RECA FUNDAMENTALS EXAM SCRIPT 2026
TEST PAPER QUESTIONS AND SOLUTIONS
GRADED A+
◉ Which entity has the authority to amend the Real Estate Act Answer:
Provincial Legislature
◉ Which of the following measures the change in a cost of a fixed
basket of goods and services purchased by families over a period of time
Answer: Consumer Price Index (CPI)
◉ Which of the following will occur to the supply of a good when there
is a change in quantity supplied due to a price increase? Answer: an
increase in quantity supplied
◉ Microeconics Answer: studies the basic theories of supply and
demand as it relates to individuals, households and firms
◉ Resource Markets Answer: facilitate the exchange of factors of
production
◉ What causes the quantity demanded to shift? Answer: change in
tastes, expectations, and number of consumers
◉ benefits of economic growth Answer: depletion of natural resources
,◉ Real Property Report Answer: document produced by Alberta Land
Surveyor
◉ Which of the following is not a non-price determinant of demand
Answer: cost of production
◉ What type of economy does Canada have? Answer: mixed economy
◉ Benefits of RECAS trust assurance and practice review program
Answer: - effective record keeping and administrative procedures
- education and advice in relation to brokerage trust accounting
- identifies and resolves potential problems regarding brokerage trust
accounting requirements
◉ Responsibilities of RECA Answer: - Handling professional conduct
review
- establishing industry standards of practice
- issuing authorization to trade in real estate
◉ Four factors of production Answer: land, labor, capital,
entrepreneurship
◉ RECA provides the following annual reports Answer: - financial
reports
- industry statistics
, - reports for the previous year
◉ The structure of real estate in Alberta includes; Answer: - local real
estate boards
- alberta real estate association
- canadian real estate association
◉ Referral definition Answer: The act of recommending or directing a
person for service to another person or business
- brokerage is responsible for paying and receiving remuneration in
connection to trade
◉ RECAS professional conduct review Objects Answer: - gather all
relevant information
- treat parties fairly
-gather information efficiently
◉ Amendments to the Act Answer: - can be made by provincial
legislature with recommendations by the Minister of Service Alberta
◉ Amendments to the rules Answer: The rules contain the day to day
activities
- council has the authority to create and amend
TEST PAPER QUESTIONS AND SOLUTIONS
GRADED A+
◉ Which entity has the authority to amend the Real Estate Act Answer:
Provincial Legislature
◉ Which of the following measures the change in a cost of a fixed
basket of goods and services purchased by families over a period of time
Answer: Consumer Price Index (CPI)
◉ Which of the following will occur to the supply of a good when there
is a change in quantity supplied due to a price increase? Answer: an
increase in quantity supplied
◉ Microeconics Answer: studies the basic theories of supply and
demand as it relates to individuals, households and firms
◉ Resource Markets Answer: facilitate the exchange of factors of
production
◉ What causes the quantity demanded to shift? Answer: change in
tastes, expectations, and number of consumers
◉ benefits of economic growth Answer: depletion of natural resources
,◉ Real Property Report Answer: document produced by Alberta Land
Surveyor
◉ Which of the following is not a non-price determinant of demand
Answer: cost of production
◉ What type of economy does Canada have? Answer: mixed economy
◉ Benefits of RECAS trust assurance and practice review program
Answer: - effective record keeping and administrative procedures
- education and advice in relation to brokerage trust accounting
- identifies and resolves potential problems regarding brokerage trust
accounting requirements
◉ Responsibilities of RECA Answer: - Handling professional conduct
review
- establishing industry standards of practice
- issuing authorization to trade in real estate
◉ Four factors of production Answer: land, labor, capital,
entrepreneurship
◉ RECA provides the following annual reports Answer: - financial
reports
- industry statistics
, - reports for the previous year
◉ The structure of real estate in Alberta includes; Answer: - local real
estate boards
- alberta real estate association
- canadian real estate association
◉ Referral definition Answer: The act of recommending or directing a
person for service to another person or business
- brokerage is responsible for paying and receiving remuneration in
connection to trade
◉ RECAS professional conduct review Objects Answer: - gather all
relevant information
- treat parties fairly
-gather information efficiently
◉ Amendments to the Act Answer: - can be made by provincial
legislature with recommendations by the Minister of Service Alberta
◉ Amendments to the rules Answer: The rules contain the day to day
activities
- council has the authority to create and amend
