RECA UNIT ONE EXAM
QUESTIONS AND COMPLETE
SOLUTIONS GRADED A+
Your Exam Plug
, Physical characteristics of real estate - Answer: Unique, fixed, durable, scarce
Business Cycles - Answer: Expansion, prosperity, peak, contraction, recession, trough, recovery
Market bubble - Answer: temporary situation in the business cycle where prices for a product become
grossly overinflated beyond its realistic value
Cyclical behaviour of the real estate market will differ depending on the following factors - Answer:
geographical location and property types
Who can amend the Real Estate Act - Answer: Provincial legislature
RECA's mandate - Answer: protect consumers, to provide services to facilitate the business of licensees,
and to protect against, investigate, detect, and suppress fraud as it relates to the business of licensees.
RECA is focused on building consumer trust and confidence in the industry by: - Answer:
RECA's Board of Directors - Answer: 3 members of the public appointed by the Minister of Service
Alberta and 4 licensees (one from each of the four Industry Councils).
Purpose of the RECA Board - Answer: administer the Real Estate Act, the Regulations, the Bylaws, and
the Rules.
Categories of Industry Councils - Answer: 1. Residential Real Estate Broker
2. Commercial Real Estate Broker and Commercial Property Manager
3. Property Manager and Condo
4. Mortgage Broker
Industry Council members - Answer: 2 members of the public appointed by the Minister of Service
Alberta, and 3 licensees from that particular sector, elected by other licensees from that sector.
QUESTIONS AND COMPLETE
SOLUTIONS GRADED A+
Your Exam Plug
, Physical characteristics of real estate - Answer: Unique, fixed, durable, scarce
Business Cycles - Answer: Expansion, prosperity, peak, contraction, recession, trough, recovery
Market bubble - Answer: temporary situation in the business cycle where prices for a product become
grossly overinflated beyond its realistic value
Cyclical behaviour of the real estate market will differ depending on the following factors - Answer:
geographical location and property types
Who can amend the Real Estate Act - Answer: Provincial legislature
RECA's mandate - Answer: protect consumers, to provide services to facilitate the business of licensees,
and to protect against, investigate, detect, and suppress fraud as it relates to the business of licensees.
RECA is focused on building consumer trust and confidence in the industry by: - Answer:
RECA's Board of Directors - Answer: 3 members of the public appointed by the Minister of Service
Alberta and 4 licensees (one from each of the four Industry Councils).
Purpose of the RECA Board - Answer: administer the Real Estate Act, the Regulations, the Bylaws, and
the Rules.
Categories of Industry Councils - Answer: 1. Residential Real Estate Broker
2. Commercial Real Estate Broker and Commercial Property Manager
3. Property Manager and Condo
4. Mortgage Broker
Industry Council members - Answer: 2 members of the public appointed by the Minister of Service
Alberta, and 3 licensees from that particular sector, elected by other licensees from that sector.
