Introduction to Real Estate Practice Quiz Flashcards
What is the provincial act that regulates real estate brokers, mortgage brokers, and associates
The Real Estate Act
What is an associate broker
A person who holds real estate broker qualifications but who is not authorized to operate a brokerage
What events should the registrar be notified of immediately
Name changes
Brokerage changes
Disciplinary matters
Judgement relating to the provision of goods and services to the public
Real Property goes beyond real estate to include a bundle of rights, which rights are included in that bundle
The right to dispose of
The right to enjoy
The right to posses
The right to control
Two sisters purchase a home, which type of type of ownership is best for them
Tenancy-in-common
A son purchases a home for him and his mother to live in, which type of ownership is best for him
Sole ownership
Which governing body is responsible for registering land ownership rights in Alberta
Service Alberta
A notice or warning has been given that someone is declaring they have an interest in a specific property. What type of encumbrance is this?
Caveat
What is a housing bubble
Occurs when the price of housing rises at a rapid pace
Four components of the Real Estate Act (REA)
The Act
The Bylaws
The Rules
The Regulations
RECA protects the public interest by
Licensing practitioners
Setting standards of competency
Providing a mechanism to discipline members who fail to meet standards
RECA is composed of
Board of directors
Executive director
Registrar
Industry councils
If the hearing panel finds the conduct of the licensee “deserving of sanction” there are a number of possible penalties
A letter of reprimand
Fines of up to $25,000
Suspension of, or cancellation of the licensee’s license
If a unlicensed individual causes financial harm to a client, are they protected under the REA
No
Who required a license to trade real estate in Alberta
Anyone completing a service on behalf of someone else
Anyone who is being compensated for that service
