Carl, a real estate professional, is registered with Prime Plus Real Estate Ltd. He has listed his brother's house for sale with the brokerage. A real
... [Show More] estate professional with another brokerage contacts Carl and asks to preview the property as she has a potential buyer. What level of disclosure must Carl provide?
Disclosure level 1
When evaluating an ethical dilemma, the first step is awareness. An individual may become aware of an ethical dilemma through a variety of ways. Which one of the following is typically NOT one of the ways?
Others tell you that you have an ethical dilemma
Which of the following statements is correct regarding the length of time that real estate professionals are obligated to keep client information confidential?
It continues without a time limit after real estate services are no longer provided
Which of the following describes what is meant by a lawful instruction?
Any instruction that is reasonable and ordinary under the circumstances
Which of the following types of authority involve describing (orally or in writing) the actions that may be taken by an agent on behalf of a principal?
Express Authority
Which of the following describes the party that exists outside of a representation relationship?
Third Party
Which of the following is NOT a type of authority an agent may hold?
Functional Authority
Which of the following are the only entities authorized to trade in real estate?
Real Estate Brokerages
Which of the following categories of brokerage services involves numerous services that require the greatest level of discretion or judgement?
Property Management Services
Which of the following does NOT apply to consideration?
Consideration always involves money
What is the difference between a condition and a term in a contract?
Conditions must be waived for the contract to proceed, while a contract can still proceed with unmet terms
Which of the following is NOT an essential element of a contract?
The contract must be in written form to be enforceable
The Ogami's have just completed their first English language course. They want to start a family business and take out a mortgage on their small townhouse to get funds for the business. However the business fails and they must repay the mortgage. Since the Ogami's struggle with English, they did not understand the mortgage contract. If they challenge the contract, what term describes the possible result?
The contract may be voidable
Which of the following is NOT characteristic of value in relation to a commodity?
Pricing
Advisory Note
Which of the following Professional Conduct Review outcomes is issued as a practice guideline for a technical breach of the legislation?
B) Statements II, III and IV
Which of the following statements is correct regarding the Real Estate Act Rules?
The Rules may only be amended by the provincial legislature
RECA posts the most current version of the Rules on its website
The Rules refer to the standards of practice for industry professionals
When contemplating amendments to the Rules, RECA consults with industry professionals and stakeholders
Social Reaction
Which of the following is NOT a type of reaction associated with conflicts or disputes?
Personal Information Protection Act
Which of the following is the provincial privacy legislation in Alberta?
Authority, responsibility and accountability
In terms of the brokerage, what are the 3 components of leadership that relate to the broker?
It should state that the consumer received and understands the written disclosure made by a real estate professional
Which of the following best describes a written acknowledgement?
Customary authority
Which of the following types of authority allow an agent to act according to the usual ways of performing an action as established by the profession?
Only some general obligations
Which of the following responsibilities do real estate professionals owe customers?
Statements I and IV
If a real estate professional cannot provide competent service to a client, which of the following statements describe actions that the real estate professional should take?
The real estate professional may refer the client to another real estate professional who specializes in that area of practice or geographic region
The real estate professional may continue to represent the client in a trade or potential trade and provide services to the best of their ability
The real estate professional may terminate the representation relationship and refer the client to another real estate professional at a different brokerage
The real estate professional may work under the supervision of another real estate professional at the same brokerage who possesses the relevant experience
Frustration
If performance of a contract is impossible, what is the reason for the contract ending?
A contract that was valid and has now ended
What is meant by a discharged contract?
Unilateral mistake
Rodney has applied for a mortgage through Regional Mortgage Brokers Ltd. The mortgage associate there explains that the term of the mortgage is for 3 years and Rodney is in agreement. While signing the mortgage document with the lawyer, Rodney sees that the term is for 5 years. Rodney does not mention the misunderstanding and accepts the 5-year term. Based on an understanding of contracts, what type of mistake is this?
Owners may have unequal ownership interest in the property
Which statement is true when the ownership of a property is referred to as 'tenancy in common'?
Statements I, II, and III
Which of the following statements defines the purpose of unit factors?
Sets unit responsibility for common area expenses
Defines the voting rights of the unit owner
Determines the monthly contribution for the unit
Sets the value of the unit for property tax purposes
Within 15 months of the last one
How often must a condominium corporation hold an annual general meeting?
Statements I, II, and III
Which of the following statements are associated with the Principle of Highest and Best Use?
Legal permissibility based on municipal land use classifications and bylaws
Physical potential of the land based on its size, shape, and topography
Financial feasibility and maximum productivity potential for development
Political possibility based on the ability to achieve development approvals
All Statements Apply
Why is the value of a property based on a property valuation often different from that of a property assessment?
Assessments are based on sales as far back as a year ago
Property valuations rely on the most recent sales
Assessments are done for taxation as opposed to a sale
Assessments use a different process referred to as mass appraisal [Show Less]