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RECA Appraisal Course > Final Exam Review > Flashcards

Final Exam Review Flashcards

1
Q

This can be a part of a commercial real estate transaction:

A

Environmental Site Assessment

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2
Q

These are not a part of a commercial real estate transaction:

A

Home Inspection and Corporate Relocation Appraisal

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3
Q

What is RECA’s mandate?

A

1) Improving the business of industry members
2) Enhance and improve the industry
3) Protect consumers

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4
Q

What is not the mandate of RECA?

A

Investigating complaints regarding industry members.

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5
Q

Activities performed by a real estate lawyer may require the services of a real estate appraiser:

A

The obligations of a real estate purchase contract.

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6
Q

What functions can real estate appraisers perform using RECA online?

A

1) modify personal contact info.
2) view financial statements
3) review licensing information and process the renewal application.

NOT: modify their business information

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7
Q

What are types of conditions used in Alberta for real estate purchase contracts?

A

Conditions Precedent

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8
Q

What is real estate?

A

The land and fixed improvements to the land.

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9
Q

Different types of real estate:

A

1) real property
2) leasehold property
3) portable dwelling for residential purposes

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10
Q

The process of making an application to RECA for a licence:

A

authorization

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11
Q

The indication that an individual has obtained additional training and expertise in a specialization are:

A

designation

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12
Q

Who can amend the Real Estate Act:

A

As provincial statute, the Act may only be amended by the provincial legislature.

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13
Q

Who represents the provincial government in matters related to the Act:

A

The Minister of Service Alberta

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14
Q

Who creates Real Property Reports?

A

A Land Surveyor

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15
Q

Accountabilities that RECA has to the Minister of Service Alberta:

A

1) Prepare and submit annual reports (financial statements, # of industry members, # of individuals refused authorization)
2) A report of the Real Estate Assurance Fund
3) Power to review conduct of council.

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16
Q

Not an accountability that RECA has to the Minister of Service Alberta:

A

Submitting investigation results.

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17
Q

What is RECA’s vision:

A

The public interest is best served through stakeholder collaberation.

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18
Q

What does council do:

A

Establishes policies that guide RECA in the fulfillment of its mission.

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19
Q

Which is not a benefit that an appraisal association offers their members?

A

Authorization to provide appraisal services.

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20
Q

In addition to the appraisal association, which of the following is involved with the appraisal industry?

A

Service Alberta

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21
Q

What does the ACT enable:

A

It enables real estate appraisal licensing and regulation of the industry by RECA.

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22
Q

Which entity has the authority to amend the ACT?

A

The provincial legislature.

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23
Q

In addition to the Real Estate Act what other Alberta statutes affect the real estate appraisal industry?

A

1) Land Title Act
2) Personal Information Protection Act
3) Environmental Protection and Enhancement Act

NOT: The Residential Tenancy Act

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24
Q

Not a benefit of RECA’s audit program:

A

It establishes performance and evaluation standards.

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25
Q

What are audits?

A

Periodic inspection of brokerage books and records.

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26
Q

Not a mission of RECA:

A

Carry out the administration of the Real Estate Act.

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27
Q

3 key components to become licensed by RECA:

A

Determine the person’s eligibility, suitability and then a decision to approve or refuse the person’s application to be licensed.

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28
Q

After completion of RECA education how long before you need to be licensed?

A

1 year or your education is no longer valid

June 15, 2019 to June 14, 2020

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29
Q

How long is the Certified Criminal Record check valid for:

A

12 months but after 6 months you’ll need a local RCMP supplement to the CCRC.

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30
Q

When does licence expire each year:

A

September 30.

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31
Q

Examples of term, conditions or restrictions attached to licence:

A
  • complete an education course by a certain date
  • provide CCRC
  • retract an individuals activities
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32
Q

If any of the answers of the suitability questions in the licence renewal application are affirmative since the last date of the last application how should the appraiser proceed with the renewal of his licence?

A

Stop processing renewal and contact RECA for further assistance.

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33
Q

Under which circumstances is a real estate appraiser deemed to have withdrawn from the industry?

A

When the person’s application for withdrawal is approved by council.

34
Q

What are the 4 components of the legislation:

A

1) The Act
2) The Rules - affect members with day to day business
3) The Regulations
4) The Bylaws - guidelines that council adopts for its governance and other admin. functions

35
Q

Part of RECA’s mandate is to _______ the Act, Rules, Regulations and Bylaws.

A

administer

36
Q

When is notification by an industry member to the Exec. Director NOT required?

A

When an industry member commits a highway traffic violation.

37
Q

Record retention period:

A

3 years min.

38
Q

An appraiser is _______ to link the various files related to an appraisal or potential appraisal.

