Reca – Residential Exam Questions and Answers 2024

Reca – Residential Exam Questions and Answers 2024 Self regulation -Answer--General obligation -Care & Skill -Act honestly -Negotiate favorable terms -Maintain confidentiality -Disclose information -Act in person -Obey lawful instructions -Perform mandate Brokerage interests -Answer-Interest of brokerage at odds with brokerage client Fiduciary duties -Answer--Utmost loyalty -Not to make secret profits -Maintain confidentiality -To account -Avoid and disclose conflicts of interest Competing interests -Answer-Interest of brokerage clients compete in a transaction or potential transaction Opposing interests -Answer-Interest of brokerage clients oppose in the same transaction or potential transaction Standard of care -Answer--Professional standards -Professional norms/practices -Expert testimony -Benefits of role clarity/consistency -Meeting regulatory requirements -Enhances professionalism -Prevents unintended relationships -Clarifies responsibilities and services to consumers -Reduces disputes PIPEDA -Answer-Federal - privacy act PIPA -Answer-Provincial - Privacy act CASL -Answer-Canada's anti spam legislation - federal Privacy principles -Answer--Accountability -Identifying purposes -Consent -Limiting collection -Limiting use, disclosure, retention -Accuracy -Safeguards of data protection -Openness -Individual access -Challenging compliance Seller's confidential info -Answer--Reason of property sale -Motivation regarding sale -Price seller will accept for sale -Offers received by seller Buyer's confidential info -Answer--Reason for purchase of property -Motivation to purchase -Price willing to pay for property -Offers submitted Trustee -Answer-Legally appointed person to hold assets for benefits of one or more persons. Trust agreements set out terms of trustee's powers and duties. Executors -Answer-Person who receives title of property when owner of the property is deceased. Development permits -Answer--Used for new subdivisions. -Authorizes location, size and use of building. Building permits -Answer--Used for new residential buildings. -Valid for one year in which building must proceed. -ABC establishes technical specifications for new buildings. Occupancy permits -Answer--Used for new residential buildings. Builder must secure permit before residence is approved for occupation by purchaser. Subsequent building permits -Answer--Used to change existing buildings. -Required for new additions, demo or relocation, Major alterations or renovation, supplemental structure. Concepts of residential construction -Answer--Technology -Sustainability -Accessibility -Adaptability Technology -Answer--the process of implementing single application to operate multiple functions of a property Sustainability -Answer--Use and recycling of materials used in construction Accessibility -Answer--Individuals ability to access a building, move within and independence without barriers. IE Ramps, lifts elevators. Adaptability -Answer--How easy it is to change a home to meet a client's need, ie a home to grow old in. Developer warranty programs -Answer--1 year warranty on materials/workmanship used to construct residence, begins when buyer takes possession. Extended warranty programs -Answer--In conjunction with builder's warranty, provides 10-year protection against structural defects. Manufactured construction -Answer--3 sections almost complete (up to 95%) -Minimal time required to join and complete sections. Modular construction -Answer--Three-dimensional, combined to create cohesive building. -85% complete, few weeks to fully develop. Panelized construction -Answer--Prefabricated wall, floor or roof panel. -Partial wall panel is framing sheathing. -Completed wall panel include windows and or siding. Building substructure -Answer-Below