Reca Residential Exam With Correct Answers

RECA Residential Exam with correct answersFiduciary Representation - ANSWER: âž¡ - Trust and confidence- Best interests- Loyalty5 Ds of Role Clarity - ANSWER: âž¡ 1. Discuss2. Determine3. Document4. Disclose5. DoMust disclose in writing - ANSWER: âž¡ - the nature of services provided- whether professional has entered into representation relationship with other party- any conflicts of interest- any other facts that may influence consumers decision to proceed with relationshipmade to clarify and provide proof of undertanding in event issues or disputes ariseWritten Service Agreement vs Customer Acknowledgement Forms - ANSWER: âž¡ Written Service Agreement- when consumer chooses a representation relationship- becomes a client- provide signed copy to brokerageCustomer Acknowledge forms- non-representation relationship- becomes a customer- provide signed copy to brokeragePIPEDA - ANSWER: âž¡ - Federal legislationPIPA - ANSWER: âž¡ Alberta's legislation, how private organizations use and disclose personal information.Power of Attorney - ANSWER: âž¡ a legal document authorizing someone to act on your behalf- must be 18- POA must be written, dated and signed by both donor and witness- donor must be mentally capable or contract is void- only effective as long as donor is alive, will takes effect once deathTypes of POA - ANSWER: âž¡ General POA- has no limits