Reca CH1 Quiz 2024 -100% Solved

Reca CH1 Quiz 2024 -100% Solved Which of the following is NOT a non-price determinant of demand? A) Market size B) Costs of production C) Availability of credit D) Consumers' disposable income -Answer-C) Availability of credit Which entity has the authority to amend the Real Estate Act? A) RECA B) Federal government C) Provincial legislature D) Alberta Real Estate Association -Answer-C 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? A) A shift in the quantity supplied B) A shift in the quantity demanded C) An increase in the quantity supplied D) An increase in the quantity demanded -Answer-C Which of the following is NOT an accountability measure that RECA has to the Minister of Service Alberta under the Real Estate Act? A) RECA must provide financial reports annually B) RECA must provide industry statistics annually C) RECA must provide human resource statistics annually D) RECA must provide an annual report for the previous year -Answer-C Which of the following related real estate professionals provide an independent and objective analysis of a property's major systems and components? A) Property appraiser B) Property manager C) Property measurer D) Property inspector -Answer-D What is the occupancy rate for a housing complex that has a total of 20 units of which 15 are occupied? A) 25% B) 33% C) 43% D) 75% -Answer-D Which of the following is an influencing factor that may cause the quantity demanded for a good or service to shift? A) A change in consumer tastes B) A change in consumer expectations C) A change in the number of consumers D) All the statements apply -Answer-D Which of the following is NOT a non-price determinant of demand? A) Market size B) Costs of production C) Availability of credit D) Consumers' disposable income -Answer-B Which of the following statements is correct regarding the resource markets? A) They measure the total output of an economy B) They determine the level of supply and demand C) They measure the level of consumer confidence D) They facilitate the exchange of the factors of production -Answer-D Which of the following statements is NOT correct regarding the term demographics? A) It measures the total output of an economy B) It can affect the supply of, and demand for, real estate C) It is the study of the characteristics of human populations D) It includes statistical data such as age, gende