RECA RESIDENTIAL EXAM CLOSING SCRIPT
UPDATED QUESTIONS AND ANSWERS
VIEW AHEAD PREP MATERIAL SOLVED
⩥ 6 responsibilities of a REP to their clients.
Answer: 1. Undivided Loyalty
2. Confidentiality
3. Full Disclosure
4. Obedience
5. Reasonable Care and Skill
6. Full Accountability
⩥ When should REPs discuss the Consumer Relationship guide
with a buyer?.
Answer: Before a service agreement is entered into
,⩥ Do Non-exclusive buyer service agreements allow the buyer
to have a representation relationship with multiple real estate
professionals?.
Answer: Yes
⩥ In the case the buyer pays the fee to the buyer client's REP,
what happens to the fee the seller offers to the buyer's REP?.
Answer: any fee offered by the seller to a buyer's REP can be
deducted from the purchase price of the property.
⩥ What happens if the fee the seller offers to pay more than the
fee sought by the buyer's REP?.
Answer: The buyer will receive the excess amount
⩥ If the seller is offering to pay less than the fee sought by the
buyer's REP, the following options are available for the buyer's
REP..
Answer: 1. The buyer may have committed through the service
agreement to pay the difference.
, 2. If the buyer chooses not to pay the fee or not to top up the fee
paid by the seller, the REP is not obligated to show those
properties to the buyer.
⩥ If the brokerage or designated agent, buyer, or seller decides
not to have the brokerage or designated agent facilitate the
transaction (through transactional brokerage), the brokerage or
designated agent will act as the sole agent for which of the
parties?.
Answer: the first to have signed a representation agreement
(unless all the parties agree otherwise in writing)
⩥ Is GST applicable for the fees charged by REPs? is it typically
included in the fee?.
Answer: Yes it is applicable. No it is not typically included in
the fee.
⩥ If the buyer enters into a legally binding contract to buy a
property that matches the search criteria, while the service
agreement is in effect, but that purchase is not done through the
REP that they signed the service agreement with, do they still
need to pay the fee?.
Answer: Yes (under and exclusive agreement)
UPDATED QUESTIONS AND ANSWERS
VIEW AHEAD PREP MATERIAL SOLVED
⩥ 6 responsibilities of a REP to their clients.
Answer: 1. Undivided Loyalty
2. Confidentiality
3. Full Disclosure
4. Obedience
5. Reasonable Care and Skill
6. Full Accountability
⩥ When should REPs discuss the Consumer Relationship guide
with a buyer?.
Answer: Before a service agreement is entered into
,⩥ Do Non-exclusive buyer service agreements allow the buyer
to have a representation relationship with multiple real estate
professionals?.
Answer: Yes
⩥ In the case the buyer pays the fee to the buyer client's REP,
what happens to the fee the seller offers to the buyer's REP?.
Answer: any fee offered by the seller to a buyer's REP can be
deducted from the purchase price of the property.
⩥ What happens if the fee the seller offers to pay more than the
fee sought by the buyer's REP?.
Answer: The buyer will receive the excess amount
⩥ If the seller is offering to pay less than the fee sought by the
buyer's REP, the following options are available for the buyer's
REP..
Answer: 1. The buyer may have committed through the service
agreement to pay the difference.
, 2. If the buyer chooses not to pay the fee or not to top up the fee
paid by the seller, the REP is not obligated to show those
properties to the buyer.
⩥ If the brokerage or designated agent, buyer, or seller decides
not to have the brokerage or designated agent facilitate the
transaction (through transactional brokerage), the brokerage or
designated agent will act as the sole agent for which of the
parties?.
Answer: the first to have signed a representation agreement
(unless all the parties agree otherwise in writing)
⩥ Is GST applicable for the fees charged by REPs? is it typically
included in the fee?.
Answer: Yes it is applicable. No it is not typically included in
the fee.
⩥ If the buyer enters into a legally binding contract to buy a
property that matches the search criteria, while the service
agreement is in effect, but that purchase is not done through the
REP that they signed the service agreement with, do they still
need to pay the fee?.
Answer: Yes (under and exclusive agreement)
