Download RECA Exam Questions & Answers (Grade A+) and more Exams Real Estate Management in PDF only on Docsity!
(Grade A+)
Lola start her busy day with a task list. Which following tasks should she consider scheduling for a later time? - correct answer ✅Managing social media and online presence Licensee Elliel's buyer client wants to submit an offer with no conditions on an appealing house after a year- long search. What is Eliel's responsibility? - correct answer ✅Inform the client about the risks of condition-free offer From a brokerage perspective, which mortgage fraud prevention practices should be in places? I. Implementing training on RECA's mortgage fraud red flags detection and prevention II. Implement training on the offices policies and procedure for mortgages fraud detection and prevention III. Submit the office policies and procedures for mortgage fraud detection and prevention to RECA for review. IV. Regularly review and update the office policies an procedures for mortgage fraud detection and
(Grade A+)
prevention. - correct answer ✅I, II, and IV Why the Statue of Frauds require certain contracts be in writing? - correct answer ✅Written contracts are easier to prove and enforce. What is the potential drawback of submitting a low ball offer in negotiations? - correct answer ✅It may insult the seller and jeopardize negotiations Victor is a licensee representing Lindsey. Victor receives a call from a prospective buyer who would be interested in viewing the property. Lindsey gives victor instructions to refuse the property, and explains that due to political climate, she would not feel comfortable in selling her property to with the buyer's nationality. What should be Victor do? - correct answer ✅Explain to Lindsey that what she is instructing is housing discrimination.
(Grade A+)
III. Perform a credit score check to confirm their financial eligibility. IV. Request a letter of recommendation or contact details - correct answer ✅I and II Which of the following statements is correct regarding a leasehold estate? - correct answer ✅Leases with terms of three years or less are not required to be registered at the Land Titles Office. What method is most effective in ensuring you have delivered precise information to your client? - correct answer ✅Schedule frequent meetings with your client to review information accuracy. Licensee Dave receives a call about a missing key of a property, as Dave has been the last person to open the key box. Dave had opened the box but his colleague Allegra, the next licensee to view the property, had stated she would return the key, once they were ready. What would be an appropriate action from Dave? -
(Grade A+)
correct answer ✅Provide constructive feedback in a way she can accept it, and ask her to promptly return the key. Which of the following statement describe unaudited financial statements? - correct answer ✅Unaudited Statements lack assurance as to the accuracy of the data. How can James most efficiently prioritize his workload? - correct answer ✅Task with clear deadlines and consequences if not completed Which of the following best describes the concept of risk? - correct answer ✅Exposure to perils that may give rise to injury or loss. What question serves as generally accepted test for wether a real estate licensee's conduct is deserving of sanction? - correct answer ✅Has the real estate licensee complied with the Real Estate Act and Rule?
(Grade A+)
What is the appropriate action from him? - correct answer ✅Present the offer to the client for their consideration Which of the following are types of condominiums in Alberta? I. Bare land II. Conventional. III. Barely Blended. IV. Blended conventional - correct answer ✅I, II, IV Which of the following statements is correct regarding professional courtesy? - correct answer ✅Licensees should be courteous with each other, even in cases where they may be competitors. Which of the following best describes Customer Relationship Management? - correct answer ✅A system for organizing customer information and tracking interactions
(Grade A+)
Which of the following is correct regarding the remedy for the quantum meruit? - correct answer ✅The injured party is entitled to the reasonable value of the services performed. Which of the following is right granted to a borrower under a mortgage agreement? - correct answer ✅Right to make prepayments without penalties Murray and his client are in the process of closing a transaction. Murray's client has difficulty making decisions, which has significantly delayed the transaction. Subsequently, the transaction collapses. What factor primarily contributed to the collapse? - correct answer ✅Lack of sense of urgency Which two of the following are rights granted to a lender under a mortgage agreement? I. Right to assign the mortgage II. Right to receive a discharge of the mortgage III. Right to be paid under the terms of the mortgage.
(Grade A+)
Which groups typically use money laundering to finance their operations? - correct answer ✅Organized crime and terrorist group Garden Condominium expects to need $97500 to cover all anticipated expenses for next year. Meg's unit at Garden Condominium has a unit factor of 125. What is Meg's monthly contribution going to be for the upcoming year? - correct answer ✅ 102 Which of the following is correct regarding English language proficiency requirements in the real estate industry? - correct answer ✅Spelling mistakes in contracts can lead to misunderstandings that negatively impact client's interests. Which of the following describes the party that acts on behalf of the other party in a representation relationship? - correct answer ✅agent
(Grade A+)
In what way development permit and a building permit differ? - correct answer ✅a development permit regulates the land use, whereas a building permit focuses on specific projects Matt and Peter work together in a brokerage firm. Matt recently asked Peter's help with a task, which turned out to be more time-consuming than Peter had anticipated. however, in a brokerage meeting, Matt receives all the glory for the accomplishment and fails to acknowledge Peter's assistance. what could have been done better to foster a positive working relationship? - correct answer ✅Show gratitude What is the difference between a condition and a term in a contract? - correct answer ✅Conditions must be waived for the contract to proceed, while a contract can still proceed with unmet terms Which privacy in Alberta real estate licensees handle client information?
(Grade A+)
II. The contract must be in physical, not electronic, written form. III. There must be consideration for promises made by each party. IV. The parties must have the legal capacity to make the contract - correct answer ✅I, III, IV What is the significance of a Municipal Certificate of Compliance? - correct answer ✅It confirms that the building location complies with the Municipal Land Use Bylaw Amber is licensed in a different province but aims to market her listing in Alberta, anticipating interest from Albertans seeking a summer home. What legal steps should Amber follow to promote the property? - correct answer ✅Form an agreement with a licensed brokerage in Alberta and include their information in all advertisements. Michael, a real estate licensee with Prime Plus Real Estate Brokerage LTD. has an assistant, Marie, who used to be a licensee. As Michael is very busy, Marie
(Grade A+)
prepares promotional information for upcoming open houses that Michael will host. Which of the following statements is correct in this situation? - correct answer ✅Marie can prepare the promotional information if Michael approves all the work she completes Which of the following statements is correct regarding suspicious emails? - correct answer ✅All licensees share the responsibility of protecting the organization. Henri is setting himself goals for the upcoming fiscal year. Which of the following would be a SMART goal? - correct answer ✅Form 15 new service agreements by September. when can the seller's licensee share information about the highest offer? - correct answer ✅Only when the seller has permitted to do so. What due diligence activity should a seller's licensee perform when their client is interested in accepting a
(Grade A+)
IV. Right to inspect the property secured by the mortgage. - correct answer ✅I, III Closed Mortgage - correct answer ✅offer higher interest rate
