RECA fundamentals study guide| Complete Questions and Answers, 100% Correct| A+ Rated Solution guide| Latest 2024
RECA fundamentals study guide| Complete
Questions and Answers, 100% Correct| A+
Rated Solution guide| Latest 2024
duty-based ethics
Individual is expected to do the right thing cause it's the right thing to do,
regardless of outcome
utalitarian ethics
Sells the optimal result for the greatest number of people
Advisory note
Punishment for a technical breach
Administrative penalty/ fine
One or two potentially serious infraction would cause this punishment
Ratification- acting without authority or in excess of authority
Implication- advice outside of objective
These two ways of creating a representation relationship should not be done in real
estate
By Estoppel
This representation relationship arises when a principal acts in a way that leads a
third party to believe an agent has been given authority when in actuality the agent
hasn't consented or even knows about it
By operation of law
This type of representation relationship is created when someone takes action to
save a property or person from imminent danger/ damages
Ethics
Voluntary set of rules and guiding principles an individual uses as their moral
compass. Standard of conduct adopted and practiced within a culture or society li
Morals
A set of beliefs held by an individual and founded on fundamental principles of
right and wrong. Ex. Religious
Tort law
What area of law deals with civil wrong doings for which the courts may grant a
remedy. ( harm to a person or damage to property)
35,000$
Max the real estate assurance fund may pay per claimant for damages or losses to
the services of a real estate professional
Purpose of Real Estate Assurance Fund
Compensate consumers who have received court judgement against a real estate
professional for fraud or breach of trust
Real estate insurance exchange
REIX
To protect real estate professionals when they make a mistake regarding their
business
Kohlbergs highest stage of moral development
Where moral development is based on individual reflection and analysis of the
issues ( level 3 stage 6)
Right of Recission
The ability of purchasers to cancel their purchase contract with a developer within
10 days
Condominium
Ownership in common with others
CADS
If someone forgets the condo management company name for any reason where
would they find it
General power of attorney
Can make all decisions about finances or legal affairs has no limit other then where
they'll live or health care
Yes
Will power or at tourney be on the title
building permit
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