UNIT 1 SESSION 4 QUIZZES

Question 1

RECA governs industry professionals in the real estate, mortgage brokerage, and real estate appraisal industries under Alberta..

Answer 1

Real estate act

Question 2

the process by which the government transfers and delegates regulatory authority and responsibilities to an organization

Answer 2

self-regulation

Question 3

standards of conduct

Answer 3

recas mandate that industry members must follow

Question 4

As a provincial statute, the act may only be amended by the

Answer 4

provincial legislature

Question 5

RECA builds trust and confidence in the industry by suppressing this as it relates to the industry

Answer 5

mortgage fraud

Question 6

real estate council of Alberta

Answer 6

independent, non gov body responsible fot governing industry prof in the real estate, mortgage brokerage, real estate appraisal industries in Alberta

Question 7

minister of service Alberta

Answer 7

represents the provincial government in matters of the act

Question 8

council

Answer 8

establishes the policies that guide RECA in the fulfillment of its mission

Question 9

refer to the periodic inspection of a real estate brokerage financial records and books

Answer 9

audits

Question 10

provides information, advice, and support to the council and is responsible for the day-day operations of RECA

Answer 10

executive director

Question 11

Council

Answer 11

establishes the policies that guide RECA in the fulfillment of its mission

Question 12

To protect consumers and to provide services that enhance and improve the industry and the business of industry professionals

Answer 12

mandate

Question 13

are conducted by RECA when a complaint is received regarding an industry member’s failure to follow the standards of business practice

Answer 13

professionals conduct reviews

Question 14

when reca carries out its _____ it builds consumer trust and confidence in the industry

Answer 14

mission

Question 15

the public interest is best served through stakeholder collaboration and where there is a supportive environment for professionals to flourish while providing the best possible experience for the public

Answer 15

vision

Question 16

the mechanism by which RECA fulfills its statutory obligations relating to the disciplinary process through

Answer 16

professional conduct proceedings

Question 17

rec provides what as part of its services to the public that enhances and improves the industry

Answer 17

consumer information

Question 18

How and what committes provide ongoing advice and feedback to council

Answer 18

5 advisory committees

Question 19

compensates consumers who suffer financial loss as a result of fraud, breach of trust, or a failure to disburse or account for money held in trust

Answer 19

real estate assurance fund

Question 20

responsible for all operations related to licensing, registration, and education programs

Answer 20

office of the register