Alberta Real Estate Unit 1 Quiz With Certified Solutions

Alberta Real Estate Unit 1 Quiz With Certified Solutions Which of the following represents an accountability mechanism that RECA must comply with under the Act? A) RECA must prepare for the Minister of Service Alberta an annual report for the previous year end B) RECA must prepare for the Minister of Service Alberta an annual consumer report on the investigations conducted C) RECA must prepare for the Minister of Service Alberta a market report on the industries it regulates D) RECA must prepare for the Minister of Service Alberta a report on deposits made to the Real Estate Assurance Fund A) RECA must prepare for the Minister of Service Alberta an annual report for the previous year end Which of the following statements is correct regarding the Act? A) The Act enables mortgage brokerage licensing and regulation to be done by the provincial government B) The Act enables mortgage brokerage licensing and regulation to be done by the federal government C) The Act enables mortgage brokerage licensing and regulation to be done by the industry D) The Act enables mortgage brokerage licensing and regulation to be done by the brokerages D) The Act enables mortgage brokerage licensing and regulation to be done by the brokerages Which of the following is NOT a benefit of RECA's audit program A) It identifies and resolves potential problems regarding brokerage trust accounting requirements B) It develops effective brokerage record keeping and administrative procedures C) It establishes performance and evaluation standards for licensed brokerage employees D) It provides education and advice in relation to brokerage trust accounting C) It establishes performance and evaluation standards for licensed brokerage employees What is RECA's mandate under the Act? A) Protect consumers and provide services that enhance or improve the industries it regulates B) Update and amend the Act as legislated by the Minister of Service Alberta C) Respond to consumer complaints and seek resolutions D) Oversee the business activities of mortgage brokerage industry members A) Protect consumers and provide services that enhance