RECA Residential Exam
Study online at https://quizlet.com/_9c7hk5
1. Fiduciary Repre- - Trust and confidence
sentation - Best interests
- Loyalty
2. 5 Ds of Role Clar- 1. Discuss
ity 2. Determine
3. Document
4. Disclose
5. Do
3. Must disclose in - the nature of services provided
writing - 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 relation-
ship
made to clarify and provide proof of undertanding in event issues or disputes
arise
4. Written Ser- Written Service Agreement
vice Agree- - when consumer chooses a representation relationship
ment vs Cus- - becomes a client
tomer Acknowl- - provide signed copy to brokerage
edgement Forms
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
5. PIPEDA - Federal legislation
6. PIPA
, RECA Residential Exam
Study online at https://quizlet.com/_9c7hk5
Alberta's legislation, how private organizations use and disclose personal infor-
mation.
7. Power of Attor- a legal document authorizing someone to act on your behalf
ney - 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
8. Types of POA 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...
9. Judicial Sale Court ordered sale usually as a way to resolve legal matters
- primary debt recovery method for default mortgages
10. Foreclosure
, RECA Residential Exam
Study online at https://quizlet.com/_9c7hk5
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.
11. Alberta Building Legislation that establishes technical specifications for new building construction
Code and construction materials
12. Building Permit typically valid for one year during which construction process must be initiated
13. Factory Built Manufactured
Construction - three sections that are 95% complete when they leave the factory.
- secure the sections to the foundation and join together
- can often move in the same day or within days
- saves time and mony
Modular Construction
- manufacturing three dimensional units, 85 percent complete when they leave
- requires few weeks on site to be complete
- allows for creation of multi-story buildings
Panelized construction
- creation of pre-fabricated wall, floor or roof panels
- panels may be completed fully or partially
- may consist of just the frame or fully complete with windows and siding
14. Alberta Safety provincial legislation that sets specifications for new building.
Codes Act
15. Components of Lot
Construction Substructure - building foundation
Superstructure - above grade construction
includes; envelope, service systems, interior
- building envelope - everything that encloses the structure
Study online at https://quizlet.com/_9c7hk5
1. Fiduciary Repre- - Trust and confidence
sentation - Best interests
- Loyalty
2. 5 Ds of Role Clar- 1. Discuss
ity 2. Determine
3. Document
4. Disclose
5. Do
3. Must disclose in - the nature of services provided
writing - 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 relation-
ship
made to clarify and provide proof of undertanding in event issues or disputes
arise
4. Written Ser- Written Service Agreement
vice Agree- - when consumer chooses a representation relationship
ment vs Cus- - becomes a client
tomer Acknowl- - provide signed copy to brokerage
edgement Forms
Customer Acknowledge forms
- non-representation relationship
- becomes a customer
- provide signed copy to brokerage
5. PIPEDA - Federal legislation
6. PIPA
, RECA Residential Exam
Study online at https://quizlet.com/_9c7hk5
Alberta's legislation, how private organizations use and disclose personal infor-
mation.
7. Power of Attor- a legal document authorizing someone to act on your behalf
ney - 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
8. Types of POA 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...
9. Judicial Sale Court ordered sale usually as a way to resolve legal matters
- primary debt recovery method for default mortgages
10. Foreclosure
, RECA Residential Exam
Study online at https://quizlet.com/_9c7hk5
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.
11. Alberta Building Legislation that establishes technical specifications for new building construction
Code and construction materials
12. Building Permit typically valid for one year during which construction process must be initiated
13. Factory Built Manufactured
Construction - three sections that are 95% complete when they leave the factory.
- secure the sections to the foundation and join together
- can often move in the same day or within days
- saves time and mony
Modular Construction
- manufacturing three dimensional units, 85 percent complete when they leave
- requires few weeks on site to be complete
- allows for creation of multi-story buildings
Panelized construction
- creation of pre-fabricated wall, floor or roof panels
- panels may be completed fully or partially
- may consist of just the frame or fully complete with windows and siding
14. Alberta Safety provincial legislation that sets specifications for new building.
Codes Act
15. Components of Lot
Construction Substructure - building foundation
Superstructure - above grade construction
includes; envelope, service systems, interior
- building envelope - everything that encloses the structure
