RECA Quiz Review Questions WITH VERIFIED ANSWERS

RECA Quiz Review Questions WITH VERIFIED ANSWERS Which of the following describes a competent real estate professional? A) A real estate professional who agrees to provide services that they are incapable of performing B) A real estate professional who possesses the necessary ability and knowledge to perform an action proficiently C) A real estate professional who represents a client in matters that are beyond their expertise D) A real estate professional who holds a valid authorization from RECA and is registered with a brokerage in Alberta - B The interests of a brokerage may give rise to which of the following conflicts with the interests of a client? A) Long or short B) Consistent or varied C) Direct or indirect D) Consequent or subsequent - C Which of the following describes a real conflict of interest? A) When an actual conflict arises between the interests of a client and the brokerage B) When a perceived conflict arises between the interests of a client and the brokerage C) When a customary conflict arises between the interests of a client and the brokerage D) When a mutual conflict arises between the interests of a client and the brokerage - A Which of the following is NOT a type of authority an agent may hold? A) Express authority B) Implied authority C) Customary authority D) Functional authority - D Which of the following types of authority allow an agent to act according to the usual ways of performing an action as established by the profession? A) Express authority B) Implied authority C) Customary authority D) Functional authority - C Which of the following statements indicate the 3 fundamental principles upon which fiduciary duties are based? a) Loyalty b) Best interests c) Act in person d) Trust and confidence - a,b, and d Which of the following describes an unlawful revocation? A) It occurs when either the principal or agent terminates the representation relationship even though both parties have fulfilled their responsibilities B) It occurs when either the principal or agent fails to fulfil their responsibilities to the other party who terminates the representation relationship as a result C) It occurs when either the principal or agent provide the other party with written notice that they have decided to terminate the representation relationship D) It occurs when either the principal or agent terminates the representation relationship because they are no longer authorized by RECA to trade in real estate - A Which of the following describes a lawful revocation? A) It occurs when either the principal or agent terminates the representation relationship even though both parties have fulfilled their responsibilities B) It occurs when either the principal or agent fails to fulfil their responsibilities to the other party who terminates the representation relationship as a result C) It occurs when either the principal or agent provide the other party with written notice that they have decided to terminate the representation relationship D) It occurs when either the principal or agent terminates the representation relationship because they are no longer authorized by RECA to trade in real estate - B Which of the following types of authority allow an agent to undertake any activities needed to carry out an express authority? A) Legal authority B) Implied authority C) Customary authority D) Functional authority - B Which of the following is NOT a capacity for which an agent must have express authority from a principal in order to act? A) Capacity to contract B) Capacity to delegate C) Capacity to incur expenses D) Capacity to account - D Which of the following types of authority involve describing (orally or in writing) the actions that may be taken by an agent on behalf of a principal? A) Express authority B) Implied authority C) Customary authority D) Functional authority - A Sets the minimum standards of conduct between a landlord and tenant for the leasing of a residential dwelling - Residential Tenancies Act