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
