RECA 2026 REAL ESTATE TRANSACTIONS
CONTRACTS PURCHASE AND SALE
AGREEMENTS PRACTICE NOTES
COMPILATION
◉ Which entity has the authority to amend the Real Estate Act
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
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?
Answer: an increase in quantity supplied
◉ Microeconics
Answer: studies the basic theories of supply and demand as it
relates to individuals, households and firms
,◉ Resource Markets
Answer: facilitate the exchange of factors of production
◉ What causes the quantity demanded to shift?
Answer: change in tastes, expectations, and number of consumers
◉ benefits of economic growth
Answer: depletion of natural resources
◉ Real Property Report
Answer: document produced by Alberta Land Surveyor
◉ Which of the following is not a non-price determinant of demand
Answer: cost of production
◉ What type of economy does Canada have?
Answer: mixed economy
◉ 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
◉ Responsibilities of RECA
Answer: - Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
◉ Four factors of production
Answer: land, labor, capital, entrepreneurship
◉ RECA provides the following annual reports
Answer: - financial reports
- industry statistics
- reports for the previous year
◉ The structure of real estate in Alberta includes;
Answer: - local real estate boards
- alberta real estate association
- canadian real estate association
◉ 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
◉ RECAS professional conduct review Objects
Answer: - gather all relevant information
- treat parties fairly
-gather information efficiently
◉ 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
CONTRACTS PURCHASE AND SALE
AGREEMENTS PRACTICE NOTES
COMPILATION
◉ Which entity has the authority to amend the Real Estate Act
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
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?
Answer: an increase in quantity supplied
◉ Microeconics
Answer: studies the basic theories of supply and demand as it
relates to individuals, households and firms
,◉ Resource Markets
Answer: facilitate the exchange of factors of production
◉ What causes the quantity demanded to shift?
Answer: change in tastes, expectations, and number of consumers
◉ benefits of economic growth
Answer: depletion of natural resources
◉ Real Property Report
Answer: document produced by Alberta Land Surveyor
◉ Which of the following is not a non-price determinant of demand
Answer: cost of production
◉ What type of economy does Canada have?
Answer: mixed economy
◉ 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
◉ Responsibilities of RECA
Answer: - Handling professional conduct review
- establishing industry standards of practice
- issuing authorization to trade in real estate
◉ Four factors of production
Answer: land, labor, capital, entrepreneurship
◉ RECA provides the following annual reports
Answer: - financial reports
- industry statistics
- reports for the previous year
◉ The structure of real estate in Alberta includes;
Answer: - local real estate boards
- alberta real estate association
- canadian real estate association
◉ 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
◉ RECAS professional conduct review Objects
Answer: - gather all relevant information
- treat parties fairly
-gather information efficiently
◉ 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
