1|Page
RECA Fundamentals Exam / Comprehensive
Study Guide – Expert Strategies, Review of
Key Quizzes, and Practice Questions for
Guaranteed Success
Which of the following is NOT a RECA educational resource for industry
professionals? -correct-answer-Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act -correct-answer-
Provincial Legislature
Which of the following measures the change in a cost of a fixed basket of goods
and services purchased by families over a period of time -correct-answer-
Consumer Price Index (CPI)
Which of the following will occur to the supply of a good when there is a change
in quantity supplied due to a price increase? -correct-answer-an increase in
quantity supplied
,2|Page
Microeconics -correct-answer-studies the basic theories of supply and demand as
it relates to individuals, households and firms
Resource Markets -correct-answer-facilitate the exchange of factors of production
What causes the quantity demanded to shift? -correct-answer-change in tastes,
expectations, and number of consumers
benefits of economic growth -correct-answer-depletion of natural resources
Real Property Report -correct-answer-document produced by Alberta Land
Surveyor
Which of the following is not a non-price determinant of demand -correct-
answer-cost of production
What type of economy does Canada have? -correct-answer-mixed economy
,3|Page
Benefits of RECAS trust assurance and practice review program -correct-answer--
effective record keeping and administrative procedures
- education and advice in relation to brokerage trust accounting
- identifies and resolves potential problems regarding brokerage trust accounting
requirements
Responsibilities of RECA -correct-answer-- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production -correct-answer-land, labor, capital, entrepreneurship
RECA provides the following annual reports -correct-answer-- financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; -correct-answer-- local real estate
boards
- alberta real estate association
, 4|Page
- canadian real estate association
Referral definition -correct-answer-The act of recommending or directing a person
for service to another person or business
- brokerage is responsible for paying and receiving remuneration in connection to
trade
RECAS professional conduct review Objects -correct-answer-- gather all relevant
information
- treat parties fairly
-gather information efficiently
Amendments to the Act -correct-answer-- can be made by provincial legislature
with recommendations by the Minister of Service Alberta
Amendments to the rules -correct-answer-The rules contain the day to day
activities
- council has the authority to create and amend
RECA Fundamentals Exam / Comprehensive
Study Guide – Expert Strategies, Review of
Key Quizzes, and Practice Questions for
Guaranteed Success
Which of the following is NOT a RECA educational resource for industry
professionals? -correct-answer-Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act -correct-answer-
Provincial Legislature
Which of the following measures the change in a cost of a fixed basket of goods
and services purchased by families over a period of time -correct-answer-
Consumer Price Index (CPI)
Which of the following will occur to the supply of a good when there is a change
in quantity supplied due to a price increase? -correct-answer-an increase in
quantity supplied
,2|Page
Microeconics -correct-answer-studies the basic theories of supply and demand as
it relates to individuals, households and firms
Resource Markets -correct-answer-facilitate the exchange of factors of production
What causes the quantity demanded to shift? -correct-answer-change in tastes,
expectations, and number of consumers
benefits of economic growth -correct-answer-depletion of natural resources
Real Property Report -correct-answer-document produced by Alberta Land
Surveyor
Which of the following is not a non-price determinant of demand -correct-
answer-cost of production
What type of economy does Canada have? -correct-answer-mixed economy
,3|Page
Benefits of RECAS trust assurance and practice review program -correct-answer--
effective record keeping and administrative procedures
- education and advice in relation to brokerage trust accounting
- identifies and resolves potential problems regarding brokerage trust accounting
requirements
Responsibilities of RECA -correct-answer-- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
Four factors of production -correct-answer-land, labor, capital, entrepreneurship
RECA provides the following annual reports -correct-answer-- financial reports
- industry statistics
- reports for the previous year
The structure of real estate in Alberta includes; -correct-answer-- local real estate
boards
- alberta real estate association
, 4|Page
- canadian real estate association
Referral definition -correct-answer-The act of recommending or directing a person
for service to another person or business
- brokerage is responsible for paying and receiving remuneration in connection to
trade
RECAS professional conduct review Objects -correct-answer-- gather all relevant
information
- treat parties fairly
-gather information efficiently
Amendments to the Act -correct-answer-- can be made by provincial legislature
with recommendations by the Minister of Service Alberta
Amendments to the rules -correct-answer-The rules contain the day to day
activities
- council has the authority to create and amend
