RECA fundamentals study guide with complete solutions

RECA fundamentals study guide with complete solutions duty-based ethics -Answer-Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome utalitarian ethics -Answer-Sells the optimal result for the greatest number of people Advisory note -Answer-Punishment for a technical breach Administrative penalty/ fine -Answer-One or two potentially serious infraction would cause this punishment Ratification- acting without authority or in excess of authority Implication- advice outside of objective -Answer-These two ways of creating a representation relationship should not be done in real estate By Estoppel -Answer-This representation relationship arises when a principal acts in a way that leads a third party to believe an agent has been given authority when in actuality the agent hasn't consented or even knows about it By operation of law -Answer-This type of representation relationship is created when someone takes action to save a property or person from imminent danger/ damages Ethics -Answer-Voluntary set of rules and guiding principles an individual uses as their moral compass. Standard of conduct adopted and practiced within a culture or society li Morals -Answer-A set of beliefs held by an individual and founded on fundamental principles of right and wrong. Ex. Religious Tort law -Answer-What area of law deals with civil wrong doings for which the courts may grant a remedy. ( harm to a person or damage to property) 35,000$ -Answer-Max the real estate assurance fund may pay per claimant for damages or losses to the services of a real estate professional Purpose of Real Estate Assurance Fund -Answer-Compensate consumers who have received court judgement against a real estate professional for fraud or breach of trust Real estate insurance exchange REIX -Answer-To protect real estate professionals when they make a mistake regarding their business Kohlbergs highest stage of moral development -Answer-Where moral development is based on individual reflection and analysis of the issues ( level 3 stage 6) Right of Recission -Answer-The ability of purchasers to cancel their purchase contract with a developer within 10 days Condominium -Answer-Ownership in common with others CADS -Answer-If someone forgets the condo management company name for any reason where would they find it General power of attorney -Answer-Can make all decisions about finances or legal affairs has no limit other then where they'll live or health care Yes -Answer-Will power or at tourney be on the title building permit -Answer-Permit that applies to specific project that is an improvement to the property development permit -Answer-Permit that applies to overall use of the land It was legal at time of development -Answer-Non conforming suite means ? Waterworks Repair of roads Ambulance -Answer-Municipal special taxes are for Business revitalization tax -Answer-Taxes used in a business district to improve beauty, parking, or promote 24 hrs -Answer-Landlord may enter without consent but with notice after giving how much notice Assignment -Answer-Tenant isn't returning to the property so all obligations and rights go to the new tenant Sublease -Answer-Tenant will be returning to the property, and they're still liable to the landlord Condominium Property Act -Answer-Condos are governed by the Agricultural and recreational land ownership act -Answer-This act prevents non Canadians from buying significant amounts of prime land Personal information -Answer-Refers to information that makes an individual identifiable FINTRAC -Answer-Real Estate