relo exam practice questions and answers 100 pass solution guaranteed.

VBRP stands for: - correct answer Voluntary Broker Resolution Process. An "_____________" is anything that is advertised, communicated, or offered by a brokerage to the public for the purpose of attracting business to the brokerage. - correct answer incentive Land description such as Plan 7720895 Block 3 Lot 75 is what type of description? - correct answer subdivided legal description How many years experience authorized to trade in real estate in Alberta do you have to have to be able to become a broker? - correct answer 2 years of experience within the previous 5 years. There is no requirement under legislation for the _____________ to live in Alberta or Canada. - correct answer Both guardian and trustee is correct in this case. By 1914 more than ________ people were living in western Canada and many of those in Alberta. - correct answer a million A small acreage is being purchased by the Al-idrissi's. The Al-idrissi's representative is cautious when writing up the purchase contract due to the fact that there are a number of small buildings built on skids on the property and look like there are movable. If moveable these buildings would be considered to be: - correct answer chattels A real estate professional is in a dispute with a client and the broker is attempting to facilitate to resolve the situation.The real estate professional should: - correct answer Keep any discussions between the real estate professional and the broker. Which of the following best describes the term condominium? - correct answer a type of real property ownership A (an)_____________ is a court appointed individual for a represented adult.They make non-financial personal decisions for the represented adult. - correct answer guardian What is this the definition of: "All real estate professionals registered with the brokerage have knowledge of confidential information concerning all the clients of the brokerage" - correct answer attributed knowledge This is the definition of what type of wall framing: "the walls are continuous from the roof to the foundation and are built before the floors." - correct answer balloon framing The Dower Act provides a married person with rights to a property. When must the consent of spouse form be used? - correct answer When the property is in the name of one spouse only "It automatically renews without notice by either party for an additional term of the same length". What type of tenancy is this? - correct answer periodic tendency A real estate professional leaves the garage door open after a showing and the seller's tools are stolen. RECA initiates a Professional Conduct Review into the actions of the real estate professionals' actions. RECA will - correct answer determine if the actions of the real estate professional are "conduct deserving of sanction" True or False: Ranges run north and south between the meridian lines? - correct answer true Alexandra E. Banks, an licensee with Westview Realty, is trying to convince a purchaser to make an offer on a property. The buyer is concerned about the condition of the carpets. Alexandra's brother is the owner of Banks Carpets Ltd., and she offers to pay for 30% of the cost of replacing the main floor carpeting if they are purchased through her brother. She details this agreement in writing. Prior to possession date, Alexandra leaves the industry and takes a job as a salesperson for Banks Carpets Ltd. The purchaser approaches the broker about the inducement but the broker has no record in the file and knows nothing about it. The purchasers approach Alexandra at Banks Carpet but she refuses to provide them with the 30%. Who is going to pay for the carpets? - correct answer Inducements can only be offered by and through the brokerage. The broker should have policies in place detailing what must happen when offering inducements. Alexandra may have disregarded this policy. Hopefully, the brokerage has not paid out all of Alexandra's commissions and can withhold the amount required to pay for the inducement. If a real estate professional is asked to recommend a property inspector, they should: - correct answer give their client a list of several inspectors. Is your client's Political affiliation and beliefs considered personal information? - correct answer true TIPP is a short form for: - correct answer tax instalment payment plans A real estate professional lists a seller's property. They now start to promote the listing on all the social media sites. This is an example of: - correct answer implied authority _________ establishes the pre-licensing and re-licensing education standards for all industry professionals. - correct answer RECA Which of the following will NOT terminate a contract? - correct answer a party in the contract dies A ________________ contract is a legally enforceable agreement in which only one party makes an obligation to perform an act without receiving in return an express promise of performance for the other parties to the contract. - correct answer unilateral Common property is owned by: - correct answer All unit owners in tenants in common. The Real Estate Act established the Real Estate Council of Alberta and as such RECA is: - correct answer RECA is the governing body of a self-regulating industry and is NOT a agent of the Crown.The Minister has no direct involvement in the day-to-day operations of RECA. Which of the following is an example of a special district? - correct answer Examples include agricultural and open-space districts, direct-control districts, public parks, schools and recreation districts and urban-reserve districts. A type of use where the land use is under the direct control of the municipality A person with ________________ estate is considered to be the absolute owner of the land. - correct answer fee simple There is a Code that was developed for the protection of personal information. It has 10 privacy principles. Which one of the ten is this one: "Must make their policies and procedures for managing personal information readily available to individuals." - correct answer openness After your presentation of the CMA and the your suggested list price for the property the seller says this " I need to get a more money from the sale of their property". Which principle would need to be explained to the seller? - correct answer The Principle of Substitution - a buyer doesn't care of the financial situation of the seller and will not pay more for the property because of it. A real estate professional is under investigation by the Executive Director. The real estate professional decides to withdraw from the industry and requests a withdrawal application. Once the application is approved by the Council they can: . - correct answer Once the withdrawal is approved the real estate professional will no longer be eligible to hold a license for any profession the RECA governs- real estate, mortgage brokerage or real estate appraisal. Which fund is described as follows: "The Fund compensates consumers who suffer a financial loss as a result of an industry professional committing a fraud, or a breach of trust or a failure to disburse money held in trust with respect to a trade in real estate." - correct answer Real Estate Assurance Fund. Leadership typically involves 3 components. With authority comes the ____________ of leadership. - correct answer responsibility A real estate professional has a buyer client and is showing them homes in the west part of town. One day the real estate professional notices a for sale by owner that fits their buyers requirements. The for sale by owner is priced considerably below market value and the real estate professional is thinking of purchasing the home for themselves instead they show their buyer who does purchase the home. This is an example of which fiduciary duty? - correct answer utmost loyalty It came to a landlord's attention that the tenant in the apartment unit had moved out and a friend of the tenant moved in to the unit. The landlord wishes to get the tenant's friend out. What is the landlord's action? - correct answer Serve the tenant 48 hours notice in writing Successful self-management relies on the effectiveness of the Board of Directors. Effective Boards of Directors usually exhibit certain qualities that relate to their successful functioning. The following is a definition of which one of those qualities? "Refers to encouraging candour and productive discourse at meetings and helping to ensure a respectful culture and safe environment for thoughtful dissent." - correct answer integrity Which of the privacy legislation is federal legislation? - correct answer The Personal Information Protection and Electronic Documents Act (PIPEDA). A service agreement establishes the responsibilities and services to be provided by both parities. This service agreement: - correct answer should be in writing The Regulations are established by Cabinet and Lieutenant Governor in Council. - correct answer It covers the administration of the Alberta Real Estate Foundation and the Real Estate Assurance Fund. There are Three (3) main principles to water efficiency. Which of the following is NOT one of those principles? - correct answer reduce A real estate professional is walking the fence line of the newly listed property. They come across a survey peg and remove it. They would be liable for a fine of: - correct answer 10,000 In condominiums with _____ or fewer units, unit owners have the option of passing a special resolution to allow the Board of Directors do the Reserve Fund Study themselves. - correct answer 12 As a real estate professional you are doing a competitive market analysis on a property. The property is a 1800 sq. ft. 3 bedroom 2 story. It does have a garage. There is a similar home in the neighborhood that just sold for $532,000 but it doesn't have a double garage and