RECA unit 2: questions (sessions and
unit exam) already passed
which of the following is not a responsibility of the broker ✔✔providing an independent and
objective analysis of a real estate transaction
which of the
...
RECA unit 2: questions (sessions and
unit exam) already passed
which of the following is not a responsibility of the broker ✔✔providing an independent and
objective analysis of a real estate transaction
which of the following statements is not correct regarding the role of the industry professional
✔✔real estate professionals should assume their role is understood by parties to the transaction
which of the following statements is not a responsibility of a real estate brokerage ✔✔paying a
referral fee to a person who was required to be authorized for the activities related to the referral
what is the best way to describe an incentive ✔✔something used bu a brokerage to attract
business to that brokerage
which is an example of an appropraite incentive ✔✔a BROKERAGE offers a retail gift
certificate to attract new clients
terms of trust ✔✔set out the requirments for the receipt and disbursement of trust funds
trustees ✔✔persons who administer trust funds
the best way to prevent trust disputes is to ensure the brokerage has clear ✔✔policies and
procedures
when a brokerage receives funds relates to real estate transactions it is required to open and
maintain a ✔✔trust account
a trust account that loses its trust status may be subject to _______ ✔✔seizure
trust inspections are subject to periodoic _______ ✔✔inspection by RECA
how often do the rules require reconcilliation of all trust accounts to ensure the brokerage records
align with financial institutions statementss ✔✔monthly
brokers must act ________ in the disbursement of trust funds regardless of whether their
brokerage may be representing a party to the transaction ✔✔impartially
which of the following is n obligation of real estate professionals regarding brokerage trade
records ✔✔real estate professionals must turn in trade records to the brokerage in timely manner
under the real estate act, how long must a brokerage retain its records ✔✔the brokerage must
retain its trade recors for a minimum of three years
which of the following statements is NOT correct regarding brokerage record keeping
✔✔brokerage records cannot be stored electronically (in short, they can)
practice review helps to _____ claims against r
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