Reca – Residential Study Guide Exam
And All Actual Answers.
Self regulation - Answer -General obligation
-Care & Skill
-Act honestly
-Negotiate favorable terms
-Maintain confidentiality
-Disclose information
-Act in person
-Obey lawful instructions
-Perform mandate
Brokerage interests - Answer Interest of brokerage at odds with brokerage client
Fiduciary duties - Answer -Utmost loyalty
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
Competing interests - Answer Interest of brokerage clients compete in a transaction or
potential transaction
Opposing interests - Answer Interest of brokerage clients oppose in the same transaction or
potential transaction
Standard of care - Answer -Professional standards
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
,-Reduces disputes
PIPEDA - Answer Federal - privacy act
PIPA - Answer Provincial - Privacy act
CASL - Answer Canada's anti spam legislation - federal
Privacy principles - Answer -Accountability
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
-Accuracy
-Safeguards of data protection
-Openness
-Individual access
-Challenging compliance
Seller's confidential info - Answer -Reason of property sale
-Motivation regarding sale
-Price seller will accept for sale
-Offers received by seller
Buyer's confidential info - Answer -Reason for purchase of property
-Motivation to purchase
-Price willing to pay for property
-Offers submitted
Trustee - Answer Legally appointed person to hold assets for benefits of one or more persons.
Trust agreements set out terms of trustee's powers and duties.
, Development permits - Answer -Used for new subdivisions.
-Authorizes location, size and use of building.
Building permits - Answer -Used for new residential buildings.
-Valid for one year in which building must proceed.
-ABC establishes technical specifications for new buildings.
Occupancy permits - Answer -Used for new residential buildings. Builder must secure permit
before residence is approved for occupation by purchaser.
Subsequent building permits - Answer -Used to change existing buildings.
-Required for new additions, demo or relocation, Major alterations or renovation, supplemental
structure.
Concepts of residential construction - Answer -Technology
-Sustainability
-Accessibility
-Adaptability
Technology - Answer -the process of implementing single application to operate multiple
functions of a property
Sustainability - Answer -Use and recycling of materials used in construction
Accessibility - Answer -Individuals ability to access a building, move within and independence
without barriers. IE Ramps, lifts elevators.
Adaptability - Answer -How easy it is to change a home to meet a client's need, ie a home to
grow old in.
Developer warranty programs - Answer -1 year warranty on materials/workmanship used to
construct residence, begins when buyer takes possession.
And All Actual Answers.
Self regulation - Answer -General obligation
-Care & Skill
-Act honestly
-Negotiate favorable terms
-Maintain confidentiality
-Disclose information
-Act in person
-Obey lawful instructions
-Perform mandate
Brokerage interests - Answer Interest of brokerage at odds with brokerage client
Fiduciary duties - Answer -Utmost loyalty
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
Competing interests - Answer Interest of brokerage clients compete in a transaction or
potential transaction
Opposing interests - Answer Interest of brokerage clients oppose in the same transaction or
potential transaction
Standard of care - Answer -Professional standards
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
,-Reduces disputes
PIPEDA - Answer Federal - privacy act
PIPA - Answer Provincial - Privacy act
CASL - Answer Canada's anti spam legislation - federal
Privacy principles - Answer -Accountability
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
-Accuracy
-Safeguards of data protection
-Openness
-Individual access
-Challenging compliance
Seller's confidential info - Answer -Reason of property sale
-Motivation regarding sale
-Price seller will accept for sale
-Offers received by seller
Buyer's confidential info - Answer -Reason for purchase of property
-Motivation to purchase
-Price willing to pay for property
-Offers submitted
Trustee - Answer Legally appointed person to hold assets for benefits of one or more persons.
Trust agreements set out terms of trustee's powers and duties.
, Development permits - Answer -Used for new subdivisions.
-Authorizes location, size and use of building.
Building permits - Answer -Used for new residential buildings.
-Valid for one year in which building must proceed.
-ABC establishes technical specifications for new buildings.
Occupancy permits - Answer -Used for new residential buildings. Builder must secure permit
before residence is approved for occupation by purchaser.
Subsequent building permits - Answer -Used to change existing buildings.
-Required for new additions, demo or relocation, Major alterations or renovation, supplemental
structure.
Concepts of residential construction - Answer -Technology
-Sustainability
-Accessibility
-Adaptability
Technology - Answer -the process of implementing single application to operate multiple
functions of a property
Sustainability - Answer -Use and recycling of materials used in construction
Accessibility - Answer -Individuals ability to access a building, move within and independence
without barriers. IE Ramps, lifts elevators.
Adaptability - Answer -How easy it is to change a home to meet a client's need, ie a home to
grow old in.
Developer warranty programs - Answer -1 year warranty on materials/workmanship used to
construct residence, begins when buyer takes possession.
