RECA Residential Exam questions and answers latest 2023/2024

RECA Residential Exam questions and answers latest 2023Fiduciary Representation - correct answer - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity - correct answer 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do Must disclose in writing - correct answer - 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 - correct answer 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 - correct answer - Federal legislation PIPA - correct answer Alberta's legislation, how private organizations use and disclose personal information. Power of Attorney - correct answer 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 - correct answer 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 it takes effect immediately and continues... Judicial Sale - correct answer Court ordered sale usually as a way to resolve legal matters - primary debt recovery method for default mortgages Foreclosure - correct answer legal action supervised by the court following a default on the mortgage. -transfers the real property from the borrower to the lender and erases interests on title. Alberta Building Code - correct answer Legislation that establishes technical specifications for new building construction and construction materials Building Permit - correct answer typically valid for one year during which construction process must be initiated Factory Built Construction - correct answer Manufactured - three sections that are 95% complete when they leave the factory. - secure the sections to the foundation and join together - can often move in the same day or within days - saves time and mony Modular Construction - manufacturing three dimensional units, 85 percent complete when they leave - requires few weeks on site to be complete - allows for creation of multi-story buildings Panelized construction