RECA Fundamentals Exam Alberta
Questions with 100% Correct Answers
Real Estate Correct Answer refers to the land and fixed improvements to the land
Classes of licence Correct Answer associate, associate broker, broker and brokerage
Four areas of practice Correct Answer residential, commercial, property management
and mortgage
Industrial property Correct Answer include warehouses and custom-built manufacturing
plants.
Residential income property Correct Answer include low-rise and high-rise apartments,
duplexes, fourplexes and townhouses
Supply and demand Correct Answer characteristic that identifies the slow response of
these 2 market forces affecting real estate
Scarce Correct Answer characteristic that identifies real estate as a limited resource
Durable Correct Answer characteristic that identifies real estate as indestructible
Fixed Correct Answer characteristic that identifies real estate as immobile
Unique Correct Answer characteristic that identifies parcel of land as being different
from one another
Private Correct Answer characteristic that identifies how real estate transactions are
conducted between a buyer and seller
Standardized Correct Answer characteristic that identifies the inability to market
properties for all areas of real estate in a universal approach
Local Correct Answer characteristic that identifies real estate transactions as occurring
in a defined area
Balanced market Correct Answer -property prices generally stable
-supply of available properties and the number of buyers desiring to purchase properties
are somewhat equal
-properties sold within a reasonable time frame
Affordable interest rates for financing
Sellers market Correct Answer -local booming economy
, -increasing property prices
-properties sell quickly
-market demand for properties in an area is greater than the available supply
Buyers market Correct Answer -properties remain on the market for a longer period of
time
-properties remain on the market for a longer period of time
-declining property prices
-inventory of properties exceeds the number of buyers
1990-1999 Correct Answer period during which the following events occured:
Real estate industry self-regulation achieved and Real Estate Act established. RECA
approves pre-licensing and re-licensing education programs. RECA establishes
disciplinary processes for conduct of industry professionals
1928-1943 Correct Answer period during which the following events occured:
Real Estate Agents Licensing Act replaces Real Estate Commission Act, Alberta Real
Estate Association is created
2010-present Correct Answer period during which the following events occured:
RECA launches social media options to communicate with industry professionals.
RECA reviews validity of electronic signatures and contracts for real estate.
RECA implements 5 year plan and approves statement on self-regulation
2000-2009 Correct Answer period during which the following events occured:
RECA implements measures to prevent and deal with mortgage fraud and amends its
mandate
RECA assumes jurisdiction over real estate appraisal
RECA develops and delivers pre-licensing and re-licensing courses online
1905-1927 Correct Answer period during which the following events occured:
RECA, 1st legislation governing real estate is passed
1970-1979 Correct Answer period during which the following events occured:
Alberta Consumer and Corporate Affairs prepares four objectives for real estate
industry, starting its transition from government regulation to self-regulation
1980-1989 Correct Answer period during which the following events occured:
Real Estate Assurance Fund established for real estate and mortgage brokerage.
Alberta Real Estate Licensing Committee created to handle licensing and registration of
industry professionals, education standards, and examination
Questions with 100% Correct Answers
Real Estate Correct Answer refers to the land and fixed improvements to the land
Classes of licence Correct Answer associate, associate broker, broker and brokerage
Four areas of practice Correct Answer residential, commercial, property management
and mortgage
Industrial property Correct Answer include warehouses and custom-built manufacturing
plants.
Residential income property Correct Answer include low-rise and high-rise apartments,
duplexes, fourplexes and townhouses
Supply and demand Correct Answer characteristic that identifies the slow response of
these 2 market forces affecting real estate
Scarce Correct Answer characteristic that identifies real estate as a limited resource
Durable Correct Answer characteristic that identifies real estate as indestructible
Fixed Correct Answer characteristic that identifies real estate as immobile
Unique Correct Answer characteristic that identifies parcel of land as being different
from one another
Private Correct Answer characteristic that identifies how real estate transactions are
conducted between a buyer and seller
Standardized Correct Answer characteristic that identifies the inability to market
properties for all areas of real estate in a universal approach
Local Correct Answer characteristic that identifies real estate transactions as occurring
in a defined area
Balanced market Correct Answer -property prices generally stable
-supply of available properties and the number of buyers desiring to purchase properties
are somewhat equal
-properties sold within a reasonable time frame
Affordable interest rates for financing
Sellers market Correct Answer -local booming economy
, -increasing property prices
-properties sell quickly
-market demand for properties in an area is greater than the available supply
Buyers market Correct Answer -properties remain on the market for a longer period of
time
-properties remain on the market for a longer period of time
-declining property prices
-inventory of properties exceeds the number of buyers
1990-1999 Correct Answer period during which the following events occured:
Real estate industry self-regulation achieved and Real Estate Act established. RECA
approves pre-licensing and re-licensing education programs. RECA establishes
disciplinary processes for conduct of industry professionals
1928-1943 Correct Answer period during which the following events occured:
Real Estate Agents Licensing Act replaces Real Estate Commission Act, Alberta Real
Estate Association is created
2010-present Correct Answer period during which the following events occured:
RECA launches social media options to communicate with industry professionals.
RECA reviews validity of electronic signatures and contracts for real estate.
RECA implements 5 year plan and approves statement on self-regulation
2000-2009 Correct Answer period during which the following events occured:
RECA implements measures to prevent and deal with mortgage fraud and amends its
mandate
RECA assumes jurisdiction over real estate appraisal
RECA develops and delivers pre-licensing and re-licensing courses online
1905-1927 Correct Answer period during which the following events occured:
RECA, 1st legislation governing real estate is passed
1970-1979 Correct Answer period during which the following events occured:
Alberta Consumer and Corporate Affairs prepares four objectives for real estate
industry, starting its transition from government regulation to self-regulation
1980-1989 Correct Answer period during which the following events occured:
Real Estate Assurance Fund established for real estate and mortgage brokerage.
Alberta Real Estate Licensing Committee created to handle licensing and registration of
industry professionals, education standards, and examination
