RECA Fundamentals Exam Solved 100%Correct

Which of the following is NOT a RECA educational resource for industry professionals? - ANSWER Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act - ANSWER Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time - ANSWER Consumer Price Index (CPI) Which of the following will occur to the supply of a good when there is a change in quantity supplied due to a price increase? - ANSWER an increase in quantity supplied Microeconics - ANSWER studies the basic theories of supply and demand as it relates to individuals, households and firms Resource Markets - ANSWER facilitate the exchange of factors of production What causes the quantity demanded to shift? - ANSWER change in tastes, expectations, and number of consumers benefits of economic growth - ANSWER depletion of natural resources Real Property Report - ANSWER document produced by Alberta Land Surveyor Which of the following is not a non-price determinant of demand - ANSWER cost of production What type of economy does Canada have? - ANSWER mixed economy Benefits of RECAS trust assurance and practice review program - ANSWER - effective record keeping and administrative procedures - education and advice in relation to brokerage trust accounting - identifies and resolves potential problems regarding brokerage trust accounting requirements Responsibilities of RECA - ANSWER - Handling professional conduct review - establishing industry standards of practice - issuing authorization to trade in real estate Four factors of production - ANSWER land, labor, capital, entrepreneurship RECA provides the following annual reports - ANSWER - financial reports - industry statistics - reports for the previous year The structure of real estate in Alberta includes; - ANSWER - local real estate boards