attorney - answera 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 - answerGeneral 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 - answerCourt ordered sale usually as a way to resolve legal matters
- primary debt recovery method for default mortgages
Foreclosure - answerlegal 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 - answerLegislation that establishes technical
specifications for new building construction and construction materials
Building Permit - answertypically valid for one year during which construction
process must be initiated
Factory Built Construction - answerManufactured
- 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
COMPLETE UNITS ACTUAL QUESTIONS AND
CORRECT ANSWERS (CORRECT VERIFIED
SOLUTIONS) LATEST UPDATED VERSION 2025
|GUARANTEED PASS.
Fiduciary Representation - answer- Trust and confidence
- Best interests
- Loyalty
5 Ds of Role Clarity - answer1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
Must disclose in writing - answer- 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 -
answerWritten 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 - answer- Federal legislation
PIPA - answerAlberta's legislation, how private organizations use and disclose
personal information.
Power of Attorney - answera 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 - answerGeneral 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 - answerCourt ordered sale usually as a way to resolve legal matters
- primary debt recovery method for default mortgages
Foreclosure - answerlegal 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 - answerLegislation that establishes technical
specifications for new building construction and construction materials
Building Permit - answertypically valid for one year during which construction
process must be initiated
Factory Built Construction - answerManufactured
- 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
