RECA FUNDAMENTALS EXAM WITH ALL CORRECT &
100% VERIFIED ANSWERS/ALREADY GRADED A+ (JUST
RELEASED)
Which of the following is NOT a RECA educational resource for industry professionals? Correct
answer-Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act Correct answer-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 Correct answer-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? Correct answer-an increase in quantity supplied
Microeconics Correct answer-studies the basic theories of supply and demand as it relates to
individuals, households and firms
Resource Markets Correct answer-facilitate the exchange of factors of production
What causes the quantity demanded to shift? Correct answer-change in tastes, expectations, and
number of consumers
benefits of economic growth Correct answer-depletion of natural resources
Real Property Report Correct answer-document produced by Alberta Land Surveyor
Which of the following is not a non-price determinant of demand Correct answer-cost of
production
What type of economy does Canada have? Correct answer-mixed economy
Benefits of RECAS trust assurance and practice review program Correct answer-- 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 Correct answer-- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production Correct answer-land, labor, capital, entrepreneurship
RECA provides the following annual reports Correct answer-- financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; Correct answer-- local real estate boards
- alberta real estate association
- canadian real estate association
, Referral definition Correct answer-The act of recommending or directing a person for service to
another person or business
- brokerage is responsible for paying and receiving remuneration in connection to trade
RECAS professional conduct review Objects Correct answer-- gather all relevant information
- treat parties fairly
-gather information efficiently
Amendments to the Act Correct answer-- can be made by provincial legislature with
recommendations by the Minister of Service Alberta
Amendments to the rules Correct answer-The rules contain the day to day activities
- council has the authority to create and amend
Executive Director can suspend license Correct answer-- determines the length of suspension
- serves the decision on the industry professional
- will consider the evidence when making the decision
Whats includes in written service agreements? Correct answer-- the services to be provided by the
brokerage
- the responsibilities of each party to the agreement
- the names of the parties to the agreement
failure to immediately notify Executive Director of changes to information provided in support of
license results in: Correct answer-- Exec. Director may refer the matter for a professional conduct
review
- Exec. Director may suspend industry professionals license
- Exec. director may cancel the industry professionals license
How long is license valid if not registered with brokerage? Correct answer-36 months
Levels of Disclosure Correct answer-1. other party represented by another brokerage
2. other party not represented
3. other party represented by same brokerage
Designated Agency vs Common law Correct answer-Designated Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
Common Law
- agency relationship exists
- conflict of interest extends to whole brokerage
- must be disclosed
Inducement vs incentives Correct answer-- Inducement is client specific
- incentives must be offered by brokerage to everyone
If industry professional withdraws from profession during disciplinary proceedings Correct
answer-- RECA issues a news release
- all disciplinary proceedings terminated
100% VERIFIED ANSWERS/ALREADY GRADED A+ (JUST
RELEASED)
Which of the following is NOT a RECA educational resource for industry professionals? Correct
answer-Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act Correct answer-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 Correct answer-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? Correct answer-an increase in quantity supplied
Microeconics Correct answer-studies the basic theories of supply and demand as it relates to
individuals, households and firms
Resource Markets Correct answer-facilitate the exchange of factors of production
What causes the quantity demanded to shift? Correct answer-change in tastes, expectations, and
number of consumers
benefits of economic growth Correct answer-depletion of natural resources
Real Property Report Correct answer-document produced by Alberta Land Surveyor
Which of the following is not a non-price determinant of demand Correct answer-cost of
production
What type of economy does Canada have? Correct answer-mixed economy
Benefits of RECAS trust assurance and practice review program Correct answer-- 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 Correct answer-- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production Correct answer-land, labor, capital, entrepreneurship
RECA provides the following annual reports Correct answer-- financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; Correct answer-- local real estate boards
- alberta real estate association
- canadian real estate association
, Referral definition Correct answer-The act of recommending or directing a person for service to
another person or business
- brokerage is responsible for paying and receiving remuneration in connection to trade
RECAS professional conduct review Objects Correct answer-- gather all relevant information
- treat parties fairly
-gather information efficiently
Amendments to the Act Correct answer-- can be made by provincial legislature with
recommendations by the Minister of Service Alberta
Amendments to the rules Correct answer-The rules contain the day to day activities
- council has the authority to create and amend
Executive Director can suspend license Correct answer-- determines the length of suspension
- serves the decision on the industry professional
- will consider the evidence when making the decision
Whats includes in written service agreements? Correct answer-- the services to be provided by the
brokerage
- the responsibilities of each party to the agreement
- the names of the parties to the agreement
failure to immediately notify Executive Director of changes to information provided in support of
license results in: Correct answer-- Exec. Director may refer the matter for a professional conduct
review
- Exec. Director may suspend industry professionals license
- Exec. director may cancel the industry professionals license
How long is license valid if not registered with brokerage? Correct answer-36 months
Levels of Disclosure Correct answer-1. other party represented by another brokerage
2. other party not represented
3. other party represented by same brokerage
Designated Agency vs Common law Correct answer-Designated Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
Common Law
- agency relationship exists
- conflict of interest extends to whole brokerage
- must be disclosed
Inducement vs incentives Correct answer-- Inducement is client specific
- incentives must be offered by brokerage to everyone
If industry professional withdraws from profession during disciplinary proceedings Correct
answer-- RECA issues a news release
- all disciplinary proceedings terminated
