What are the main licensing categories for real estate professionals under RECA?
Correct Answer
C) Residential, commercial, rural, and property management
RECA issues licences in several categories, including residential real estate, commercial real estate, rural real estate, and property management. Each category has specific educational requirements and allows the licensee to practice in that particular sector of real estate.
Why This Is the Correct Answer
Under the Real Estate Act, RECA issues licences in several distinct categories: residential real estate, commercial real estate, rural real estate, and property management. Each category requires specific pre-licensing education courses tailored to that practice area. This ensures professionals are qualified for the type of real estate work they perform.
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During its monthly reconciliation, an Alberta brokerage determines that its trust account is short by $5,000. Under the RECA Rules, what must the brokerage do?
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- → During its monthly reconciliation, an Alberta brokerage finds trust funds that cannot be accounted for, and it has not yet determined how large the shortage is. Under Rule 89(1) of the RECA Rules, what must the broker do?
- → A strata management company in BC manages 50 strata corporations. Under RESA, what specific licensing and compliance obligations apply to this company?
- → Under TRESA, who is entitled to the interest earned on money a brokerage holds in its trust account?
- → Under the regulations made under Ontario's TRESA, what is the minimum professional liability insurance coverage for each registrant?
- → What is the minimum amount of professional liability insurance required for licensed real estate salespersons in Ontario under RECO regulations?
- → An Ontario brokerage receives a $50,000 deposit cheque in trust on a Friday evening. By when must it be deposited into the brokerage's real estate trust account?
- → A RECA Hearing Panel finds that a licensee's conduct was conduct deserving of sanction. The licensee disagrees with the decision. Under Alberta's Real Estate Act, what appeal route is available?
- → An Ontario brokerage's monthly trust account reconciliation reveals a $2,000 shortfall. What must the brokerage do?
- → A client gives conflicting identity information, and the salesperson now has reasonable grounds to suspect the transaction is linked to money laundering. What is the brokerage's reporting obligation to FINTRAC?
- → A brokerage's compliance officer finishes reviewing a transaction and concludes there are reasonable grounds to suspect money laundering. Under FINTRAC's guidance, when is the Suspicious Transaction Report due?
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