RECA Unit 2: Questions (Sessions and Unit Exam)

RECA Unit 2: Questions (Sessions and Unit Exam) which of the following is not a responsibility of the broker providing an independent and objective analysis of a real estate transaction which of the following statements is not correct regarding the role of the industry professional real estate professionals should assume their role is understood by parties to the transaction which of the following statements is not a responsibility of a real estate brokerage paying a referral fee to a person who was required to be authorized for the activities related to the referral what is the best way to describe an incentive something used bu a brokerage to attract business to that brokerage which is an example of an appropraite incentive a BROKERAGE offers a retail gift certificate to attract new clients terms of trust set out the requirments for the receipt and disbursement of trust funds trustees persons who administer trust funds the best way to prevent trust disputes is to ensure the brokerage has clear policies and procedures when a brokerage receives funds relates to real estate transactions it is required to open and maintain a trust account a trust account that loses its trust status may be subject to _______ seizure trust inspections are subject to periodoic _______ inspection by RECA how often do the rules require reconcilliation of all trust accounts to ensure the brokerage records align with financial institutions statementss monthly brokers must act ________ in the disbursement of trust funds regardless of whether their brokerage may be representing a party to the transaction impartially which of the following is n obligation of real estate professionals regarding brokerage trade records real estate professionals must turn in trade records to the brokerage in timely manner under the real estate act, how long must a brokerage retain its records the brokerage must retain its trade recors for a minimum of three years which of the following statements is NOT correct regarding brokerage record keeping brokerage records cannot be stored electronically (in short, they can) practice review helps to _____ claims against real estate assurance fund reduce practice review files are forwarded for a ______ when similar concerns have been brought to brokers attention professional conduct review which is not considered when determining if a substantial connection to a jurisdiction exists - the potential that a claim may result due to a financial loss suffered by a party to the trade