Reca - Residential Study Guide Rated A+

Cash accounting {Ans: Records cash when it is received and expenses when paid.}Negligent misrepresentation {Ans: False or misleading statement who believed it to be true, after taking reasonable steps to assure accuracy.}Assemblage {Ans: Purchase of contiguous lots by same buyer(s), with intent to create single larger site with enhanced development potential. -Involves efforts to change applicable land use bylaws if it limits or restricts property owner's intended (re)development of the land.}Buyer's market {Ans: Supply > Demand -More listings, Lower sale price, buyers can negotiate more, less offers, decrease in property sales/pricing}Balanced market {Ans: Supply = Demand -Equilibrium, stable sale prices, prices changes vary, stable and steady.}Types of RPR (2) {Ans: Current: Current status, as of date of report. Existing: Status of property as of date it was prepared. -updating is cheaper than preparing new one. *Optionally Title insurance can be substituted if accepted by terms of transaction.}