Alberta Real Estate Fundamentals Exam with 100% correct Answers 2024

Alberta Real Estate Fundamentals Exam with 100% correct Answers 2024 Real Estate -Answer-The land and fixed improvements to the land Classes of License -Answer-1. Associate 2. Associate Broker 3. Broker 4 Areas of Practice -Answer-1. Residential 2. Commercial 3. Rural 4. Property Management Mobile homes fall under the same category as recreational properties -Answer-False Industrial Properties -Answer-Include warehouses and custom-built manufacturing plants Residential Income property -Answer-Include low-rise and high-rise apartments, duplexes, fourplexes, and townhouses Characteristic: Scarce -Answer-Identifies real estate as a limited resource Characteristic: Durable -Answer-Identifies real estate as indestructible Characteristic: Fixed -Answer-Identifies real estate as immobile Characteristic: Unique -Answer-Identifies parcels of land as being different from one another Characteristic: Private -Answer-Identifies how real estate transactions are conducted between a buyer and seller Characteristic: Supply/Demand -Answer-Identifies the slow response of these 2 market forces affecting real estate Characteristic: Standardized -Answer-Identifies the inability to marker properties for all areas of real estate in a universal approach Characteristic: Local -Answer-Identifies real estate transactions as occurring in a defined area High volumes of mortgage lending reflect the lack of confidence in the safety and desirability of real estate -Answer-False Booming local economy -Answer-Sellers' market Contracting local economy -Answer-Buyers' market -Answer-Real estate industry is self-regulated, Real Estate Act established, RECA approves pre and re-licensing programs, and RECA establishes disciplinary processes -Answer-Real Estate Agents Licensing Act replaces Real Estate Commission Act, and Alberta Real Estate Association is created -Answer-RECA implements measures to prevent fraud, assumes jurisdiction over real estate appraisal, and develops pre- and re-licensing online courses -Answer-Real Estate Commission Act, first legislation governing real estate is passed -Answer-Alberta Consumer and Corporate Affairs prepares 4 objective for the industry starting a