RECA fundamentals study guide questions and answers latest 2023/2024

RECA fundamentals study guide questions and answers latest 2023duty-based ethics - correct answer Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome utalitarian ethics - correct answer Sells the optimal result for the greatest number of people Advisory note - correct answer Punishment for a technical breach Administrative penalty/ fine - correct answer One or two potentially serious infraction would cause this punishment Ratification- acting without authority or in excess of authority Implication- advice outside of objective - correct answer These two ways of creating a representation relationship should not be done in real estate By Estoppel - correct answer 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 - correct answer This type of representation relationship is created when someone takes action to save a property or person from imminent danger/ damages Ethics - correct answer 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 - correct answer A set of beliefs held by an individual and founded on fundamental principles of right and wrong. Ex. Religious Tort law - correct answer 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$ - correct answer 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 - correct answer Compensate consumers who have received court judgement against a real estate professional for fraud or breach of trust Real estate insurance exchange REIX - correct answer To protect real estate professionals when they make a mistake regarding their business Kohlbergs highest stage of moral development - correct answer Where moral development is based on individual reflection and analysis of the issues ( level 3 stage 6) Right of Recission - correct answer The ability of purchasers to cancel their purchase contract with a developer within 10 days Condominium - correct answer Ownership in common with others CADS - correct answer If someone forgets the condo management company name for any reason where would they find it General power of attorney - correct answer Can make all decisions about finances or legal affairs has no limit other then where they'll live or health care Yes - correct answer Will power or at tourney be on the title building permit - correct answer Permit that applies to specific project that is an improvement to the property development permit - correct answer Permit that applies to overall use of the land It was legal at time of development - correct answer Non conforming suite means ? Waterworks Repair of roads Ambulance - correct answer Municipal special taxes are for Business revitalization tax - correct answer Taxes used in a business district to improve beauty, parking, or promote 24 hrs - correct answer Landlord may enter without consent but with notice after giving how much notice Assignment - correct answer Tenant isn't returning to the property so all obligations and rights go to the new tenant Sublease - correct answer Tenant will be returning to the property, and they're still liable to the landlord Condominium Property Act - correct answer Condos are governed by the