A

required

39
Q

What happens to complaints that RECA receives, but that are not in its jurisdiction?

A

The complainant is directed to another forum for resolution, of applicable.

40
Q

Express consent:

A

consent given verbally or in writing

41
Q

Implied consent:

A

is inferred from signs, actions or facts or by action of silence

42
Q

Opt out consent:

A

you opt out

43
Q

What triggers RECA’s investigation process?

A

receiving a written complaint or information

44
Q

According to the RECA Online Filer Agreement, how many years must an appraiser retain his or her licensing records?

A

Indefinitely

45
Q

Do not have to notify a RECA Exec Director if:

A
  • fined for non payment of parking tickets

- receive a letter of complaint from a former client

46
Q

Which of the following may RECA amend from time to time:

A

The rules and bylaws.

47
Q

If an engineer is sanctioned by his engineering association you must:

A

tell RECA’s Exec Director immediately.

48
Q

All industry members are NOT required to have a written service agreement with all clients and the industry member does not have to refuse services to that client

A

True

49
Q

When may an industry member in Alberta have to comply with the requirement fo PIPEDA?

A

When the business of an industry member has an affiliation with a national service provider.

50
Q

PIPA fine:

A

$10K and up to 100K for an organization

51
Q

3 Sources of Law:

A
  • statute law
  • case law
  • common law
52
Q

What is the Doctrine of Estate:

A

Estate is defined as the nature, degree, extent and duration of a person’s interest in land.

53
Q

What is the Statute of Frauds?

A

A contract in writing.

54
Q

The Bundle of Rights:

A

Possession, use, enjoyment and sale of land.

NOT: develop or divide

55
Q

The Real Estate Act is:

A

Alberta statute law that defines regulations and responsibilities.

56
Q

Consideration already given is:

A

no consideration

57
Q

There are 2 types of contract conditions:

A

1) Conditions precedent - need to meet condition for the sale to proceed (ALBERTA)
2) Conditions subsequent - the conditions are presumed to be met by the deadline if no notice is provided to the contrary.

58
Q

The 5 common methods to terminate or discharge a contract:

A

1) Performance
2) Mutual Agreement
3) Frustration
4) Operation of Law
5) Breach

59
Q

What is operation of law when a contract is terminated or discharged?

A

One of the parties is no longer able to participate in the fulfillment of the contract. ie bankruptcy

60
Q

What is quantum meruit?

A

Is the amount that should be paid as merited by the service performed.

61
Q

What is specific performance?

A

the court can compel the guilty party to carry out their promise.

62
Q

What is injunction?

A

the court retrains the offending party from doing an act.

63
Q

The essential elements of a contract:

A

1) Consideration
2) Genuine consent
3) Capacity of the parties
4) Mutual agreement
5) Legal object
6) Intent to contract

NOT: disclosure of facts

64
Q

Protocol of mutual agreement:

A

offer, acceptance, communication

65
Q

What may compromise genuine consent:

A

misrepresentation, nondiscolusre of facts, un due influence/duress, mistake

66
Q

Jap struggles with English based mortgage contract but signs it anyway. Then, they are unable to make the payments. The contract…

A

may be voidable

67
Q

Conditions must be waived for the contract to proceed, while a contract can still proceed with ______ terms.

A

unmet

68
Q

In contract law, which type of mistake is best represented by the parties holding the same mistaken belief about the facts?

A

a common mistake

69
Q

Consideration bust be something of …

A

value

70
Q

Key difference between a term and a condition:

A

A condition is an impediment to the contract, a term is not.

71
Q

Four fold test of employee vs contractor:

A

1) direction and control
2) ownership of tools and equipment
3) chance of profit
4) risk of loss

72
Q

Land is:

A

1) Durable
2) Rigid
3) Immobile
4) Unique
5) Scarce

73
Q

3 Types of Estates in Land:

A

1) Fee simple
2) Leasehold estate
3) Life Estate

74
Q

In Canada, the absolute ownership of the land belongs to:

A

The Crown

75
Q

What is joint tenancy?

A

Split ownership with rights of survivorship.

76
Q

What is Tenancy in Common?

A

2 or more owners with no right of survivorship.

77
Q

What are the power of government?

A
  1. Taxation
  2. Land Use
  3. Eminent Domain (right of gov. to expropriate your land)
  4. Police Power
  5. Escheat (if property taxes unpaid they can take your property)
78
Q

What best describes real property:

A

Land, real estate, ownership rights.

79
Q

What best describes bundle of rights:

A

A combination of rights of land ownership.

80
Q

What best describes real estate:

A

Land plus attached improvements.

81
Q

Best way to search for a property title:

A

Use SPIN - Surveys Spatial Information System

RECA Appraisal Course (2 decks)

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