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RECA FUNDAMENTALS EXA LATEST 2023-2024: REAL EXAM 130+ QUESTIONS AND CORRECT ANSWERS
Use the 64 quiz questions to prepare yourself and test whether you know the subject matter.
Preview (8 of the 64 quiz questions)
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DownloadWhich of the following is NOT a RECA educational resource for industry professionals?
Flip card
Spatial Information System (Spin 2)
Which entity has the authority to amend the Real Estate Act?
Flip card
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?
Flip card
Consumer Price Index (CPI)
Which of the following will occur to the supply of a good when there is a change in quantity supplied due to a price increase?
Flip card
An increase in quantity supplied
What does microeconomics study?
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Microeconomics studies the basic theories of supply and demand as it relates to individuals, households, and firms.
What do resource markets facilitate?
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Resource markets facilitate the exchange of factors of production.
What causes the quantity demanded to shift?
Flip card
Change in tastes, expectations, and number of consumers.
What is a potential downside of economic growth?
Flip card
Depletion of natural resources.
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Which of the following is NOT a RECA educational resource for industry professionals?
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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?
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Which of the following will occur to the supply of a good when there is a change in quantity supplied due to a price increase?
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What does microeconomics study?
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Microeconomics studies the basic theories of supply and demand as it relates to individuals, households, and firms.
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What do resource markets facilitate?
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Resource markets facilitate the exchange of factors of production.
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What causes the quantity demanded to shift?
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Change in tastes, expectations, and number of consumers.
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The following are practice questions and answers designed to help you prepare for the RECA Fundamentals exam for the 2023-2024 period. This set includes 64 questions extracted from the real exam, covering various topics related to real estate in Alberta. Each question is followed by its correct answer to aid in your study process.
Number
64 questions
Language
English
Made on
05-31-2024
View all 64 quiz questions
-
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 there is a change in quantity supplied due to a price increase?
An increase in quantity supplied -
What does microeconomics study?
Microeconomics studies the basic theories of supply and demand as it relates to individuals, households, and firms. -
What do resource markets facilitate?
Resource markets facilitate the exchange of factors of production. -
What causes the quantity demanded to shift?
Change in tastes, expectations, and number of consumers. -
What is a potential downside of economic growth?
Depletion of natural resources. -
What is a Real Property Report?
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Which of the following is not a non-price determinant of demand?
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What type of economy does Canada have?
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What are the benefits of RECAs trust assurance and practice review program?
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What are the responsibilities of RECA?
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What are the four factors of production?
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What type of annual reports does RECA provide?
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What does the structure of real estate in Alberta include?
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What is a referral in the context of real estate?
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What are the objectives of RECAs professional conduct review?
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Who can make amendments to the Real Estate Act?
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Who has the authority to create and amend the rules?
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What can the Executive Director do when suspending a license?
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What is included in written service agreements?
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What happens if an industry professional fails to immediately notify the Executive Director of changes to information provided in support of their license?
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How long is a license valid if not registered with a brokerage?
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What are the levels of disclosure?
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What is the difference between Designated Agency and Common Law?
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What is the difference between inducements and incentives?
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What happens if an industry professional withdraws from the profession during disciplinary proceedings?
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What are advisory notes?
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What are letters of reprimand?
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What are administrative penalties?
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What are the approaches to handling complaints against an agent?
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Where must records be kept and for how long?
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What are the requirements to become licensed?
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What privacy legislation governs client information?
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What are personal ethics?
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What are the steps in ethical decision making?
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What is the Golden Rule?
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What is the Real Estate Insurance Exchange (REIX)?
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What is Tort Law?
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What are the benefits of REIX?
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What is the duty-based approach to ethical decision making?
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What is Errors and Omissions Insurance?
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What is Comprehensive General Liability Insurance?
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What is the Voluntary Broker Resolution Process (VBRP)?
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What are the privacy law requirements for brokerages?
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What are the benefits of the Voluntary Broker Resolution Process?
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What are the three components of broker leadership?
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What are the reactions to conflict?
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What are the principles of the Competition Act?
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What is the Proceeds of Crime (Money Laundering) and Terrorist Financing Act?
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What is the Financial Transactions and Reports Analysis Center of Canada (FINTRAC)?
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What are the safeguards to protect personal information?
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What is considered confidential information?
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What is civil liability?
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What are the types of consent?
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What is legacy information?
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What are the sources of disputes?
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What can complaints and disputes indicate?
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What are the types of authority?
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What are general obligations in a representation relationship?
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What are fiduciary obligations?
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What is common law?
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What is statute law?
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