RECA Exam Study Guide with complete solutions

RECA Exam Study Guide with complete solutions Carl, a real estate professional, is registered with Prime Plus Real Estate Ltd. He has listed his brother's house for sale with the brokerage. A real estate professional with another brokerage contacts Carl and asks to preview the property as she has a potential buyer. What level of disclosure must Carl provide? - answerDisclosure level 1 When evaluating an ethical dilemma, the first step is awareness. An individual may become aware of an ethical dilemma through a variety of ways. Which one of the following is typically NOT one of the ways? - answerOthers tell you that you have an ethical dilemma Which of the following statements is correct regarding the length of time that real estate professionals are obligated to keep client information confidential? - answerIt continues without a time limit after real estate services are no longer provided Which of the following describes what is meant by a lawful instruction? - answerAny instruction that is reasonable and ordinary under the circumstances Which of the following types of authority involve describing (orally or in writing) the actions that may be taken by an agent on behalf of a principal? - answerExpress Authority Which of the following describes the party that exists outside of a representation relationship? - answerThird Party Which of the following is NOT a type of authority an agent may hold? - answerFunctional Authority Which of the following are the only entities authorized to trade in real estate? - answerReal Estate Brokerages Which of the following categories of brokerage services involves numerous services that require the greatest level of discretion or judgement? - answerProperty Management Services Which of the following does NOT apply to consideration? - answerConsideration always involves money What is the difference between a condition and a term in a contract? - answerConditions must be waived for the contract to proceed, while a contract can still proceed with unmet