RECA Exam Review Questions with Correct Answers

RECA Exam Review Questions with Correct Answers Statements I and IV - Answer-If a real estate professional cannot provide competent service to a client, which of the following statements describe actions that the real estate professional should take? The real estate professional may refer the client to another real estate professional who specializes in that area of practice or geographic region The real estate professional may continue to represent the client in a trade or potential trade and provide services to the best of their ability The real estate professional may terminate the representation relationship and refer the client to another real estate professional at a different brokerage The real estate professional may work under the supervision of another real estate professional at the same brokerage who possesses the relevant experience Frustration - Answer-If performance of a contract is impossible, what is the reason for the contract ending? A contract that was valid and has now ended - Answer-What is meant by a discharged contract? Unilateral mistake - Answer-Rodney has applied for a mortgage through Regional Mortgage Brokers Ltd. The mortgage associate there explains that the term of the mortgage is for 3 years and Rodney is in agreement. While signing the mortgage document with the lawyer, Rodney sees that the term is for 5 years. Rodney does not mention the misunderstanding and accepts the 5-year term. Based on an understanding of contracts, what type of mistake is this?