RECA Residential Exam Latest Updated 2024

RECA Residential Exam Latest Updated 2024

Power 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 as long as donor is alive, will takes effect once death
Types 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 care
Special POA
- make certain decisions
- also called limited POA
- may grant authority to oversee sale, deals with land
- must be registered on Certificate of Title
Immediate POA
- takes effect as soon as POA is signed, dated and witnessed
- terminates upon loss of mental capacity or death
Enduring 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
Foreclosure - legal action supervised by the court following a default on the 
mortgage. 
-transfers the real property from the borrower to the lender and erases interests on 
title.
Alberta Building Code - Legislation that establishes technical specifications for new 
building construction and construction materials
Building Permit - typically valid for one year during which construction process must 
be initiated
Factory 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 mony
Modular 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 buildings
Panelized 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 siding
Fiduciary Representation - - Trust and confidence
- Best interests
- Loyalty
5 Ds of Role Clarity - 1. Discuss
2. Determine
3. Document
4. Disclose
5. Do
Must 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 relationship
made to clarify and provide proof of undertanding in event issues or disputes arise
Written Service Agreement vs Customer Acknowledgement Forms - Written Service 
Agreement
- when consumer chooses a representation relationship
- becomes a client
- provide signed copy to brokerage