2024 RECA Residential Exam with Answers (220 Solved Questions)

Preview (9 of 27 Pages)

100%

Purchase to unlock

Loading page image...

RECA Residential ExamLatest Updated 2024Power of Attorney-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 aslong as donor is alive, will takes effect once deathTypes of POA-General POA-has no limits on powers of the attorney-can make all decisions regarding financial and legal affairs-exception where the donor resides and health careSpecial POA-make certain decisions-also called limited POA-may grant authority to oversee sale, deals with land-must be registered on Certificate of TitleImmediate POA-takes effect as soon as POA is signed, dated and witnessed-terminates upon loss of mental capacity or deathEnduring POA-immediately upon being signed, dated and witnessed-continues if donor becomes incapable, mentally incapacitated-must include statement whether it takes effect immediately and continues...Judicial Sale-Court ordered sale usually as a way to resolve legal matters-primary debt recovery method for default mortgages

Loading page image...

Foreclosure-legal action supervised by the court following a default on themortgage.-transfers the real property from the borrower to the lender and erases interests ontitle.Alberta Building Code-Legislation that establishes technical specifications for newbuilding construction and construction materialsBuilding Permit-typically valid for one year during which construction process mustbe initiatedFactory Built Construction-Manufactured-three sections that are 95% complete when they leave the factory.-secure the sections to the foundation and join together-can often move in the same day or within days-saves time and monyModular Construction-manufacturing three dimensional units, 85 percent complete when they leave-requires few weeks on site to be complete-allows for creation of multi-story buildingsPanelized construction-creation of pre-fabricated wall, floor or roof panels-panels may be completed fully or partially-may consist of just the frame or fully complete with windows and sidingFiduciary Representation--Trust and confidence-Best interests-Loyalty5 Ds of Role Clarity-1. Discuss2. Determine3. Document

Loading page image...

4. Disclose5. DoMust disclose in writing--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-Written ServiceAgreement-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--Federal legislationPIPA-Alberta's legislation, how private organizations use and disclose personalinformation.Alberta Safety Codes Act-provincial legislation that sets specifications for newbuilding.Components of Construction-LotSubstructure-building foundationSuperstructure-above grade constructionincludes; envelope, service systems, interior

Loading page image...

-building envelope-everything that encloses the structure-roof, exterior walls,windows, doors, and interior walls-building service systems-supply's essential services-heat, electricity, water-interior-interior walls, features, finishes, and fixturesPre-wired-security systems, internet, fireplace controls, windowsPreserved Wood foundation-treated wood, must be certified with a stamp.-must be examined by engineer or architect stating conforms to the Alberta BuildingCode requirements-poured concrete is the most common foundationSubsurface Drainage-Drain tiles-directs water to storm system or sump pitSump Pump-located in sump pit in the foundation, accessible-submersible pump-installed within the sump pit-pedestal/upright-set outside of the sump pitParging-Thin top coat that is applied to exterior finish, used to create smoothsurface. can be cement or acrylic-protects above grade foundation wallsBuilding Floors-Beams-structural components that create baseJoist-support part of structure,placed horizontal-supports floor or ceilingBridging/Blocking-adds to load carrying capabilities and reduces the potential formovement.R-Value or RSI-the rate at which heat moves through insulation, the higher the valuethe more effective the material is at resisting the transfer of heat.

Loading page image...

R2000-Standard of insulation for new construction. Certified by Govt-energy performance-indoor air quality-environmental responsibilityRoofs-Low slope-14 degrees or lessSteep slope-15 degrees or moreFlashing-used to create weatherproof sealSoffits-underside of roof, ventilation for the atticFascia-trim the ends of the roofeaves-form connection between roof and exterior wallsWindows-Bay-angledBow-smoother rounder than bayDormer-built into the main roofClerestory-high windows located on the upper part of wallSky lightsFuel Utilization-Low-Less than 77%Mid-78-89%High-90% +Electrical-residential properties with less than 100 amp may be difficult to insure-permits needed for installationHot water-hot water tanksTankless hot water heaters-central-designed to supply hot water throughout whole building-point of use-only supply to plumbing fixture they are attached to.Efficient to use but expensive to install

Loading page image...

