unit 2

Question 1

office of the register

Answer 1

responsible for RECAS regulatory functions including licensing, prof standards, and conduct reviews

Question 2

brokerage

Answer 2

legal entity licensed and registered by RECA to trade in real estate

Question 3

broker

Answer 3

an individual who has a specific responsibility to carry out on behalf of the brokerage

Question 4

associate broker

Answer 4

holds qualifications of a broker, not authorized to operate a brokerage and can trade.

Question 5

associates

Answer 5

work with sellers, buyers, and property owners, they can trade in real estate on behalf of the brokerage,

Question 6

property manager

Answer 6

leasing or offering to lease real estate or negotiating, holding money received in connection with an activity.

Question 7

if a person is unlicensed as a real estate prof, mortgage broker, or real estate appraisal, there could be a fine up to

Answer 7

$25,000

Question 8

a person who engages in the business of selling or offering for sale by public, auction, good, wares merchandise.

Answer 8

Auctioneers

Question 9

license expires after how long when they choose to be registered for the brokerage

Answer 9

36 months

Question 10

advance suitability review

Answer 10

if an individual is concerned about something in the past that may affect their ability to get a license, they can request this.

Question 11

REP courses contain

Answer 11

info regarding emerging issues, legislative updates, and industry practice tips.

Question 12

industry absence for 1 year

Answer 12

complete the registration online application and have the broker submit it to RECA prior to one 1 year from last date of reg

Question 13

industry absence between 1 year - 36 months

Answer 13

submit ccrc to reca or have RCMP in ottwa submit
complete REAP courses
complete the reg-reinstatement online application

Question 14

industry absence over 36 months

Answer 14

No longer eligible to be licensed

Question 15

unprofessional conduct

Answer 15

behavior that is immoral, unethical, or dishonorable

Question 16

who receives the trusts funds/compensation

Answer 16

brokerages

Question 17

a person who is in a position of trust and confidence with respect to another person and who has a duty to act solely in the best interests of the other person,

Answer 17

fiduciary

Question 18

false or misleading statement made by a person who believed it to be true and where the person carrying out the misrepresentation took reasonable steps to assure themselves of the accuracy

Answer 18

negligent misrepresentation

Question 19

reckless misrepresentation

Answer 19

false/misleading statement made by a person who had no intent to mislead anyone failed to take the responsibility to confirm the truthfulness of the statement

Question 20

intentional misrepresentation

Answer 20

false/misleading statement made by a person who knew that the statement was untruthful

Question 21

private conduct

Answer 21

refers to the activities an individual performs that do not require a real estate license

Question 22

privacy provincial legislation & it applies to brokerages carrying out business in AB

Answer 22

PIPA (professional info protections Act of alberta)

Question 23

t/f all referral fees which constitute furtherance of a trade in real estate must be paid by & received by the real estate associate

Answer 23

False, paid and received by the brokerage

Question 24

T/F referral fee can be paid to an unlicensed individual as long as that person is not conducting any activities for which authorization from RECA is required

Answer 24

TRUE

Question 25

incentives

Answer 25

anything that is advertised, communicated, or offered by the brokerage to the public for attracting business.

Question 26

inducement

Answer 26

anything that is offered or provided by a brokerage to a specific person who is or could be a party to a potential real estate trade

Question 27

levels of disclosure in personal trade | level 1

Answer 27

trading in real estate that is represented by another real estate prof from another brokerage

Question 28

levels of disclosure in personal trade | level 2

Answer 28

trading in real estate with a party that is not represented by a real estate prof

Question 29

levels of disclosure in personal trade | level 3

Answer 29

trading in real estate with a party that is represented by the same brokerage

Question 30

common law agency

Answer 30

agency relationship in real estate between the client and the real estate brokerage.

Question 31

the account where money belonging to others is deposited and held for their benefit, or the benefit of a third party

Answer 31

brokerage trust account

Question 32

reason for brokerage trust account

Answer 32

keep funds received in the course of a transaction separate from the personal funds.

Question 33

trustees have the following responsibilities

Answer 33

hold the trust money for the parties

Question 34

brokerages are required to keep records of brokerage activities and accounting records for

Answer 34

minimum 3 years

Question 35

advisory note

Answer 35

advice industry prof of a technical breach of legislation considered a sanction

Question 36

considered the least severe form of discipline, less serious nature or where the industry prof has received an advisory note in the past

Answer 36

letter of reprimand