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RECA fundamentals study guide questions and answers graded A

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RECA fundamentals study guide questions and answers graded A duty-based ethics ✔✔Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome utalitaria... n ethics ✔✔Sells the optimal result for the greatest number of people Advisory note ✔✔Punishment for a technical breach Administrative penalty/ fine ✔✔One or two potentially serious infraction would cause this punishment Ratification- acting without authority or in excess of authority Implication- advice outside of objective ✔✔These two ways of creating a representation relationship should not be done in real estate By Estoppel ✔✔This representation relationship arises when a principal acts in a way that leads a third party to believe an agent has been given authority when in actuality the agent hasn't consented or even knows about it By operation of law ✔✔This type of representation relationship is created when someone takes action to save a property or person from imminent danger/ damages Ethics ✔✔Voluntary set of rules and guiding principles an individual uses as their moral compass. Standard of conduct adopted and practiced within a culture or society li Morals ✔✔A set of beliefs held by an individual and founded on fundamental principles of right and wrong. Ex. Religious Tort law ✔✔What area of law deals with civil wrong doings for which the courts may grant a remedy. ( harm to a person or damage to property) 35,000$ ✔✔Max the real estate assurance fund may pay per claimant for damages or losses to the services of a real estate professional Purpose of Real Estate Assurance Fund ✔✔Compensate consumers who have received court judgement against a real estate professional for fraud or breach of trust Real estate insurance exchange REIX ✔✔To protect real estate professionals when they make a mistake regarding their business Kohlbergs highest stage of moral development ✔✔Where moral development is based on individual reflection and analysis of the issues ( le [Show More]

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