Reca Fundamentals Exam| 2023/ 2024| Questions And Verified Answers|100% Correct

Real Estate Insurance Exchange (REIX) {Ans: - provides financial protection - compensates consumers up to $35,000 - mandatory errors & omissions insurance + negligence - excludes injuries or death, transfers of title, commission/fees - $3,500 is the first deductible - $7,000 if second claim. - RECA collects premiums with licensing fees}Disputes come from: {Ans: Assumptions Omissions (non actions) Commissions - act that did not meet approval, creating issues ex. young couple in 55+ building}7. Principal of Surplus productivity {Ans: factors of production that generate net income, which is then attributed to the land and tends to set the value}Registered Encumbrance - builders Liens {Ans: in favor of party that did work, claim for unpaid services in excess in $300}Type of Fraud - Property flip {Ans: }Tort Law {Ans: Compensation for civil wrongs that result in harm - Negligent Tort - carelessness, failure to exercise reasonable care - Intentional Tort - assault, fraud, theft, defamation - strict liability Tort - the act itself, producting defective products, using hazardous materials}Registered Encumbrance - Restrictive Covenants {Ans: restriction on use/architectural detail}Executive Director can suspend license {Ans: - determines the length of suspension - serves the decision