Test 1 Flashcards
The Residential Tenancies Act lays out the rules for dealing with condominium unit owners.
True/False
False
The ________is the provincial legislation that establishes the framework for regulating the real estate, mortgage brokerage, property management, and condominium management professions in Alberta.
Alberta Act
Real Estate Act
Real Estate Agents’ Licensing Act
Real Estate Act
Which of the following is not established by the Real Estate Act?
Education standards
Eligibility to enter the industry
Condominium manager remuneration
Licensing and suitability
Condominium manager remuneration
Which of the following Acts required the licensing of real estate agents and salespeople?
Dominion Lands Act
Real Estate Commission Act
Real Estate Agents’ Licensing Act
Real Estate Agents’ Licensing Act
Pursuant to the Real Estate Act (Section 5), RECA derives its authority as the governing body for the real estate industry, is the mechanism for setting industry standards, and ensures transparency and accountability to the public.
True/False
True
The Real Estate Act defines a condominium manager as a person who represents themselves as a condominium manager or who provides condominium management services to a condominium corporation, either alone or as part of a team, for compensation.
True/False
True
Associate brokers are individuals who have a condominium manager broker license and take responsibility for a brokerage.
True/False
False
Condominium management associates and brokers are held to the same standards of conduct as real estate, mortgage brokerage, and property management licensees under the Real Estate Act Rules.
True/False
True
The Real Estate Act defines condominium management services as performing or attempting to perform duties on behalf of a condominium corporation. Which of the following activities does not fall under that definition?
Collecting, holding, or distributing contributions.
Enforcing rules and bylaws.
Appraising unit owners’ property values.
Appraising unit owners’ property values.
Which Act was intended to encourage further settlement following an influx of immigrants into Western Canada in 1871?
Alberta Act
Dominion Lands Act
Real Estate Commission Act
Dominion Lands Act
Which act was enacted to prevent fraud and perjuries related to the sale of real estate?
Alberta Act
Dominion Lands Act
Real Estate Commission Act
Real Estate Commission Act
In what year did the real estate industry in Alberta begin its transition to self-regulation?
1990
2018
1975
1980
1975
The Real Estate Assurance Fund was created to:
Regulate the licensing requirements for mortgage brokers.
Ensure educational standards for industry licensees are met.
Provide the public with greater protection from fraud by mortgage broker licensees.
Provide the public with greater protection from fraud by mortgage broker licensees.
What are the four components of the Real Estate Act and their description?
The Act: Statute enacted by the provincial legislature.
The Regulations: Elaborate on the Real Estate Act
The Bylaws: Guidelines that RECA adopts for governance
The Rules: Standards of practice for licensees
Each province and territory in Canada is responsible for establishing its own legislation regarding real property.
True/False
True
