3. Regulation of CM Flashcards
What is meant by the term self-regulation as it pertains to condominium management?
It is an approach used by governments to regulate the practice of professionals.
It is when the government gate keeps a profession by deciding who can enter and call themselves a licensee.
It is when a profession governs themselves and their behaviour as a member of the industry.
It is when a profession governs themselves and their behaviour as a member of the industry.
The Real Estate Act was proclaimed in which year?
1995
1996
1999
2004
1996
In 2017, what was the significance of Bill 9?
Condominium management associates and brokers joined other real estate licensees in licensing and regulation under RECA.
RECA assumed regulation of real estate appraisers.
Regulatory responsibility for the administration of the Real Estate Act shifted to RECA.
Regulatory responsibility for the administration of the Real Estate Act shifted to RECA.
RECA discourages unethical or illegal business practices through:
Establishing the rules of appropriate business practices.
Sending complaints to the relevant municipal government to conduct hearings
Monitoring real estate licensees across Canada
Establishing the standards by which the activities or business practices are determined to be unethical or illegal. Investigating complaints and conducting disciplinary hearings.
Implementing initiatives to improve the practice of licensees in real estate, mortgage brokerage and property and condominium management in Alberta.
Establishing the standards by which the activities or business practices are determined to be unethical or illegal. Investigating complaints and conducting disciplinary hearings.
Implementing initiatives to improve the practice of licensees in real estate, mortgage brokerage and property and condominium management in Alberta.
In order to preserve the integrity of self-regulation and the confidence of the public, it is the professional and legal obligation of each licensee to ensure their compliance with REA, Rules, Regulations and Bylaws.
True/False
True
Select the answer that is incorrect. According to RECA, self-regulation supports the development of professionalism in the real estate industry by:
Establishing appropriate educational requirements for licensees.
Setting standards of conduct for licensees.
Marketing successful real estate brokerages.
Protecting consumers through a complaint handling and investigation process.
Marketing successful real estate brokerages.
Which of the following best describes the term “professional”?
Someone who possesses specialized knowledge and follows a standard of conduct based on ethics that govern the use of this knowledge when providing services to the public.
Which best describes the conduct of a “professional”?
A hardworking licensee who uses their professional network to find the best priced services.
An honest and objective licensee who acts in the best interest of their client.
An honest and objective licensee who acts in the best interest of their client.
Which of the following is a responsibility of RECA’s board of directors?
Managing the publication of information about real estate listings.
Administering conduct hearings and appeal applications for disciplinary actions.
Administering conduct hearings and appeal applications for disciplinary actions.
Advisory Services
Advisory Services: Offers a source of advice and support to brokers and broker delegates.
Trust Assurance and Practice Reviews: Conducts audits of brokerage books and records.
Professional Conduct Reviews: Conducts investigations and take disciplinary action when necessary.
Professional Conduct Proceedings: Conducts professional conduct reviews and hearing.
Registrar
Registrar: Sets eligibility requirements & developes RECA’s policies/standards
Industry Education: Establishes the pre-licensing and re-licensing education standards for all members.
Standards of Practice: Sets standards of conduct that apply to licensees that promote integrity.
Consumer Information: Provides consumers with impartial information and a process to lodge complaints.
Consumer Protection: Establishes standards for business conduct and investigations and disciplinary processes.
Providing “condominium management services” means exercising power or performing duty of a condominium corporation on behalf of the condominium corporation.
True/False
True
Within the scope of providing “condominium management services”, a condominium manager associate may be required to do which of the following activities?
(a) collect, hold, or disburse (or attempt to collect, hold or disburse) contributions levied by the condominium corporation.
(b) enforce the bylaws or rules of the condominium corporation.
(c) operate a condominium manager brokerage.
(d) supervise employees or contractors hired or engaged by the condominium corporation.
A,B,D
A __________ is an individual who:
(a) holds the qualifications of a condominium manager broker;
(b) is licensed as a condominium manager associate broker by the relevant Industry Council;
(c) is employed by or associated with a licensed condominium manager brokerage in Alberta; and
(d) is registered with and approved to provide condominium management services on behalf of that brokerage.
condominium manage associate broker
Complete the following sentence. A condominium manager must be _______ and ______ in order to be licensed to provide condominium management services.
Licensed and Registered
Who is exempt from the requirement to be licensed by RECA?
Self-managed condominium corporations
Condominium corporation employees
Accountants that provide financial reporting to condominium boards
All of the above.
All of the above.
An individual cannot provide condominium management services without registration with a brokerage.
True/False
True
What are the three components to an application for licensing?
Eligibility, education, and approval decision.
Eligibility, suitability, and approval decision
Eligibility, work history and approval decision
Eligibility, suitability, and approval decision
Licensee application color coding:
Green: real estate or conduct condominium manager services
Gray: not licensed to conduct condominium manager services possibly due to brokerage transfer
Black: License has been suspended, cancelled, or have applied for an industry withdrawal.
No results: new applicant. Not licensed to trade in real estate or condominium management services.
Although an individual can be registered in more than one sector, an individual is prohibited from being registered with more than one brokerage at the same time in any industry under RECA’s jurisdiction.
True/False
True
Which of the following is an example of a potential term, condition, or restriction attached to a license?
Specific date to complete an education requirement
Correctly unselected
Restriction to a specific area of practice
Correctly unselected
Compliance with a court decision
All of the above.
All of the above.
According to Section 25 of the Rules, a registration certificate expires on________(month)______(day) of each year.
September 30th
An individual cannot provide condominium management services without being employed by or associated with a brokerage and registered by RECA with the brokerage.
True/False
True
A condominium manager associate is a licensed and registered licensee who:
Buys and sells real estate
Develops real estate properties
Conducts condominium management services on the behalf of a condominium corporation
Conducts condominium management services on the behalf of a condominium corporation
When transferring between brokerages, a licensee must:
Provide written notice, submit all the required documentation, and make arrangements for the tranfer of clients to the new brokerage.
Provide written notice, submit all the required documentation, and make arrangements for the existing brokerage to represent clients.
Provide written notice, submit all the required documentation, and make arrangements for the existing brokerage to represent clients.
If a broker decides to terminate a licensee’s registration, they must:
Complete Associate/Associate Broker Registration Cancellation by Broker form.
Report any misconduct on the part of the licensee.
All of the above.
All of the above.
License Reciprocity/Occupational Standards
License Reciprocity: Jurisdictions with a mutual recognition agreement. Occupational Standards: Standard acceptable skills and knowledge required to perform a particular occupation.
Which of the following might result in a license refusal?
Applicant provided incorrect or misleading information.
Applicant is not of good character
Applicant would harm the industry
All of the above.
All of the above.
An applicant might be refused a license if any official, director, officer, shareholder, or partner of the brokerage has made an application for a lifetime withdrawal from the industry and the application was approved by RECA.
True/False.
True
If an applicant has been refused a license, it becomes RECA’s responsibility to demonstrate that the applicant is a concern to the public interest.
True/False
False
Which of the following are reasons RECA may cancel or suspend a licence?
Swears a false affidavit or provides false information
Fails to comply with a request for more information
Doesn’t complete the educational requirements
Fails to maintain insurance coverage
All of the above.
All of the above.
Any refusal, suspension, or cancellation of a licensee’s license by the Registrar is subject to review by an appeal panel if requested by the person affected.
True/false
True
Once a licensee voluntarily terminates their license, should that individual wish to re-enter the industry, they would be treated as a new applicant and would have to complete the education requirements in their current form and content at that time.
True/False
True
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