RECA FUNDAMENTALS FINAL TEST
2026 QUESTIONS WITH CORRECT
ANSWERS GRADED A+
◍ Real Estate.
Answer: refers to the land and fixed improvements to the land
◍ Housing Bubble.
Answer: occurs when the price of houses rises at a rapid pace
◍ Classes of licence.
Answer: associate, associate broker, broker and brokerage
◍ The Real estate act consists of four components, Which are?.
Answer: The Act, The Bylaws, The Rules and The Regulations
◍ Reca protects the public intrest by.
Answer: Licensing practitioners setting standards and providing a
mechanism to discipline members who fail to meet standards
◍ four areas of practice.
Answer: residential, commercial, property management and mortgage
◍ Reca is composed by.
Answer: Board of Directors, Executive Director, Registrar and Industry
Council
◍ 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
,◍ If hearing panel finds the conduct of the licensee "Deserving of Sanction"
there a serval possibilities, What are they?.
Answer: A letter of reprimand, Fine up to 25k and suspension of license
◍ A brokerage must have which items organized to operate according to
RECA?.
Answer: Must have a broker, registered office and a trust account.
◍ 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
◍ What is the definition of the REALTOR code?.
Answer: Sets out the standards of professional conduct for members of the
national real estate association in Canada.
◍ durable.
Answer: characteristic that identifies real estate as indestructible
◍ The real estate assurance fund provides?.
Answer: Compensation for consumers who suffer from real estate fraud.
◍ Which statements are true regarding he real estate assurance fund ?.
Answer: Mandatory, Is also known as REIX and provides errors and
omission insurance in Alberta and Saskatchewan.
◍ True or False: A brokerage is defined as a person under the REA Rules..
Answer: True - it is defined as a person even though commonly thought as
an organization.
◍ What is the provincial act that regulates real estate brokers, mortgagers and
associates?.
Answer: The Real Estate Act
◍ Real property goes beyond real estate to include a bundle of rights. What are
in that bundle?.
, Answer: Right to Dispose Right to Enjoy Right to Possess Right to Control
◍ fixed.
Answer: characteristic that identifies real estate as immobile
◍ Three types of legal obligations..
Answer: General Obligations, Fiduciary Obligations and Statutory
Obligations.
◍ 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
◍ What are the harmonized rules when taking photos for ML
S. .
Answer: One exterior photo, No advertising or Self-promotion and photos
become property of the board.
◍ standardized.
Answer: characteristic that identifies the inability to market properties for all
areas of real estate in a universal approach
◍ Real Property Reports.
Answer: A RPR gives the buyer the physical dimensions of the property
Current RPR - Shows the precise and accurate state of the land and any
improvements.Existing RPR - Does not show the most recent report.
◍ local.
Answer: characteristic that identifies real estate transactions as occurring in
a defined area
◍ Title Insurance.
Answer: Protects against fraud against the property title, mortgage fraud and
builder liens.
2026 QUESTIONS WITH CORRECT
ANSWERS GRADED A+
◍ Real Estate.
Answer: refers to the land and fixed improvements to the land
◍ Housing Bubble.
Answer: occurs when the price of houses rises at a rapid pace
◍ Classes of licence.
Answer: associate, associate broker, broker and brokerage
◍ The Real estate act consists of four components, Which are?.
Answer: The Act, The Bylaws, The Rules and The Regulations
◍ Reca protects the public intrest by.
Answer: Licensing practitioners setting standards and providing a
mechanism to discipline members who fail to meet standards
◍ four areas of practice.
Answer: residential, commercial, property management and mortgage
◍ Reca is composed by.
Answer: Board of Directors, Executive Director, Registrar and Industry
Council
◍ 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
,◍ If hearing panel finds the conduct of the licensee "Deserving of Sanction"
there a serval possibilities, What are they?.
Answer: A letter of reprimand, Fine up to 25k and suspension of license
◍ A brokerage must have which items organized to operate according to
RECA?.
Answer: Must have a broker, registered office and a trust account.
◍ 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
◍ What is the definition of the REALTOR code?.
Answer: Sets out the standards of professional conduct for members of the
national real estate association in Canada.
◍ durable.
Answer: characteristic that identifies real estate as indestructible
◍ The real estate assurance fund provides?.
Answer: Compensation for consumers who suffer from real estate fraud.
◍ Which statements are true regarding he real estate assurance fund ?.
Answer: Mandatory, Is also known as REIX and provides errors and
omission insurance in Alberta and Saskatchewan.
◍ True or False: A brokerage is defined as a person under the REA Rules..
Answer: True - it is defined as a person even though commonly thought as
an organization.
◍ What is the provincial act that regulates real estate brokers, mortgagers and
associates?.
Answer: The Real Estate Act
◍ Real property goes beyond real estate to include a bundle of rights. What are
in that bundle?.
, Answer: Right to Dispose Right to Enjoy Right to Possess Right to Control
◍ fixed.
Answer: characteristic that identifies real estate as immobile
◍ Three types of legal obligations..
Answer: General Obligations, Fiduciary Obligations and Statutory
Obligations.
◍ 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
◍ What are the harmonized rules when taking photos for ML
S. .
Answer: One exterior photo, No advertising or Self-promotion and photos
become property of the board.
◍ standardized.
Answer: characteristic that identifies the inability to market properties for all
areas of real estate in a universal approach
◍ Real Property Reports.
Answer: A RPR gives the buyer the physical dimensions of the property
Current RPR - Shows the precise and accurate state of the land and any
improvements.Existing RPR - Does not show the most recent report.
◍ local.
Answer: characteristic that identifies real estate transactions as occurring in
a defined area
◍ Title Insurance.
Answer: Protects against fraud against the property title, mortgage fraud and
builder liens.
