RECA UPDATED COMPREHENSIVE SET QUESTIONS
AND ANSWERS SURE A+
✔✔Reactions to conflict - ✔✔Physical, Cognitive, Emotional
✔✔Principles of Competition Act - ✔✔- Do not collude with competitors
- do not discriminate against or refuse to do business with competitors
- do not mislead the public through advertisement or representation
✔✔Proceeds of Crime (Money Laundering) and Terrorist Financing Act - ✔✔- Federal
act
- specific measures to detect and deter money laundering
- facilitates investigations
- responds to threats posed by organized crime
- fulfill international commitments to fight multi-national crime
✔✔Financial Transactions and Reports Analysis Center of Canada (FINTRAC) - ✔✔-
responsible for collection, analysis and disclosure of information
- identifies lists of groups under their watch
- brokers must report suspicious transactions
✔✔Safeguards to protect personal information - ✔✔Administrative, Technological,
Physical
✔✔Confidential information - ✔✔includes both personal and business information
- not readily available info, may have value
✔✔Civil liability - ✔✔- private legal action between disputing parties
- involves and plaintiff and defendant appearing in court
- established by the courts at the conclusion of legal proceedings
✔✔Types of Consent - ✔✔Express (most important)
, - given verbally or in writing
Implied
- does not specifically give, but volunteers personal information
Opt-out
- unless the individual takes action, can assume consent is given
✔✔Legacy Information - ✔✔- personal information collected before application privacy
legislation came into effect
- considered to be collected with consent
- may be used for a new purpose other than original purpose if new consent is obtained
✔✔Disputes come from: - ✔✔Assumptions
Omissions (non actions)
Commissions
- act that did not meet approval, creating issues
ex. young couple in 55+ building
✔✔Complaints and Disputes can - ✔✔- indicate need for improved policies/procedures
- are associated with learning opportunities
✔✔Types of Authority - ✔✔Express
- written or verbal
Implied
- whatever needed to accomplish action
Customary
- widely accepted way of behaving or performing action
✔✔General Obligations - ✔✔perform mandate, exercise care and skill
✔✔Fiduciary obligations - ✔✔act in best interest
✔✔Common Law - ✔✔Laws put in place by the courts
✔✔Statute law - ✔✔Laws passed by federal/provincial governments
✔✔Customer vs Client - ✔✔Customer (non representative relationship)
- will not get confidential advice, services that require discretion/judgement, advocacy or
representation
Client
- most relationships established by express agreement (oral/written)
AND ANSWERS SURE A+
✔✔Reactions to conflict - ✔✔Physical, Cognitive, Emotional
✔✔Principles of Competition Act - ✔✔- Do not collude with competitors
- do not discriminate against or refuse to do business with competitors
- do not mislead the public through advertisement or representation
✔✔Proceeds of Crime (Money Laundering) and Terrorist Financing Act - ✔✔- Federal
act
- specific measures to detect and deter money laundering
- facilitates investigations
- responds to threats posed by organized crime
- fulfill international commitments to fight multi-national crime
✔✔Financial Transactions and Reports Analysis Center of Canada (FINTRAC) - ✔✔-
responsible for collection, analysis and disclosure of information
- identifies lists of groups under their watch
- brokers must report suspicious transactions
✔✔Safeguards to protect personal information - ✔✔Administrative, Technological,
Physical
✔✔Confidential information - ✔✔includes both personal and business information
- not readily available info, may have value
✔✔Civil liability - ✔✔- private legal action between disputing parties
- involves and plaintiff and defendant appearing in court
- established by the courts at the conclusion of legal proceedings
✔✔Types of Consent - ✔✔Express (most important)
, - given verbally or in writing
Implied
- does not specifically give, but volunteers personal information
Opt-out
- unless the individual takes action, can assume consent is given
✔✔Legacy Information - ✔✔- personal information collected before application privacy
legislation came into effect
- considered to be collected with consent
- may be used for a new purpose other than original purpose if new consent is obtained
✔✔Disputes come from: - ✔✔Assumptions
Omissions (non actions)
Commissions
- act that did not meet approval, creating issues
ex. young couple in 55+ building
✔✔Complaints and Disputes can - ✔✔- indicate need for improved policies/procedures
- are associated with learning opportunities
✔✔Types of Authority - ✔✔Express
- written or verbal
Implied
- whatever needed to accomplish action
Customary
- widely accepted way of behaving or performing action
✔✔General Obligations - ✔✔perform mandate, exercise care and skill
✔✔Fiduciary obligations - ✔✔act in best interest
✔✔Common Law - ✔✔Laws put in place by the courts
✔✔Statute law - ✔✔Laws passed by federal/provincial governments
✔✔Customer vs Client - ✔✔Customer (non representative relationship)
- will not get confidential advice, services that require discretion/judgement, advocacy or
representation
Client
- most relationships established by express agreement (oral/written)
