RECA Fundamentals Exam Complete
Questions And Verified Answer
\Q\.Which of the following is NOT a RECA educational resource for industry professionals? -
ANSWER-✔Spatial Information System (Spin 2)
\Q\.Which entity has the authority to amend the Real Estate Act - ANSWER-✔Provincial
Legislature
\Q\.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 - ANSWER-✔Consumer Price Index (CPI)
\Q\.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? - ANSWER-✔an increase in quantity supplied
\Q\.Microeconics - ANSWER-✔studies the basic theories of supply and demand as it relates to
individuals, households and firms
\Q\.Resource Markets - ANSWER-✔facilitate the exchange of factors of production
\Q\.What causes the quantity demanded to shift? - ANSWER-✔change in tastes, expectations,
and number of consumers
\Q\.benefits of economic growth - ANSWER-✔depletion of natural resources
\Q\.Real Property Report - ANSWER-✔document produced by Alberta Land Surveyor
,\Q\.Which of the following is not a non-price determinant of demand - ANSWER-✔cost of
production
\Q\.What type of economy does Canada have? - ANSWER-✔mixed economy
\Q\.Benefits of RECAS trust assurance and practice review program - 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
\Q\.Responsibilities of RECA - ANSWER-✔- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
\Q\.Four factors of production - ANSWER-✔land, labor, capital, entrepreneurship
\Q\.RECA provides the following annual reports - ANSWER-✔- financial reports
- industry statistics
- reports for the previous year
\Q\.The structure of real estate in Alberta includes; - ANSWER-✔- local real estate boards
- alberta real estate association
- canadian real estate association
, \Q\.Referral definition - 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
\Q\.RECAS professional conduct review Objects - ANSWER-✔- gather all relevant information
- treat parties fairly
-gather information efficiently
\Q\.Amendments to the Act - ANSWER-✔- can be made by provincial legislature with
recommendations by the Minister of Service Alberta
\Q\.Amendments to the rules - ANSWER-✔The rules contain the day to day activities
- council has the authority to create and amend
\Q\.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
\Q\.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
\Q\.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
Questions And Verified Answer
\Q\.Which of the following is NOT a RECA educational resource for industry professionals? -
ANSWER-✔Spatial Information System (Spin 2)
\Q\.Which entity has the authority to amend the Real Estate Act - ANSWER-✔Provincial
Legislature
\Q\.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 - ANSWER-✔Consumer Price Index (CPI)
\Q\.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? - ANSWER-✔an increase in quantity supplied
\Q\.Microeconics - ANSWER-✔studies the basic theories of supply and demand as it relates to
individuals, households and firms
\Q\.Resource Markets - ANSWER-✔facilitate the exchange of factors of production
\Q\.What causes the quantity demanded to shift? - ANSWER-✔change in tastes, expectations,
and number of consumers
\Q\.benefits of economic growth - ANSWER-✔depletion of natural resources
\Q\.Real Property Report - ANSWER-✔document produced by Alberta Land Surveyor
,\Q\.Which of the following is not a non-price determinant of demand - ANSWER-✔cost of
production
\Q\.What type of economy does Canada have? - ANSWER-✔mixed economy
\Q\.Benefits of RECAS trust assurance and practice review program - 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
\Q\.Responsibilities of RECA - ANSWER-✔- Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
\Q\.Four factors of production - ANSWER-✔land, labor, capital, entrepreneurship
\Q\.RECA provides the following annual reports - ANSWER-✔- financial reports
- industry statistics
- reports for the previous year
\Q\.The structure of real estate in Alberta includes; - ANSWER-✔- local real estate boards
- alberta real estate association
- canadian real estate association
, \Q\.Referral definition - 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
\Q\.RECAS professional conduct review Objects - ANSWER-✔- gather all relevant information
- treat parties fairly
-gather information efficiently
\Q\.Amendments to the Act - ANSWER-✔- can be made by provincial legislature with
recommendations by the Minister of Service Alberta
\Q\.Amendments to the rules - ANSWER-✔The rules contain the day to day activities
- council has the authority to create and amend
\Q\.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
\Q\.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
\Q\.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
