RECA Fundamentals Exam Alberta Questions and Correct Answers/ Latest Update / Already Graded

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RECA Fundamentals Exam Alberta
Questions and Correct Answers/ Latest
Update / Already Graded
Real Estate


Ans: refers to the land and fixed improvements to the land




Classes of licence


Ans: associate, associate broker, broker and brokerage




four areas of practice


Ans: residential, commercial, property management and mortgage




Industrial property


Ans: include warehouses and custom-built manufacturing plants.




Residential income property

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Ans: include low-rise and high-rise apartments, duplexes, fourplexes and

townhouses




supply and demand


Ans: characteristic that identifies the slow response of these 2 market

forces affecting real estate




scarce


Ans: characteristic that identifies real estate as a limited resource




durable


Ans: characteristic that identifies real estate as indestructible




fixed


Ans: characteristic that identifies real estate as immobile




unique

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Ans: characteristic that identifies parcel of land as being different from

one another




private


Ans: characteristic that identifies how real estate transactions are

conducted between a buyer and seller




standardized


Ans: characteristic that identifies the inability to market properties for all

areas of real estate in a universal approach




local


Ans: characteristic that identifies real estate transactions as occurring in a

defined area




balanced market