Intro To Real Estate

Question 1

Act section 1(1)1(u)

Answer 1

Real property
Leasehold property
Portable dwelling other than a holiday trailer or recreational vehicle wholly or mainly used to live in

Question 2

Industry member

Answer 2

Any person who is authorized by reca

Question 3

Real estate professional

Answer 3

Anyone licensed by reca in the various classes if real estate

Question 4

Residential

Answer 4

Refers to buildings used as dwellings by one or more occupants. Urban or rural settings.

Question 5

Recreational

Answer 5

Refers to buildings used and designed for leisure or a second residence. Usually built alongside amenities such as lakes golf courses etc.

Question 6

Commercial

Answer 6

Buildings intended for business use. Typically leased it rented usually only inhabited during business hours

Question 7

Industrial

Answer 7

Refers to buildings used for processing raw materials and manufacturing goods as well as their storage. Such as warehouses factories plants

Question 8

Retail

Answer 8

Refers to buildings used to promote commerce with consumers for goods and services. Such as small stores large shopping centres Liz these are another type of commercial building as well

Question 9

Institutional

Answer 9

Refers to buildings with a specialized aim at serving the public or private clientele. Such as schools, laboratories hospitals.

Question 10

Agricultural

Answer 10

Refers to buildings used for production of food or other goods through farming fancying ir forestry. Such as barbs stables cellars coops silos part if rural real estate

Question 11

What our the four real estate sectors

Answer 11

Residential
Commercial
Rural
Property management

Question 12

Residential real estate act

Answer 12

Defines it as used for residential purposes or intended to be used for residential purposes but not comprising of more then 4 premises

Question 13

Condominium sales

Answer 13

Land ownership is per individual but also own undivided interest in the common property

Question 14

Rural residential sales

Answer 14

Refer to as acreages and vary in size and scope

Question 15

Classes of licence

Answer 15

Associate
Associate broker
Broker

Question 16

Macroeconomics

Answer 16

Analyzes how economy-wide phenomena such as inflation and unemployment affect society. It examined the factors that determine the production employment and price levels in a country

Question 17

Microeconomics

Answer 17

Studies how individuals households and firms make decisions to allocate scarce or limited resources typically in markets where goods or services are being bought and sold

Question 18

Settlement years

Answer 18

1870-1905
Boom after 1896

Question 19

Birth of province

Answer 19

1905-1927
Sept 1st 1905 become alberta

Question 20

Depression and war

Answer 20

1928-1943
1933 unemployment rates if 30%
1942 veterans land act

Question 21

Post war and urbanization

Answer 21

1954-1969

Question 22

Oil boom

Answer 22

1970-1979

Question 23

Recession years

Answer 23

1980-1989

Question 24

Restructuring years

Answer 24

1990-1999

Question 25

Millennium years

Answer 25

2000-2009

Question 26

Current decade

Answer 26

2010-present

Question 27

Self regulation

Answer 27

Is a privilege granted to the industry by the government of alberta and comes with responsibility. It is the responsibility of Reca to fulfill its mandate as set out in the act.

Question 28

Mandate

Answer 28

Reca has to protect consumers and to provide services that enhance and improve the industry and the business of industry professionals.

Question 29

Recas Mission

Answer 29

Reca is focused on Bildungsroman consumer trust and confidence in the industry by.
Setting and enforcing standards if conduct
Providing services that enhance and improve the industry
Printing the integrity of the industry
Protecting against investigating detecting and suppressing mortgage fraud

Question 30

Vision

Answer 30

Set the foundation for real estate professionals to serve the public interest protect consumers and provide a positive real estate experience
Be recognized as an independent responsive and impartial governing body
Ensure real estate practitioners have a profession mindset

Question 31

What is the real estate council made up of

Answer 31

Organizational mindset
Mandate
Mission
Vision
Values and principles
Philosophy