RECA RESIDENTIAL UNIT 1
QUESTIONS AND COMPLETE
SOLUTIONS GRADED A+
Your Exam Plug
,Which of the following information is required to undertake a Land Titles search?
I. The legal description of the property
Il. The Land Identification Number Code
IlI. The Title Number for the property
IV. The municipal address for the property
A) Statements I, Il, and III
B) Statements I, II, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: A) Statements I, Il, and III
I. The legal description of the property
Il. The Land Identification Number Code
IlI. The Title Number for the property
Which of the following information can be found on a Certificate of Title?
I. The full legal description
Il. The municipality where the property is located
Ill. Property tax history
IV. The Land Identification Number Code (LINC)
A) Statements I, Il, and III
B) Statements I, II, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: B) Statements I, II, and IV
I. The full legal description
Il. The municipality where the property is located
IV. The Land Identification Number Code (LINC)
, 3 fundamental principles of fiduciary duty. AKA the 3 principles that give rise to fiduciary duties in a
representation relationship: - Answer: Trust and Confidence, Best Interests, Loyalty
8 General Obligations of REPs - Answer: Exercise Care and Skill, Act Honestly, Negotiate Favourable
terms, Maintain Confidentiality, Disclose Information, Act in Person, Obey Lawful Instructions, Perform
Mandate
6 Points of Fiduciary Duties - Answer: Provide Utmost Loyalty, Not make secret profits, Handle Confident
Information Properly, To Account, Avoid conflicts of interest, Disclose conflicts of interest.
"To Account" meaning - Answer: Real estate professionals must account for all money and/or property
belonging to the client. This duty compels a real estate professional to safeguard all money, documents,
property, and information entrusted to them that relate to the client's transaction.
"arm's length transaction" meaning - Answer: In real estate, an arm's length transaction is when the
buyer and seller each act in their own self-interest to try to get the best deal they can.
4 common examples of deals that are not arm's length transactions - Answer: Sales between friends or
family members
Sales between an employer and his or her employees
Sales between a parent company and one of its subsidiaries
Sales between a trust and its beneficiaries
2 options if REP cannot provide competent service to a client - Answer: Be Supervised, Refer
To determine if a REP has met the standard of care in a given situation, an objective review of all facts is
performed. 3 measures to determine if that has been met. - Answer: Professional Standards,
Professional Norms and Practices, Expert Testimony
"Expert Testimony" Meaning - Answer: Other real estate professionals, or experts, may provide
information as to the expectations of a reasonable and prudent real estate professional and how they
would have conducted themselves in similar circumstances.
QUESTIONS AND COMPLETE
SOLUTIONS GRADED A+
Your Exam Plug
,Which of the following information is required to undertake a Land Titles search?
I. The legal description of the property
Il. The Land Identification Number Code
IlI. The Title Number for the property
IV. The municipal address for the property
A) Statements I, Il, and III
B) Statements I, II, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: A) Statements I, Il, and III
I. The legal description of the property
Il. The Land Identification Number Code
IlI. The Title Number for the property
Which of the following information can be found on a Certificate of Title?
I. The full legal description
Il. The municipality where the property is located
Ill. Property tax history
IV. The Land Identification Number Code (LINC)
A) Statements I, Il, and III
B) Statements I, II, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: B) Statements I, II, and IV
I. The full legal description
Il. The municipality where the property is located
IV. The Land Identification Number Code (LINC)
, 3 fundamental principles of fiduciary duty. AKA the 3 principles that give rise to fiduciary duties in a
representation relationship: - Answer: Trust and Confidence, Best Interests, Loyalty
8 General Obligations of REPs - Answer: Exercise Care and Skill, Act Honestly, Negotiate Favourable
terms, Maintain Confidentiality, Disclose Information, Act in Person, Obey Lawful Instructions, Perform
Mandate
6 Points of Fiduciary Duties - Answer: Provide Utmost Loyalty, Not make secret profits, Handle Confident
Information Properly, To Account, Avoid conflicts of interest, Disclose conflicts of interest.
"To Account" meaning - Answer: Real estate professionals must account for all money and/or property
belonging to the client. This duty compels a real estate professional to safeguard all money, documents,
property, and information entrusted to them that relate to the client's transaction.
"arm's length transaction" meaning - Answer: In real estate, an arm's length transaction is when the
buyer and seller each act in their own self-interest to try to get the best deal they can.
4 common examples of deals that are not arm's length transactions - Answer: Sales between friends or
family members
Sales between an employer and his or her employees
Sales between a parent company and one of its subsidiaries
Sales between a trust and its beneficiaries
2 options if REP cannot provide competent service to a client - Answer: Be Supervised, Refer
To determine if a REP has met the standard of care in a given situation, an objective review of all facts is
performed. 3 measures to determine if that has been met. - Answer: Professional Standards,
Professional Norms and Practices, Expert Testimony
"Expert Testimony" Meaning - Answer: Other real estate professionals, or experts, may provide
information as to the expectations of a reasonable and prudent real estate professional and how they
would have conducted themselves in similar circumstances.
