RECA FUNDAMENTALS EXAM
QUESTIONS WITH CORRECT ANSWERS
Amendments to the Act - Answer-- can be made by provincial legislature with
recommendations by the Minister of Service Alberta
Amendments to the rules - Answer-The rules contain the day to day activities
- council has the authority to create and amend
Executive Director can suspend license - Answer-- determines the length of suspension
- serves the decision on the industry professional
- will consider the evidence when making the decision
Whats includes in written service agreements? - Answer-- the services to be provided
by the brokerage
- the responsibilities of each party to the agreement
- the names of the parties to the agreement
failure to immediately notify Executive Director of changes to information provided in
support of license results in: - Answer-- Exec. Director may refer the matter for a
professional conduct review
- Exec. Director may suspend industry professionals license
- Exec. director may cancel the industry professionals license
How long is license valid if not registered with brokerage? - Answer-36 months
Levels of Disclosure - Answer-1. other party represented by another brokerage
2. other party not represented
3. other party represented by same brokerage
Designated Agency vs Common law - Answer-Designated Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
Common Law
- agency relationship exists
- conflict of interest extends to whole brokerage
- must be disclosed
Inducement vs incentives - Answer-- Inducement is client specific
- incentives must be offered by brokerage to everyone
If industry professional withdraws from profession during disciplinary proceedings -
Answer-- RECA issues a news release
, - all disciplinary proceedings terminated
- lifetime ban from all industry professions governed by RECA
Advisory Notes - Answer-Technical breach of legislation
- ex. forgetting brokerage name on marketing
Letters of Reprimand - Answer-- where cases of conduct deserving sanction is less
serious
- agent has also received an advisory note
Administrative penalties - Answer-- actions breached a section of rules and deemed
potentially serious
Approaches to complaints agent agent - Answer-- Advisory notes
- technical breach
- letter of reprimand
- less serious, already received advisory note
- Administrative penalty
- potentially serious
- hearings
- severe in nature
Records must be: - Answer-- kept in Alberta
- maintained in electronic form
- kept by brokerage for 3 years
- accessible to RECA for inspection
To become licensed - Answer-- must become registered with brokerage before one
year.
- must renew by September 30, each year
Privacy legislation regarding client information - Answer-- Personal Information
Protection Act (PIPA)
- Provincial legislation
- Personal Information protection and Electronic Documents Act (PIPEDA)
- federal legislation
Personal Ethics - Answer-Morals - held by individual
Ethics - Standard of Conduct (values/beliefs that guide actions)
Professional Standards - Rules and Regulations
Ethical Decision Making - Answer-1. Recognize
2. Analyze
3. Test
3A. Seek assistance if needed
4. Implement
QUESTIONS WITH CORRECT ANSWERS
Amendments to the Act - Answer-- can be made by provincial legislature with
recommendations by the Minister of Service Alberta
Amendments to the rules - Answer-The rules contain the day to day activities
- council has the authority to create and amend
Executive Director can suspend license - Answer-- determines the length of suspension
- serves the decision on the industry professional
- will consider the evidence when making the decision
Whats includes in written service agreements? - Answer-- the services to be provided
by the brokerage
- the responsibilities of each party to the agreement
- the names of the parties to the agreement
failure to immediately notify Executive Director of changes to information provided in
support of license results in: - Answer-- Exec. Director may refer the matter for a
professional conduct review
- Exec. Director may suspend industry professionals license
- Exec. director may cancel the industry professionals license
How long is license valid if not registered with brokerage? - Answer-36 months
Levels of Disclosure - Answer-1. other party represented by another brokerage
2. other party not represented
3. other party represented by same brokerage
Designated Agency vs Common law - Answer-Designated Agency
- relationship with individual instead of brokerage
- conflict of interest only if agent has an interest in property
Common Law
- agency relationship exists
- conflict of interest extends to whole brokerage
- must be disclosed
Inducement vs incentives - Answer-- Inducement is client specific
- incentives must be offered by brokerage to everyone
If industry professional withdraws from profession during disciplinary proceedings -
Answer-- RECA issues a news release
, - all disciplinary proceedings terminated
- lifetime ban from all industry professions governed by RECA
Advisory Notes - Answer-Technical breach of legislation
- ex. forgetting brokerage name on marketing
Letters of Reprimand - Answer-- where cases of conduct deserving sanction is less
serious
- agent has also received an advisory note
Administrative penalties - Answer-- actions breached a section of rules and deemed
potentially serious
Approaches to complaints agent agent - Answer-- Advisory notes
- technical breach
- letter of reprimand
- less serious, already received advisory note
- Administrative penalty
- potentially serious
- hearings
- severe in nature
Records must be: - Answer-- kept in Alberta
- maintained in electronic form
- kept by brokerage for 3 years
- accessible to RECA for inspection
To become licensed - Answer-- must become registered with brokerage before one
year.
- must renew by September 30, each year
Privacy legislation regarding client information - Answer-- Personal Information
Protection Act (PIPA)
- Provincial legislation
- Personal Information protection and Electronic Documents Act (PIPEDA)
- federal legislation
Personal Ethics - Answer-Morals - held by individual
Ethics - Standard of Conduct (values/beliefs that guide actions)
Professional Standards - Rules and Regulations
Ethical Decision Making - Answer-1. Recognize
2. Analyze
3. Test
3A. Seek assistance if needed
4. Implement
