RECA Unit 1 Quiz Correctly Solved Exam
[100% Correct Answers]
Which of the following acts as an accountability mechanism that RECA is obligated to follow under the
Act?
A) RECA must compile an annual report for the Minister of Service Alberta for the prior year.
B) RECA must prepare an annual consumer report detailing the investigations conducted for the Minister
of Service Alberta.
C) RECA must create a market report regarding the industries it regulates for the Minister of Service
Alberta.
D) RECA must provide a report on deposits made to the Real Estate Assurance Fund for the Minister of
Service Alberta.
**Ans** A) RECA must compile an annual report for the Minister of Service Alberta for the prior year.
Which of the following statements accurately describes the Act?
A) The Act permits the provincial government to manage mortgage brokerage licensing and regulation.
B) The Act allows the federal government to oversee mortgage brokerage licensing and regulation.
C) The Act gives the industry the authority to manage mortgage brokerage licensing and regulation.
D) The Act enables brokerages to handle mortgage brokerage licensing and regulation.
**Ans** D) The Act enables brokerages to handle mortgage brokerage licensing and regulation.
Which of the following is NOT a benefit of RECA's audit program?
A) It detects and addresses potential issues related to brokerage trust accounting requirements.
B) It promotes effective record-keeping and administrative procedures within brokerages.
C) It sets standards for performance and evaluation of licensed brokerage employees.
D) It offers education and guidance regarding brokerage trust accounting.
**Ans** C) It sets standards for performance and evaluation of licensed brokerage employees.
1
, What is the mandate of RECA as defined by the Act?
A) To protect consumers and offer services that enhance or improve the industries it oversees.
B) To revise and amend the Act as directed by the Minister of Service Alberta.
C) To address consumer complaints and work toward resolutions.
D) To supervise the business operations of mortgage brokerage industry members.
**Ans** A) To protect consumers and offer services that enhance or improve the industries it oversees.
This type of property encompasses land, substances found in or beneath the land (excluding mines or
minerals), and any attachments to the land.
A) Real property
B) Community property
C) Personal property
D) Public property
**Ans** A) Real property.
Chattels are also referred to as which kind of property?
A) Exclusive property
B) Private property
C) Personal property
D) Individual property
**Ans** C) Personal property.
What advantages do mortgage brokerage trade associations provide their members?
A) Seminars and educational opportunities
2
[100% Correct Answers]
Which of the following acts as an accountability mechanism that RECA is obligated to follow under the
Act?
A) RECA must compile an annual report for the Minister of Service Alberta for the prior year.
B) RECA must prepare an annual consumer report detailing the investigations conducted for the Minister
of Service Alberta.
C) RECA must create a market report regarding the industries it regulates for the Minister of Service
Alberta.
D) RECA must provide a report on deposits made to the Real Estate Assurance Fund for the Minister of
Service Alberta.
**Ans** A) RECA must compile an annual report for the Minister of Service Alberta for the prior year.
Which of the following statements accurately describes the Act?
A) The Act permits the provincial government to manage mortgage brokerage licensing and regulation.
B) The Act allows the federal government to oversee mortgage brokerage licensing and regulation.
C) The Act gives the industry the authority to manage mortgage brokerage licensing and regulation.
D) The Act enables brokerages to handle mortgage brokerage licensing and regulation.
**Ans** D) The Act enables brokerages to handle mortgage brokerage licensing and regulation.
Which of the following is NOT a benefit of RECA's audit program?
A) It detects and addresses potential issues related to brokerage trust accounting requirements.
B) It promotes effective record-keeping and administrative procedures within brokerages.
C) It sets standards for performance and evaluation of licensed brokerage employees.
D) It offers education and guidance regarding brokerage trust accounting.
**Ans** C) It sets standards for performance and evaluation of licensed brokerage employees.
1
, What is the mandate of RECA as defined by the Act?
A) To protect consumers and offer services that enhance or improve the industries it oversees.
B) To revise and amend the Act as directed by the Minister of Service Alberta.
C) To address consumer complaints and work toward resolutions.
D) To supervise the business operations of mortgage brokerage industry members.
**Ans** A) To protect consumers and offer services that enhance or improve the industries it oversees.
This type of property encompasses land, substances found in or beneath the land (excluding mines or
minerals), and any attachments to the land.
A) Real property
B) Community property
C) Personal property
D) Public property
**Ans** A) Real property.
Chattels are also referred to as which kind of property?
A) Exclusive property
B) Private property
C) Personal property
D) Individual property
**Ans** C) Personal property.
What advantages do mortgage brokerage trade associations provide their members?
A) Seminars and educational opportunities
2
