RECA FUNDAMENTALS STUDY GUIDE
(ACTUAL 2025) QUESTIONS AND ANSWERS
Implied - <<<Answers>>>If given express authority they
have _________ authority.
All necessary actions to complete express authority.
Capacity to contract
Capacity to delegate
Capacity to incur expenses - <<<Answers>>>Capacities for
which an agent must have express authority from a principal
to act. (Limits on authority)
Some general obligations - <<<Answers>>>What
responsibilities do real estate professionals owe customers
Non- exclusive representation relationship -
<<<Answers>>>A relationship that allows multiple
brokerages to act on behalf of an individual client
Legacy information - <<<Answers>>>Information connected
before the privacy legislation was implemented is called
Buyers - <<<Answers>>>If the local market is declining what
type of housing market would there be
Sellers - <<<Answers>>>If the local market is booming what
kind of housing market would there be
, RECA FUNDAMENTALS STUDY GUIDE
(ACTUAL 2025) QUESTIONS AND ANSWERS
Reckless misrepresentation - <<<Answers>>>When a false
statement is made by a person who fails to confirm its
truthfulness
Negligent Misrepresentation - <<<Answers>>>When a false
statement is made by a person who believed it to be true
10,000 for individual
100,000 for business - <<<Answers>>>Max fines from PIPA
if convicted of an offence
institutional advertising - <<<Answers>>>General advertising
to the public done by the brokerage
Conspiracy among competitors
False or misleading advertising - <<<Answers>>>The
competition act is concerned with two key issues, what are
they
Offer
Acceptance
Communication - <<<Answers>>>This best describes the
protocol for a mutual agreement
, RECA FUNDAMENTALS STUDY GUIDE
(ACTUAL 2025) QUESTIONS AND ANSWERS
Appendix - <<<Answers>>>Form used along with listing
agreement identifying info about sellers property - mortgage
specifics, residential leases
Schedule - <<<Answers>>>Form used along with purchase
contract to specify info for the benefit of the buyer - condo
documents to review
Taxation
Eminent domain
Police power
Escheat - <<<Answers>>>Powers of govt that limit private
land ownership rights
Fee Simple
Condominium
Strata - <<<Answers>>>Types of survey plans that can be
registered at land titles office
Barely blended condominium plans - <<<Answers>>>Which
condo plan includes includes common property unit
Assigned storage areas - <<<Answers>>>What type of
storage area can be redistributed at discretion of board of
directors
, RECA FUNDAMENTALS STUDY GUIDE
(ACTUAL 2025) QUESTIONS AND ANSWERS
Intent of security agreement - <<<Answers>>>Registration of
a security interest against an individuals personal property
Value in exchange - <<<Answers>>>The value of a
commodity as expressed in monetary terms
Objective value - <<<Answers>>>The value of a commodity
as determined by the cost of creation
Form
Letter of opinion
Narrative - <<<Answers>>>3 types of real estate appraisal
reports
Cost to replace structure with exact same one that's currently
exists - <<<Answers>>>Describe what is meant by
reproduction costs
Cost to replace structure with similar ones -
<<<Answers>>>Describe what is meant by replacement cost
Narrative report - <<<Answers>>>Which appraisal report is
most detailed
(ACTUAL 2025) QUESTIONS AND ANSWERS
Implied - <<<Answers>>>If given express authority they
have _________ authority.
All necessary actions to complete express authority.
Capacity to contract
Capacity to delegate
Capacity to incur expenses - <<<Answers>>>Capacities for
which an agent must have express authority from a principal
to act. (Limits on authority)
Some general obligations - <<<Answers>>>What
responsibilities do real estate professionals owe customers
Non- exclusive representation relationship -
<<<Answers>>>A relationship that allows multiple
brokerages to act on behalf of an individual client
Legacy information - <<<Answers>>>Information connected
before the privacy legislation was implemented is called
Buyers - <<<Answers>>>If the local market is declining what
type of housing market would there be
Sellers - <<<Answers>>>If the local market is booming what
kind of housing market would there be
, RECA FUNDAMENTALS STUDY GUIDE
(ACTUAL 2025) QUESTIONS AND ANSWERS
Reckless misrepresentation - <<<Answers>>>When a false
statement is made by a person who fails to confirm its
truthfulness
Negligent Misrepresentation - <<<Answers>>>When a false
statement is made by a person who believed it to be true
10,000 for individual
100,000 for business - <<<Answers>>>Max fines from PIPA
if convicted of an offence
institutional advertising - <<<Answers>>>General advertising
to the public done by the brokerage
Conspiracy among competitors
False or misleading advertising - <<<Answers>>>The
competition act is concerned with two key issues, what are
they
Offer
Acceptance
Communication - <<<Answers>>>This best describes the
protocol for a mutual agreement
, RECA FUNDAMENTALS STUDY GUIDE
(ACTUAL 2025) QUESTIONS AND ANSWERS
Appendix - <<<Answers>>>Form used along with listing
agreement identifying info about sellers property - mortgage
specifics, residential leases
Schedule - <<<Answers>>>Form used along with purchase
contract to specify info for the benefit of the buyer - condo
documents to review
Taxation
Eminent domain
Police power
Escheat - <<<Answers>>>Powers of govt that limit private
land ownership rights
Fee Simple
Condominium
Strata - <<<Answers>>>Types of survey plans that can be
registered at land titles office
Barely blended condominium plans - <<<Answers>>>Which
condo plan includes includes common property unit
Assigned storage areas - <<<Answers>>>What type of
storage area can be redistributed at discretion of board of
directors
, RECA FUNDAMENTALS STUDY GUIDE
(ACTUAL 2025) QUESTIONS AND ANSWERS
Intent of security agreement - <<<Answers>>>Registration of
a security interest against an individuals personal property
Value in exchange - <<<Answers>>>The value of a
commodity as expressed in monetary terms
Objective value - <<<Answers>>>The value of a commodity
as determined by the cost of creation
Form
Letter of opinion
Narrative - <<<Answers>>>3 types of real estate appraisal
reports
Cost to replace structure with exact same one that's currently
exists - <<<Answers>>>Describe what is meant by
reproduction costs
Cost to replace structure with similar ones -
<<<Answers>>>Describe what is meant by replacement cost
Narrative report - <<<Answers>>>Which appraisal report is
most detailed
