RECA RESIDENTIAL EXAM | QUESTIONS AND ANSWERS |
VERIFIED ANSWERS (100% CORRECT) | LATEST EXAM UPDATE
Meridians and ranges are - CORRECT ANSWER- Longitudal lines
condominium (condo) - CORRECT ANSWER- form of ownership with the
owners holding legal title to their own housing unit among many, with common
grounds and facilities shared ownership
cooperatives (co-ops) - CORRECT ANSWER- -buildings owned by
corporations with the residents as shareholders who each receive a properietary
lease on an individual unit and the right to use common areas
Regarding condos- Individual owners have title to specific units in the complex.
True or false - CORRECT ANSWER- True
Title Insurance - CORRECT ANSWER- a type of insurance that protects the
lender and property owners from title fraud or forgery.
Opt-out consent - CORRECT ANSWER- An individual is given the option to
decline consent. If the individual does not clearly decline consent, consent is
granted
Townships run - CORRECT ANSWER- East and west
A township is divided into how many sections? - CORRECT ANSWER- 36 - 1
mile by 1 mile
Negative Consent - CORRECT ANSWER- consent is assumed unless a person
explicitly protests.
,express consent - CORRECT ANSWER- an oral or written agreement -
consent given specifically
Implied consent - CORRECT ANSWER- An agreement based on the conduct
and actions of the parties involved. It is not discussed but the actions show that
agreement was implied
Covenant (personal covenant) - CORRECT ANSWER-
Fiduciary Representation - CORRECT ANSWER- - Trust and confidence
- Best interests
- Loyalty
5 Ds of Role Clarity - CORRECT ANSWER- 1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
Must disclose in writing - CORRECT ANSWER- - the nature of services
provided
- whether professional has entered into representation relationship with other
party
- any conflicts of interest
- any other facts that may influence consumers decision to proceed with
relationship
made to clarify and provide proof of undertanding in event issues or disputes
arise
,Written Service Agreement vs Customer Acknowledgement Forms -
CORRECT ANSWER- Written Service Agreement
- when consumer chooses a representation relationship
- becomes a client
- provide signed copy to brokerage
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
PIPEDA - CORRECT ANSWER- - Federal legislation
PIPA - CORRECT ANSWER- Alberta's legislation, how private organizations
use and disclose personal information.
Power of Attorney - CORRECT ANSWER- a legal document authorizing
someone to act on your behalf
- must be 18
- POA must be written, dated and signed by both donor and witness
- donor must be mentally capable or contract is void
- only effective as long as donor is alive, will takes effect once death
Types of POA - CORRECT ANSWER- General POA
- has no limits on powers of the attorney
- can make all decisions regarding financial and legal affairs
- exception where the donor resides and health care
, Special POA
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with land
- must be registered on Certificate of Title
Immediate POA
- takes effect as soon as POA is signed, dated and witnessed
- terminates upon loss of mental capacity or death
Enduring POA
- immediately upon being signed, dated and witnessed
- continues if donor becomes incapable, mentally incapacitated
- must include statement whether it takes effect immediately and continues...
Judicial Sale - CORRECT ANSWER- Court ordered sale usually as a way to
resolve legal matters
- primary debt recovery method for default mortgages
Foreclosure - CORRECT ANSWER- legal action supervised by the court
following a default on the mortgage.
-transfers the real property from the borrower to the lender and erases interests
on title.
Alberta Building Code - CORRECT ANSWER- Legislation that establishes
technical specifications for new building construction and construction
materials
VERIFIED ANSWERS (100% CORRECT) | LATEST EXAM UPDATE
Meridians and ranges are - CORRECT ANSWER- Longitudal lines
condominium (condo) - CORRECT ANSWER- form of ownership with the
owners holding legal title to their own housing unit among many, with common
grounds and facilities shared ownership
cooperatives (co-ops) - CORRECT ANSWER- -buildings owned by
corporations with the residents as shareholders who each receive a properietary
lease on an individual unit and the right to use common areas
Regarding condos- Individual owners have title to specific units in the complex.
True or false - CORRECT ANSWER- True
Title Insurance - CORRECT ANSWER- a type of insurance that protects the
lender and property owners from title fraud or forgery.
Opt-out consent - CORRECT ANSWER- An individual is given the option to
decline consent. If the individual does not clearly decline consent, consent is
granted
Townships run - CORRECT ANSWER- East and west
A township is divided into how many sections? - CORRECT ANSWER- 36 - 1
mile by 1 mile
Negative Consent - CORRECT ANSWER- consent is assumed unless a person
explicitly protests.
,express consent - CORRECT ANSWER- an oral or written agreement -
consent given specifically
Implied consent - CORRECT ANSWER- An agreement based on the conduct
and actions of the parties involved. It is not discussed but the actions show that
agreement was implied
Covenant (personal covenant) - CORRECT ANSWER-
Fiduciary Representation - CORRECT ANSWER- - Trust and confidence
- Best interests
- Loyalty
5 Ds of Role Clarity - CORRECT ANSWER- 1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
Must disclose in writing - CORRECT ANSWER- - the nature of services
provided
- whether professional has entered into representation relationship with other
party
- any conflicts of interest
- any other facts that may influence consumers decision to proceed with
relationship
made to clarify and provide proof of undertanding in event issues or disputes
arise
,Written Service Agreement vs Customer Acknowledgement Forms -
CORRECT ANSWER- Written Service Agreement
- when consumer chooses a representation relationship
- becomes a client
- provide signed copy to brokerage
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
PIPEDA - CORRECT ANSWER- - Federal legislation
PIPA - CORRECT ANSWER- Alberta's legislation, how private organizations
use and disclose personal information.
Power of Attorney - CORRECT ANSWER- a legal document authorizing
someone to act on your behalf
- must be 18
- POA must be written, dated and signed by both donor and witness
- donor must be mentally capable or contract is void
- only effective as long as donor is alive, will takes effect once death
Types of POA - CORRECT ANSWER- General POA
- has no limits on powers of the attorney
- can make all decisions regarding financial and legal affairs
- exception where the donor resides and health care
, Special POA
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with land
- must be registered on Certificate of Title
Immediate POA
- takes effect as soon as POA is signed, dated and witnessed
- terminates upon loss of mental capacity or death
Enduring POA
- immediately upon being signed, dated and witnessed
- continues if donor becomes incapable, mentally incapacitated
- must include statement whether it takes effect immediately and continues...
Judicial Sale - CORRECT ANSWER- Court ordered sale usually as a way to
resolve legal matters
- primary debt recovery method for default mortgages
Foreclosure - CORRECT ANSWER- legal action supervised by the court
following a default on the mortgage.
-transfers the real property from the borrower to the lender and erases interests
on title.
Alberta Building Code - CORRECT ANSWER- Legislation that establishes
technical specifications for new building construction and construction
materials
