RECA Fundamentals Exam
Complete Questions and Guide Answers
100% Verified Graded A+
1. Which of the following is NOT a RECA educational resource for industry
professionals?
Answer. Spatial Information System (Spin 2)
2. Which entity has the authority to amend the Real Estate Act
Answer. Provincial Legislature
3. 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. ConsumerPriceIndex (CPI)
4. 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
5. Microeconics
,Answer. studies the basic theories of supply and demand as it relates to individuals, households and firms
6. Resource Markets
Answer. facilitate the exchange of factors of production
7. What causes the quantity demanded to shift?
Answer. change in tastes, expectations, and number of consumers
8. benefits of economic growth
Answer. depletion of natural resources
9. Real Property Report
Answer. document produced by Alberta Land Surveyor
10. Which of the following is not a non-price determinant of demand
Answer. cost of production
11. What type of economy does Canada have?
Answer. mixed economy
12. Benefits of RECAS trust assurance and practice review program
Answer. - ettective record keeping and administrative procedures
- education and advice in relation to brokerage trust accounting
- identifies and resolves potential problems regarding brokerage trust accounting requirements
13. Responsibilities of RECA
, Answer. - Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
14. Four factors of production
Answer. land, labor, capital, entrepreneurship
15. RECA provides the following annual reports
Answer. - financial reports
- industry statistics
- reports for the previous year
16. The structure of real estate in Alberta includes;
Answer. - local realestate boards
- alberta real estate association
- canadian real estate association
17. 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
18. RECAS professional conduct review Objects
, Answer. - gather all relevant information
- treat parties fairly
-gather information eflciently
19. Amendments to the Act
Answer. - can be made by provincial legislature with recommendations by the Minister of Service Alberta
20. Amendments to the rules
Answer. The rules contain the day to day activities
- council has the authority to create and amend
21. 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
22. 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
23. failure to immediately notify Executive Director of changes to information provided in
Complete Questions and Guide Answers
100% Verified Graded A+
1. Which of the following is NOT a RECA educational resource for industry
professionals?
Answer. Spatial Information System (Spin 2)
2. Which entity has the authority to amend the Real Estate Act
Answer. Provincial Legislature
3. 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. ConsumerPriceIndex (CPI)
4. 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
5. Microeconics
,Answer. studies the basic theories of supply and demand as it relates to individuals, households and firms
6. Resource Markets
Answer. facilitate the exchange of factors of production
7. What causes the quantity demanded to shift?
Answer. change in tastes, expectations, and number of consumers
8. benefits of economic growth
Answer. depletion of natural resources
9. Real Property Report
Answer. document produced by Alberta Land Surveyor
10. Which of the following is not a non-price determinant of demand
Answer. cost of production
11. What type of economy does Canada have?
Answer. mixed economy
12. Benefits of RECAS trust assurance and practice review program
Answer. - ettective record keeping and administrative procedures
- education and advice in relation to brokerage trust accounting
- identifies and resolves potential problems regarding brokerage trust accounting requirements
13. Responsibilities of RECA
, Answer. - Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
14. Four factors of production
Answer. land, labor, capital, entrepreneurship
15. RECA provides the following annual reports
Answer. - financial reports
- industry statistics
- reports for the previous year
16. The structure of real estate in Alberta includes;
Answer. - local realestate boards
- alberta real estate association
- canadian real estate association
17. 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
18. RECAS professional conduct review Objects
, Answer. - gather all relevant information
- treat parties fairly
-gather information eflciently
19. Amendments to the Act
Answer. - can be made by provincial legislature with recommendations by the Minister of Service Alberta
20. Amendments to the rules
Answer. The rules contain the day to day activities
- council has the authority to create and amend
21. 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
22. 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
23. failure to immediately notify Executive Director of changes to information provided in