Plumbing-includes fresh water, hot water, and waste water-materials used include copper, rigid plastic, and flexible plasticHeating-The main types of residential heating include;Forced airhot waterradiant-uses hot water or electricityelectric systemsHigh efficiency vents out the buildings exterior wallCeilings-Valuted-follow roofline, unequal sidesCathedral-two equal sides (Aframe)Drop-covers pipes and wiresCoffered-insets, waffle likeMain principals of water-Reduce, Retrofit, repairRemediation-return a contaminated area to a level that does not impair or damagethe environment, health or safetyLegislation-Safety Codes Act-Permit regulationFair Trading Act-Home inspectionbusiness regulationEnergy Efficiency Act and Regulations-minimum energy performance requirementsAlberta Building Code-specifications for new construction and building materialsProperty Inspections-an examination of various building systems in order to providean opinionShould include-current conditions of all items inspected by the property

Loading page image...

-Inspected items listed as unsafe or requires repairs-preventative measures needed to remedy or extend life of inspected items-do not look at building permitsHome inspection business regulationEnvironmental Risks--are situations in which a property and/or its occupants areexposed to danger-only limited exposure is possibly before irreparable damage-becomes risk only if a conduit to facilitate the transaction is presentEnvironmental Hazard-could cause harm to health or safety with exposureRMS-Detached house-measure from exterior wall at foundationAttached/semi attached-measure from interior walls at floor level.Exclude any floors where portion is below grade.include anything above grade + any additions if they have permanentfoundation/footings, connected to main electrical, heated by main heating or has itsown5 ft ceiling height may be included as long as 7ft is somewherestairs are added to level they lead toCorrelation between property size and price--not proportional, many other factors.-no direct correlationMeasurement tips-interior measurements are used to extrapolate exteriormeasurements-when exterior is inaccessible

Loading page image...

extrapolated measurements should be included as additional measurementsProfessionals Sanctions-Advisory Note-measures property but makes mistake(math error, data entry error)-not technically a sanctionLetter of Reprimand-measures property but makes error (failing to maintaindiagram, failing to use correct methods, not discussing RMS with client, measuringoutside of knowledge)Administrative Penalties-fails to measure or disregards process (not measuringproperly, disregarding advice, choosing to not discuss with client)Property Defects-Patent Defects-obvious flaws discovered upon reasonableinspection. Buyer is responsible to discover and makes steps to satisfy.Latent Defects-not known to the seller or buyer at time of sale. Physical deficienciesthat are not dangerous. Liability is an issue-common law doctrine of Caveat Emptor(buyer beware-protect own interests)Material Latent Defects-not visible uponordinary inspection. Affects use or value.Seller must disclose-sellers may decide whether or not to disclose if has been remediedFlooding-Floodways-deepest fastest, highest risk (red)Flood Fringes-shallower, slower (pink)Found on flood hazard mapDisaster Recovery Program-provides funding for uninsured property damage.registers on property title, can only qualify every 100 years.-administered by Alberta Municipal AffairsSecondary Suites-Not usually permitted in duplexes, semi-detached or attached.

Preview Mode

This document has 27 pages. Sign in to access the full document!

Report

Study Now!

Document Details

Related Documents

SAP S/4HANA Sales Certification Guide: Application Associate Exam (2021)

SAP S/4HANA Business Process Integration Certification Guide: Application Associate Exam (2021)

SAP HANA 2.0 Certification Guide: Technology Associate Exam (2021)

SAP S/4HANA Production Planning and Manufacturing Certification Guide: Application Associate Exam (2022)

2024 Ornamental And Turf Pesticide Applicator Practice Exam With Answers (78 Solved Questions)

State of Colorado Question and Verified Answers with Answers (40 Solved Questions)

LETRS Unit 4 Assessment with Answers (15 Solved Questions)

COG170 Cogito Epic Training Fundamentals Practice Exam with Answers (220 Solved Questions)

2023 AVID Media Composer 101 Certification Practice Exam with Answers (233 Solved Questions)

Prophecy General ICU RN A v2 with Answers (55 Solved Questions)

Company

Explore

Study Tools