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RECA Fundamentals Exam Questions
and Correct Answers/ Latest Update /
Already Graded
Which of the following is NOT a RECA educational resource for
industry professionals?
Ans: Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act
Ans: Provincial Legislature
Which of the following measures the change in a cost of a fixed
basket of goods and services purchased by families over a period of
time
Ans: Consumer Price Index (CPI)
Which of the following will occur to the supply of a good when there
is a change in quantity supplied due to a price increase?
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Ans: an increase in quantity supplied
Microeconics
Ans: studies the basic theories of supply and demand as it relates to
individuals, households and firms
Resource Markets
Ans: facilitate the exchange of factors of production
What causes the quantity demanded to shift?
Ans: change in tastes, expectations, and number of consumers
benefits of economic growth
Ans: depletion of natural resources
Real Property Report
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Ans: document produced by Alberta Land Surveyor
Which of the following is not a non-price determinant of demand
Ans: cost of production
What type of economy does Canada have?
Ans: mixed economy
Benefits of RECAS trust assurance and practice review program
Ans: - effective record keeping and administrative procedures
- education and advice in relation to brokerage trust accounting
- identifies and resolves potential problems regarding brokerage trust
accounting requirements
Responsibilities of RECA
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Ans: - Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production
Ans: land, labor, capital, entrepreneurship
RECA provides the following annual reports
Ans: - financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes;
RECA Fundamentals Exam Questions
and Correct Answers/ Latest Update /
Already Graded
Which of the following is NOT a RECA educational resource for
industry professionals?
Ans: Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act
Ans: Provincial Legislature
Which of the following measures the change in a cost of a fixed
basket of goods and services purchased by families over a period of
time
Ans: Consumer Price Index (CPI)
Which of the following will occur to the supply of a good when there
is a change in quantity supplied due to a price increase?
,2 | Page
Ans: an increase in quantity supplied
Microeconics
Ans: studies the basic theories of supply and demand as it relates to
individuals, households and firms
Resource Markets
Ans: facilitate the exchange of factors of production
What causes the quantity demanded to shift?
Ans: change in tastes, expectations, and number of consumers
benefits of economic growth
Ans: depletion of natural resources
Real Property Report
,3 | Page
Ans: document produced by Alberta Land Surveyor
Which of the following is not a non-price determinant of demand
Ans: cost of production
What type of economy does Canada have?
Ans: mixed economy
Benefits of RECAS trust assurance and practice review program
Ans: - effective record keeping and administrative procedures
- education and advice in relation to brokerage trust accounting
- identifies and resolves potential problems regarding brokerage trust
accounting requirements
Responsibilities of RECA
, 4 | Page
Ans: - Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production
Ans: land, labor, capital, entrepreneurship
RECA provides the following annual reports
Ans: - financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes;
