RECA Fundamentals Study Guide Latest Update Graded A+

RECA Fundamentals Study Guide Latest Update Graded A+ duty-based ethics Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome utalitarian ethics Sells the optimal result for the greatest number of people Advisory note Punishment for a technical breach Administrative penalty/ fine One or two potentially serious infraction would cause this punishment Ratification- acting without authority or in excess of authority Implication- advice outside of objective These two ways of creating a representation relationship should not be done in real estate By Estoppel This representation relationship arises when a principal acts in a way that leads a third party to believe an agent has been given authority when in actuality the agent hasn't consented or even knows about it By operation of law This type of representation relationship is created when someone takes action to save a property or person from imminent danger/ damages Ethics Voluntary set of rules and guiding principles an individual uses as their moral compass. Standard of conduct adopted and practiced within a culture or society li Morals A set of beliefs held by an individual and founded on fundamental principles of right and wrong. Ex. Religious Tort law What area of law deals with civil wrong doings for which the courts may grant a remedy. ( harm to a person or damage to property) 35,000$ Max the real estate assurance fund may pay per claimant for damages or losses to the services of a real estate professional Purpose of Real Estate Assurance Fund Compensate consumers who have received court judgement against a real estate professional for fraud or breach of trust Real estate insurance exchange REIX To protect real estate professionals when they make a mistake regarding their business Kohlbergs highest stage of moral development Where moral development is based on individual reflection and analysis of the issues ( level 3 stage 6) Right of Recission The ability of purchasers to cancel their purchase contract with a developer within 10 days Condominium Ownership in common with others CADS If someone forgets the condo management company name for any reason where would they find it General power of attorney Can make all decisions about finances or legal affairs has no limit other then where they'll live or health care Yes Will power or at tourney be on the title building permit Permit that applies to