RECA FUNDAMENTALS EXAM ALBERTA EXAM QUESTIONS AND ANSWERS 100% CORRECT

RECA FUNDAMENTALS EXAM
ALBERTA EXAM QUESTIONS AND
ANSWERS 100% CORRECT
Real Estate - ANSWER-refers to the land and fixed improvements to the land

Classes of licence - ANSWER-associate, associate broker, broker and brokerage

four areas of practice - ANSWER-residential, commercial, property management and
mortgage

Industrial property - ANSWER-include warehouses and custom-built manufacturing
plants.

Residential income property - ANSWER-include low-rise and high-rise apartments,
duplexes, fourplexes and townhouses

supply and demand - ANSWER-characteristic that identifies the slow response of these
2 market forces affecting real estate

scarce - ANSWER-characteristic that identifies real estate as a limited resource

durable - ANSWER-characteristic that identifies real estate as indestructible

fixed - ANSWER-characteristic that identifies real estate as immobile

unique - ANSWER-characteristic that identifies parcel of land as being different from
one another

private - ANSWER-characteristic that identifies how real estate transactions are
conducted between a buyer and seller

standardized - ANSWER-characteristic that identifies the inability to market properties
for all areas of real estate in a universal approach

local - ANSWER-characteristic that identifies real estate transactions as occurring in a
defined area

balanced market - ANSWER--property prices generally stable
-supply of available properties and the number of buyers desiring to purchase properties
are somewhat equal
-properties sold within a reasonable time frame

, affordable interest rates for financing

sellers market - ANSWER--local booming economy
-increasing property prices
-properties sell quickly
-market demand for properties in an area is greater than the available supply

buyers market - ANSWER--properties remain on the market for a longer period of time
-properties remain on the market for a longer period of time
-declining property prices
-inventory of properties exceeds the number of buyers

1990-1999 - ANSWER-period during which the following events occured:

real estate industry self-regulation achieved and Real Estate Act established. RECA
approves pre-licensing and re-licensing education programs. RECA establishes
disciplinary processes for conduct of industry professionals

1928-1943 - ANSWER-period during which the following events occured:
Real Estate Agents Licensing Act replaces Real Estate Commission Act, Alberta Real
Estate Association is created

2010-present - ANSWER-period during which the following events occured:

RECA launches social media options to communicate with industry professionals.
RECA reviews validity of electronic signatures and contracts for real estate.
RECA implements 5 year plan and approves statement on self-regulation

2000-2009 - ANSWER-period during which the following events occured:
RECA implements measures to prevent and deal with mortgage fraud and amends its
mandate
RECA assumes jurisdiction over real estate appraisal
RECA develops and delivers pre-licensing and re-licensing courses online

1905-1927 - ANSWER-period during which the following events occured:
RECA, 1st legislation governing real estate is passed

1970-1979 - ANSWER-period during which the following events occured:
Alberta Consumer and Corporate Affairs prepares four objectives for real estate
industry, starting its transition from government regulation to self-regulation

1980-1989 - ANSWER-period during which the following events occured:
Real Estate Assurance Fund established for real estate and mortgage brokerage.
Alberta Real Estate Licensing Committee created to handle licensing and registration of
industry professionals, education standards, and examination