RECA Residential Unit 1, RECA
Residential Unit 2, RECA
Residential Unit 3, RECA
Residential Unit 4, RECA
Residential Unit 5, RECA
Residential Unit 6, RECA
Residential Unit 7, RECA
Residential Unit 8, RECA
Residential Unit 9
3 fundamental principles of fiduciary duty. AKA the 3 principles that give
rise to fiduciary duties in a representation relationship: - ANSWER
✔✔Trust and Confidence, Best Interests, Loyalty
,8 General Obligations of REPs - ANSWER ✔✔Exercise Care and
Skill, Act Honestly, Negotiate Favourable terms, Maintain Confidentiality,
Disclose Information, Act in Person, Obey Lawful Instructions, Perform
Mandate
6 Points of Fiduciary Duties - ANSWER ✔✔Provide Utmost Loyalty,
Not make secret profits, Handle Confident Information Properly, To
Account, Avoid conflicts of interest, Disclose conflicts of interest.
"To Account" meaning - ANSWER ✔✔Real estate professionals must
account for all money and/or property belonging to the client. This duty
compels a real estate professional to safeguard all money, documents,
property, and information entrusted to them that relate to the client's
transaction.
"arm's length transaction" meaning - ANSWER ✔✔In real estate, an
arm's length transaction is when the buyer and seller each act in their
own self-interest to try to get the best deal they can.
4 common examples of deals that are not arm's length transactions -
ANSWER ✔✔Sales between friends or family members
Sales between an employer and his or her employees
Sales between a parent company and one of its subsidiaries
,Sales between a trust and its beneficiaries
2 options if REP cannot provide competent service to a client -
ANSWER ✔✔Be Supervised, Refer
To determine if a REP has met the standard of care in a given situation,
an objective review of all facts is performed. 3 measures to determine if
that has been met. - ANSWER ✔✔Professional Standards,
Professional Norms and Practices, Expert Testimony
"Expert Testimony" Meaning - ANSWER ✔✔Other real estate
professionals, or experts, may provide information as to the expectations
of a reasonable and prudent real estate professional and how they
would have conducted themselves in similar circumstances.
9 points in "Meeting the Standard of Care" - ANSWER ✔✔1. Know
the Type of Consumer Relationship 2. Act consistent with the
relationship chosen 3. Know the Brokerage Service 4. Know the
brokerage Policies and procedures 5. Be Aware of Market and Practical
Issues 6. Make Reasonable Efforts to Confirm information 7. Exercise
Due care when preparing documents 8. Seek Advice when appropriate
9. Be a Lifelong learner
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, When is written disclosure needed? - ANSWER ✔✔Whenever a REP
receives or is about to receive confidential information; including the
consumer's real estate needs, motivation, or financial ability.
4 things that must be included in written disclosure - ANSWER ✔✔1.
Whether the REP has entered into a representation relationship with
another party to the real estate transaction 2. The service the REP will
provide the consumer 3. Any conflicts of interest that may exist between
the consumer and the REP 4. Any additional facts or information that
may influence the consumer's decision to proceed with the real estate
relationship.
Which guide must REPs practicing residential real estate must REPs
provide to consumers for relationship disclosures (the guide includes all
information REPs must include in written disclosures under the Rules) -
ANSWER ✔✔RECA's Consumer Relationship Guide
For needed when non-representation relationship is selected by
consumer (then becoming a customer) - ANSWER ✔✔Customer
acknowledgement form
Form needed when representation relationship is chosen by consumer
(then becoming a client) - ANSWER ✔✔Written Service Agreement
Residential Unit 2, RECA
Residential Unit 3, RECA
Residential Unit 4, RECA
Residential Unit 5, RECA
Residential Unit 6, RECA
Residential Unit 7, RECA
Residential Unit 8, RECA
Residential Unit 9
3 fundamental principles of fiduciary duty. AKA the 3 principles that give
rise to fiduciary duties in a representation relationship: - ANSWER
✔✔Trust and Confidence, Best Interests, Loyalty
,8 General Obligations of REPs - ANSWER ✔✔Exercise Care and
Skill, Act Honestly, Negotiate Favourable terms, Maintain Confidentiality,
Disclose Information, Act in Person, Obey Lawful Instructions, Perform
Mandate
6 Points of Fiduciary Duties - ANSWER ✔✔Provide Utmost Loyalty,
Not make secret profits, Handle Confident Information Properly, To
Account, Avoid conflicts of interest, Disclose conflicts of interest.
"To Account" meaning - ANSWER ✔✔Real estate professionals must
account for all money and/or property belonging to the client. This duty
compels a real estate professional to safeguard all money, documents,
property, and information entrusted to them that relate to the client's
transaction.
"arm's length transaction" meaning - ANSWER ✔✔In real estate, an
arm's length transaction is when the buyer and seller each act in their
own self-interest to try to get the best deal they can.
4 common examples of deals that are not arm's length transactions -
ANSWER ✔✔Sales between friends or family members
Sales between an employer and his or her employees
Sales between a parent company and one of its subsidiaries
,Sales between a trust and its beneficiaries
2 options if REP cannot provide competent service to a client -
ANSWER ✔✔Be Supervised, Refer
To determine if a REP has met the standard of care in a given situation,
an objective review of all facts is performed. 3 measures to determine if
that has been met. - ANSWER ✔✔Professional Standards,
Professional Norms and Practices, Expert Testimony
"Expert Testimony" Meaning - ANSWER ✔✔Other real estate
professionals, or experts, may provide information as to the expectations
of a reasonable and prudent real estate professional and how they
would have conducted themselves in similar circumstances.
9 points in "Meeting the Standard of Care" - ANSWER ✔✔1. Know
the Type of Consumer Relationship 2. Act consistent with the
relationship chosen 3. Know the Brokerage Service 4. Know the
brokerage Policies and procedures 5. Be Aware of Market and Practical
Issues 6. Make Reasonable Efforts to Confirm information 7. Exercise
Due care when preparing documents 8. Seek Advice when appropriate
9. Be a Lifelong learner
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, When is written disclosure needed? - ANSWER ✔✔Whenever a REP
receives or is about to receive confidential information; including the
consumer's real estate needs, motivation, or financial ability.
4 things that must be included in written disclosure - ANSWER ✔✔1.
Whether the REP has entered into a representation relationship with
another party to the real estate transaction 2. The service the REP will
provide the consumer 3. Any conflicts of interest that may exist between
the consumer and the REP 4. Any additional facts or information that
may influence the consumer's decision to proceed with the real estate
relationship.
Which guide must REPs practicing residential real estate must REPs
provide to consumers for relationship disclosures (the guide includes all
information REPs must include in written disclosures under the Rules) -
ANSWER ✔✔RECA's Consumer Relationship Guide
For needed when non-representation relationship is selected by
consumer (then becoming a customer) - ANSWER ✔✔Customer
acknowledgement form
Form needed when representation relationship is chosen by consumer
(then becoming a client) - ANSWER ✔✔Written Service Agreement
