RECA Residential Exam Questions and Answers Rated A+

RECA Residential Exam Questions and Answers Rated A+ Fiduciary Representation - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do Must disclose in writing - the nature of services provided - whether professional has entered into representation relationship with other party - any conflicts of interest - any other facts that may influence consumers decision to proceed with relationship made to clarify and provide proof of undertanding in event issues or disputes arise Written Service Agreement vs Customer Acknowledgement Forms Written Service Agreement - when consumer chooses a representation relationship - becomes a client - provide signed copy to brokerage Customer Acknowledge forms - non-representation relationship - becomes a customer - provide signed copy to brokerage PIPEDA - Federal legislation PIPA Alberta's legislation, how private organizations use and disclose personal information. Power of Attorney a legal document authorizing someone to act on your behalf - must be 18 - POA must be written, dated and signed by both donor and witness - donor must be mentally capable or contract is void - only effective as long as donor is alive, will takes effect once death Types of POA General POA - has no limits on powers of the attorney - can make all decisions regarding financial and legal affairs - exception where the donor resides and health care Special POA - make certain decisions - also called limited POA - may grant authority to oversee sale, deals with land - must be registered on Certificate of Title Immediate POA - takes effect as soon as POA is signed, dated and witnessed - terminates upon loss of mental capacity or death Enduring POA - immediately upon being signed, dated and witnessed - continues if donor becomes incapable, mentally incapacitated - must include statement whether