RECA fundamentals study guide Question with 100 % correct answers | Verified

1 year - If you don't renew your registration how long is it before you have to get a new criminal record check 10 - How many days does a condo management company have to provide a copy of management agreement upon receiving written request 10,000 for individual 100,000 for business - Max fines from PIPA if convicted of an offence 180 days - Builder has how many days to go to court to register a certificate of lis pendens 1st degree relative - A spouse, or children ate considered what degree of relative 2 - Upon new creation Reserve fund study must be done within how many years 24 hrs - Landlord may enter without consent but with notice after giving how much notice 2nd degree relative - Grandparent, aunt, nephew, half-sibling, step sibling is what degree of relative related to conflicts 35,000$ - Max the real estate assurance fund may pay per claimant for damages or losses to the services of a real estate professional 3500$ 7000$ - First claim with REIX Second claim within 3 years if first36 months - If you cease to be registered with a brokerage how long is your licence valid for 3rd degree relative - First cousins, great grandparents, great grandchildren are what degree of relative related to conflicts 40 days - How many days does broker have to reach resolution in VBRP 5 - A reserve study and plan must be repeated on existing condos every how many years A payment of consideration(buying a property) A chance to win a prize Prize being awarded - A lottery exists when which 3 elements are present ( must get a license) Addendum - Document that is attached to and made part of an original contract as a result of making changes to elements already agreed to Administrative penalty/ fine - One or two potentially serious infraction would cause this punishment Advisory note - Punishment for a technical breach Agency Law - an area of law dealing with representation relationships created between two principals and agents Agricultural and recreational land ownership act - This act prevents non Canadians from buying significant amounts of prime land apparent conflict of interest - Conflict between the client and real estate professional or brokerage is perceivedAppendix - Form used along with listing agreement identifying info about sellers property - mortgage specifics, residential leases As soon as confidential information is rec - When are fiduciary duties owed by a real estate professional? Assets = Liabilities + Equity - In regards to condo financial statements the balance sheet formula is Assigned storage areas - What type of storage area can be redistributed at discretion of board of directors Assignment - Tenant isn't returning to the property so all obligations and rights go to the new tenant Assumptions Omissions - non act Commissions- over act - Frequent causes of conflicts and disputes Authority Responsibility Accountability - In terms of brokerage what 3 components of leadership relate to the broker Bare land Barely blended Conventional - Types of condos in Alberta