RECA Fundamentals Exam questions with correct answers 100% correct

RECA Fundamentals Exam questions with correct answers 100% correctWhich of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act 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 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? an increase in quantity supplied Microeconics studies the basic theories of supply and demand as it relates to individuals, households and firms Resource Markets facilitate the exchange of factors of production What causes the quantity demanded to shift? change in tastes, expectations, and number of consumers benefits of economic growth depletion of natural resources Real Property Report document produced by Alberta Land Surveyor Which of the following is not a non-price determinant of demand cost of production What type of economy does Canada have? mixed economy Benefits of RECAS trust assurance and practice review program - 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 - Handling professional conduct review - establishing industry standards of practice - issuing authorization to trade in real estate Four factors of production land, labor, capital, entrepreneurship RECA provides the following annual reports - financial reports - industry statistics - reports for the previous year The structure of real estate in Alberta includes; - local real estate boards - alberta real estate association - canadian real estate association Referral definition 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 - gather all relevant information - treat parties fairly -gather information efficiently Amendments to the Act - can be made by provincial legislature with recommendations by the Minister of Service Alberta Amendments to the rules The rules contain the day to day activities - council has the authority to create and amend Executive Director can suspend license - determines the length of suspension - serves the decision on the industry professional - will consider the evidence when making the decision Whats includes in written service agreements? - the services to be provided by the brokerage - the responsibilities of each party to the agreement - the names of the parties to the agreement failure to immediately notify Executive Director of changes to information provided in support of license results in: - Exec. Director may refer the matter for a professional conduct review - Exec. Director may suspend industry professionals license - Exec. director may cancel the industry professionals license