RECA Fundamentals Exam Alberta
Questions With Coreect Answers
1. Real Estate CORRECT ANSWER refers to the land and fixed improvements to the land
2. Classes of licence CORRECT ANSWER associate, associate broker, broker and brokerage
3. four areas of practice CORRECT ANSWER residential, commercial, property management and
mortgage
4. Industrial property CORRECT ANSWER include warehouses and custom-built manufacturing
plants.
5. Residential income property CORRECT ANSWER include low-rise and high-rise apartments,
duplexes, fourplexes and
townhouses
6. supply and demand CORRECT ANSWER characteristic that identifies the slow response of
these 2 market forces affecting real
estate
7. scarce CORRECT ANSWER characteristic that identifies real estate as a limited resource
8. durable CORRECT ANSWER characteristic that identifies real estate as indestructible
9. fixed CORRECT ANSWER characteristic that identifies real estate as immobile
10. unique CORRECT ANSWER characteristic that identifies parcel of land as being different
from one another
11. private CORRECT ANSWER characteristic that identifies how real estate transactions are
conducted between a buyer and seller
12. standardized CORRECT ANSWER characteristic that identifies the inability to market
properties for all areas of real estate in a
universal approach
13. local CORRECT ANSWER characteristic that identifies real estate transactions as occurring in
a defined area
, 14. balanced market CORRECT ANSWER -property prices generally stable-supply of available
properties and the number of buyers desiring to purchase properties are somewhat equal-
properties sold within a reasonable time frame
affordable interest rates for financing
15. sellers market CORRECT ANSWER -local booming economy-increasing property prices-
properties sell quickly-market demand for properties in an area is greater than the available
supply
16. buyers market CORRECT ANSWER -properties remain on the market for a longer period of
time-properties remain on the market for a longer period of time-declining property prices-
inventory of properties exceeds the number of buyers
17. 1990-1999 CORRECT ANSWER period during which the following events occured CORRECT
ANSWER
real estate industry self-regulation achieved and Real Estate Act established. RECA approves
pre-licensing and re-licens
ing education programs. RECA establishes disciplinary processes for conduct of industry
professionals
1/4
RECA Fundamentals Exam Alberta
Study online at https CORRECT ANSWER//quizlet.com/_c0t1yf
18. 1928-1943 CORRECT ANSWER period during which the following events occured CORRECT
ANSWER
Real Estate Agents Licensing Act replaces Real Estate Commission Act, Alberta Real Estate
Association is created
19. 2010-present CORRECT ANSWER period during which the following events occured
CORRECT ANSWER
RECA launches social media options to communicate with industry professionals.
RECA reviews validity of electronic signatures and contracts for real estate.
RECA implements 5 year plan and approves statement on self-regulation
20. 2000-2009 CORRECT ANSWER period during which the following events occured CORRECT
ANSWER
Questions With Coreect Answers
1. Real Estate CORRECT ANSWER refers to the land and fixed improvements to the land
2. Classes of licence CORRECT ANSWER associate, associate broker, broker and brokerage
3. four areas of practice CORRECT ANSWER residential, commercial, property management and
mortgage
4. Industrial property CORRECT ANSWER include warehouses and custom-built manufacturing
plants.
5. Residential income property CORRECT ANSWER include low-rise and high-rise apartments,
duplexes, fourplexes and
townhouses
6. supply and demand CORRECT ANSWER characteristic that identifies the slow response of
these 2 market forces affecting real
estate
7. scarce CORRECT ANSWER characteristic that identifies real estate as a limited resource
8. durable CORRECT ANSWER characteristic that identifies real estate as indestructible
9. fixed CORRECT ANSWER characteristic that identifies real estate as immobile
10. unique CORRECT ANSWER characteristic that identifies parcel of land as being different
from one another
11. private CORRECT ANSWER characteristic that identifies how real estate transactions are
conducted between a buyer and seller
12. standardized CORRECT ANSWER characteristic that identifies the inability to market
properties for all areas of real estate in a
universal approach
13. local CORRECT ANSWER characteristic that identifies real estate transactions as occurring in
a defined area
, 14. balanced market CORRECT ANSWER -property prices generally stable-supply of available
properties and the number of buyers desiring to purchase properties are somewhat equal-
properties sold within a reasonable time frame
affordable interest rates for financing
15. sellers market CORRECT ANSWER -local booming economy-increasing property prices-
properties sell quickly-market demand for properties in an area is greater than the available
supply
16. buyers market CORRECT ANSWER -properties remain on the market for a longer period of
time-properties remain on the market for a longer period of time-declining property prices-
inventory of properties exceeds the number of buyers
17. 1990-1999 CORRECT ANSWER period during which the following events occured CORRECT
ANSWER
real estate industry self-regulation achieved and Real Estate Act established. RECA approves
pre-licensing and re-licens
ing education programs. RECA establishes disciplinary processes for conduct of industry
professionals
1/4
RECA Fundamentals Exam Alberta
Study online at https CORRECT ANSWER//quizlet.com/_c0t1yf
18. 1928-1943 CORRECT ANSWER period during which the following events occured CORRECT
ANSWER
Real Estate Agents Licensing Act replaces Real Estate Commission Act, Alberta Real Estate
Association is created
19. 2010-present CORRECT ANSWER period during which the following events occured
CORRECT ANSWER
RECA launches social media options to communicate with industry professionals.
RECA reviews validity of electronic signatures and contracts for real estate.
RECA implements 5 year plan and approves statement on self-regulation
20. 2000-2009 CORRECT ANSWER period during which the following events occured CORRECT
ANSWER
