FUNDAMENTALS TO ALBERTA REAL
ESTATE EXAM QUESTIONS AND
ANSWERS (GRADED A+)
Which of the following refers to the definition of Real estate - ANSWER-The physical
land and improvements to and on the land
self-regulation - ANSWER-Enables a government to del gate its authority to a
representative body aka Reca to oversee and regulate the practice of a profession or
industry
True or false : RECA is responsible for administration of the ACT and is accountable for
its conduct to licensee and consumers - ANSWER-True
Best describe the relationship between licensees and RECA , and the Canadian real
estate association - ANSWER-RECA is responsible for licensing licencees while Crea is
responsible for REALTOR AND MLS trademark usage
Meeks an associate w west view realty gets married and takes her husband last name.
According to the Rules of hat must she do - ANSWER-Inform her broker and inform
RECA
Appraiser - ANSWER-Is a person who estimates the value of the real estate. Licensees
often estimate the value for their sellers
RECA and AREA are to bodies that are connected to real estate industry . What are
there terms - ANSWER-RECA provides licences to licensees while AREA provides
services to REALTORS
Me and Mrs overall go south every winter. This winter a fraud took place and a couple
impersonated the river as and sold their home. This was discovered when the Riveras
returned home in spring which fund will compensate the Riveras - ANSWER-The Land
titles Assurance Fund
Why aren't appraisers required to have an appraiser license ? - ANSWER-They usually
don't charge for this service , don't advertise this appraisal service when suggesting a
value for the purpose of trade they are exempt and are only providing suggested asking
price not an opinion of value
RECA responsibilities are : - ANSWER-To set standards of practice that establishes the
level of professional behaviour and conduct required by practitioners when providing
ESTATE EXAM QUESTIONS AND
ANSWERS (GRADED A+)
Which of the following refers to the definition of Real estate - ANSWER-The physical
land and improvements to and on the land
self-regulation - ANSWER-Enables a government to del gate its authority to a
representative body aka Reca to oversee and regulate the practice of a profession or
industry
True or false : RECA is responsible for administration of the ACT and is accountable for
its conduct to licensee and consumers - ANSWER-True
Best describe the relationship between licensees and RECA , and the Canadian real
estate association - ANSWER-RECA is responsible for licensing licencees while Crea is
responsible for REALTOR AND MLS trademark usage
Meeks an associate w west view realty gets married and takes her husband last name.
According to the Rules of hat must she do - ANSWER-Inform her broker and inform
RECA
Appraiser - ANSWER-Is a person who estimates the value of the real estate. Licensees
often estimate the value for their sellers
RECA and AREA are to bodies that are connected to real estate industry . What are
there terms - ANSWER-RECA provides licences to licensees while AREA provides
services to REALTORS
Me and Mrs overall go south every winter. This winter a fraud took place and a couple
impersonated the river as and sold their home. This was discovered when the Riveras
returned home in spring which fund will compensate the Riveras - ANSWER-The Land
titles Assurance Fund
Why aren't appraisers required to have an appraiser license ? - ANSWER-They usually
don't charge for this service , don't advertise this appraisal service when suggesting a
value for the purpose of trade they are exempt and are only providing suggested asking
price not an opinion of value
RECA responsibilities are : - ANSWER-To set standards of practice that establishes the
level of professional behaviour and conduct required by practitioners when providing
