RECA Residential Exam\RECA Fundamentals of Mortgage Brokerage EXA
2024\2025
Study online at https://quizlet.com/_h7k4v3
- Trust and confidence
Fiduciary Representation - Best interests
- Loyalty
1. Discuss
2. Determine
5 Ds of Role Clarity 3. Document
4. Disclose
5. Do
- 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 con-
Must disclose in writing
sumers decision to proceed with relation-
ship
made to clarify and provide proof of un-
dertanding in event issues or disputes
arise
Written Service Agreement
- when consumer chooses a representa-
tion relationship
- becomes a client
Written Service Agreement vs Customer - provide signed copy to brokerage
Acknowledgement Forms
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
PIPEDA - Federal legislation
Alberta's legislation, how private organi-
PIPA zations use and disclose personal infor-
mation.
Power of Attorney
, RECA Residential Exam\RECA Fundamentals of Mortgage Brokerage EXA
2024\2025
Study online at https://quizlet.com/_h7k4v3
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 con-
tract is void
- only effective as long as donor is alive,
will takes effect once death
General POA
- has no limits on powers of the attorney
- can make all decisions regarding finan-
cial 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
Types of POA
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...
,RECA Residential Exam\RECA Fundamentals of Mortgage Brokerage EXA
2024\2025
Study online at https://quizlet.com/_h7k4v3
Court ordered sale usually as a way to
resolve legal matters
Judicial Sale
- primary debt recovery method for de-
fault mortgages
legal action supervised by the court fol-
lowing a default on the mortgage.
Foreclosure -transfers the real property from the bor-
rower to the lender and erases interests
on title.
Legislation that establishes technical
Alberta Building Code specifications for new building construc-
tion and construction materials
typically valid for one year during which
Building Permit
construction process must be initiated
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,
Factory Built Construction
85 percent complete when they leave
- requires few weeks on site to be com-
plete
- allows for creation of multi-story build-
ings
Panelized construction
- creation of pre-fabricated wall, floor or
roof panels
- panels may be completed fully or par-
tially
, RECA Residential Exam\RECA Fundamentals of Mortgage Brokerage EXA
2024\2025
Study online at https://quizlet.com/_h7k4v3
- may consist of just the frame or fully
complete with windows and siding
provincial legislation that sets specifica-
Alberta Safety Codes Act
tions for new building.
Lot
Substructure - building foundation
Superstructure - above grade construc-
tion
includes; envelope, service systems, in-
terior
- building envelope - everything that en-
closes the structure
- roof, exterior walls, windows, doors,
Components of Construction and interior walls
- building service systems - supply's es-
sential services
- heat, electricity, water
- interior - interior walls, features, finish-
es, and fixtures
Pre-wired
- security systems, internet, fireplace
controls, windows
treated wood, must be certified with a
stamp.
- must be examined by engineer or ar-
chitect stating conforms to the Alberta
Preserved Wood foundation
Building Code requirements
- poured concrete is the most common
foundation
Drain tiles - directs water to storm system
or sump pit
Subsurface Drainage
Sump Pump
- located in sump pit in the foundation,
2024\2025
Study online at https://quizlet.com/_h7k4v3
- Trust and confidence
Fiduciary Representation - Best interests
- Loyalty
1. Discuss
2. Determine
5 Ds of Role Clarity 3. Document
4. Disclose
5. Do
- 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 con-
Must disclose in writing
sumers decision to proceed with relation-
ship
made to clarify and provide proof of un-
dertanding in event issues or disputes
arise
Written Service Agreement
- when consumer chooses a representa-
tion relationship
- becomes a client
Written Service Agreement vs Customer - provide signed copy to brokerage
Acknowledgement Forms
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
PIPEDA - Federal legislation
Alberta's legislation, how private organi-
PIPA zations use and disclose personal infor-
mation.
Power of Attorney
, RECA Residential Exam\RECA Fundamentals of Mortgage Brokerage EXA
2024\2025
Study online at https://quizlet.com/_h7k4v3
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 con-
tract is void
- only effective as long as donor is alive,
will takes effect once death
General POA
- has no limits on powers of the attorney
- can make all decisions regarding finan-
cial 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
Types of POA
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...
,RECA Residential Exam\RECA Fundamentals of Mortgage Brokerage EXA
2024\2025
Study online at https://quizlet.com/_h7k4v3
Court ordered sale usually as a way to
resolve legal matters
Judicial Sale
- primary debt recovery method for de-
fault mortgages
legal action supervised by the court fol-
lowing a default on the mortgage.
Foreclosure -transfers the real property from the bor-
rower to the lender and erases interests
on title.
Legislation that establishes technical
Alberta Building Code specifications for new building construc-
tion and construction materials
typically valid for one year during which
Building Permit
construction process must be initiated
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,
Factory Built Construction
85 percent complete when they leave
- requires few weeks on site to be com-
plete
- allows for creation of multi-story build-
ings
Panelized construction
- creation of pre-fabricated wall, floor or
roof panels
- panels may be completed fully or par-
tially
, RECA Residential Exam\RECA Fundamentals of Mortgage Brokerage EXA
2024\2025
Study online at https://quizlet.com/_h7k4v3
- may consist of just the frame or fully
complete with windows and siding
provincial legislation that sets specifica-
Alberta Safety Codes Act
tions for new building.
Lot
Substructure - building foundation
Superstructure - above grade construc-
tion
includes; envelope, service systems, in-
terior
- building envelope - everything that en-
closes the structure
- roof, exterior walls, windows, doors,
Components of Construction and interior walls
- building service systems - supply's es-
sential services
- heat, electricity, water
- interior - interior walls, features, finish-
es, and fixtures
Pre-wired
- security systems, internet, fireplace
controls, windows
treated wood, must be certified with a
stamp.
- must be examined by engineer or ar-
chitect stating conforms to the Alberta
Preserved Wood foundation
Building Code requirements
- poured concrete is the most common
foundation
Drain tiles - directs water to storm system
or sump pit
Subsurface Drainage
Sump Pump
- located in sump pit in the foundation,
