Reca fundamentals Study guides, Class notes & Summaries

RECA FUNDAMENTALS EXAM 2023/2024 REAL AND ACCURATE QUESTIONS WITH EXPERT VERIFIED ANSWERS GUARANTEED PASS

RECA Fundamentals of Mortgage Brokerage Exam Questions and Answers 2023-2024. 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 ma...

RECA Fundamentals Exam Questions and Answers Already Passed Which of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act 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 Consumer Price Index (CPI) Which of the following will occur to the supply of a good when ther...

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...

RECA Fundamentals Exam| 2023/ 2024| Questions and Verified Answers|100% Correct QUESTION Errors and Omissions Insurance? Answer: real estate equivalent of malpractice coverage QUESTION Comprehensive General Liability Insurance? Answer: - broad coverage for claims against injury/damage - civil liability (a fall) - any damages or injuries - legal defense costs - does not cover issues related to real estate transactions QUESTION Voluntary Broker Resoluti...

duty-based ethics Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome utalitarian ethics Sells the optimal result for the greatest number of people Advisory note Punishment for a technical breach Administrative penalty/ fine One or two potentially serious infraction would cause this punishment Ratification- acting without authority or in excess of authority Implication- advice outside of objective These two ways of creating ...

RECA FUNDAMENTALS EXAM-with 100% verified solutions

RECA FUNDAMENTALS EXAM 2023/2024 REAL AND ACCURATE QUESTIONS WITH EXPERT VERIFIED ANSWERS GUARANTEED PASS

Which of the following is part of RECA's commitment to consumer protection? - AnswerWhat are some benefits that mortgage brokerage trade associations offer their members? - Answer- Licensing Standards for mortgage industry members Which entity has the authority to amend the Act? - Answer- Provincial Legislators Which of the following represents an accountability mechanism that RECA must comply with under the Act? - Answer- Previous Fiscal year In addition to mortgage brokerage trade associ...

RECA Fundamentals Exam Study Questions and Answers 2024/2025