2. REA & CPA Flashcards
(23 cards)
Which Act was intended to encourage further settlement following an influx of immigrants into Western Canada in 1871?
Alberta Act
Dominion Lands Act
Real Estate Commission Act
Dominion Lands Act
Which Act was enacted to prevent fraud and perjuries related to the sale of real estate?
Alberta Act
Dominion Lands Act
Real Estate Commission Act
Real Estate Commission Act
Q: Which of the following required licensing for real estate agents and salespeople?
Dominion Lands Act
Real Estate Commission Act
Real Estate Agents’ Licensing Act
Real Estate Agents’ Licensing Act
By 1951, over _______% of the Alberta population had settled in urban centers.
30
50
75
80
50%
In what year did the real estate industry in Alberta begin its transition to self-regulation?
1990
2018
1975
1950
1975
The Real Estate Assurance Fund was intended to:
Regulate the licensing requirements for mortgage brokers.
Ensure educational standards for licensees are met.
Provide the public with greater protection from fraud by mortgage broker licensees.
Provide the public with greater protection from fraud by mortgage broker licensees.
Which of the following was a milestone for the industry in 1996?
Full regulatory responsibility for the Real Estate Act shifted to RECA
RECA established educational requirements
Both of the above
Both of the above
Four components of the Real Estate Act framework:
The Act: The statute enacted by the provincial legislature
The Regulations: Elaborate on the Real Estate Act
The Bylaws: Guidelines for governance
The Rules: Standards of practice for licensees
The ________ is the provincial legislation that establishes the framework for regulating real estate, mortgage brokerage, property management, and condominium managers in Alberta.
Alberta Act
Real Estate Act
Real Estate Agents Licensing Act
Real Estate Act
Which of the following is not established by the Real Estate Act?
Education Standards
Eligibility to enter the industry
Condominium manager remuneration
Licensing and suitability
Practice Standards
Condominium manager remuneration
The Real Estate Act defines condominium management services as performing or attempting to perform duties on behalf of a condominium corporation.
Which of the following activities does not fall under that definition?
Collecting, holding, or disbursing contributions
Appraising unit owners property values
Appraising unit owners property values
Before an amendment to the Real Estate Act can take effect, it must be discussed, passed by the provincial legislature, and officially proclaimed by the Lieutenant Governor of Alberta.
True
False
True
Typically there are __________ (number) “readings” in the provincial legislature before legislation is passed into law.
2
3
7
10
3
Which of the following additions to the Real Estate Act were included on July 28, 2008?
Timing of trust monies, interest on trust accounts, Real Estate Assurance Fund Claims, service of documents, and production orders by RECA.
Disciplinary processes for licensees, industry entrance requirements, interest on trust accounts
Timing of trust monies, interest on trust accounts, Real Estate Assurance Fund Claims, service of documents, and production orders by RECA.
The Rules contain which of the following:
The rates a licensee can charge members of the public.
Requirements that affect licensees on a daily basis.
Legal requirements for a condominium corporation
Requirements that affect licensees on a daily basis.
Condominium management associates and brokers are held to the same standards of conduct as other real estate licensees (property management, real estate, and mortgage brokerage) under the Real Estate Act Rules.
True
False
True
While changes to the Real Estate Act and Regulations are the responsibility of the __________ and provincial legislature to amend, changes to the Rules are the responsibility of ________.
Minister of Service Alberta and RECA
RECA and Minister of Service Alberta
Minister of Service Alberta and RECA
Pursuant to the Real Estate Act (section 5), RECA derives its authority from the Real Estate Act as the governing body and is the mechanism for setting industry standards and ensuring transparency and accountability to the public.
True
False
True
The Condominium Property Act was passed in?
1966
Each province and territory in Canada is responsible for establishing its own legislation regarding real property.
True/False
True
The Residential Tenancies Act lays out the rules of dealing with renters.
True/False
True
Associate brokers are individuals who have a condominium manager broker license and take sole responsibility for a brokerage.
True/False
False
The Real Estate Act defines a condominium manager as:
A person who represents themselves as a condominium manager or provides condominium management services to a condominium corporation for compensation.
