RECA exam
define real estate
to the land and fixed impromvemts to the land this includes raw land as well as inpromvente to the land
what is a residential building defined as
refers to buildings used as dwelings by one or more ocupants, they may own or lease these orioerty types can ve loacgaed in urban or rual settings ex detcahded houses, duplexes, aprenthment, condomunium.
define recreational building
refers to buildings used fir keasure purooses like cotages
define macroeconcomis
analyzew how economy- wide phenomunion such as inflation and unemployment affect society. it examines the factors that determine the production, employment, and price levels in a country.
define microeconmics
studies how indvaciuals, househokds, and firms make decisions to allocate scarce or limited resources, typically in markets where goods or services are being bought and sold. it focus on how indvaiduals effect the economy
what causes economic growth
natural resources, capital, rate if savings, technoligical progress
what are the benifits of econmic growth
inoroves standard of living, sitmukates employment, increase governent revenue, increases capital invesment, echnces buisness confidence,
what are the cost if econmic growth
raises infation rate, increases environental impacts,
what is the ecnomic growth indicator
housing starts and real estate sales as well as how mant building permits are issued
what are factors of productuon
land,labour,capital,entrepreneurship
what type of economy is canada
mixed economy
what are the key non-price determinats of supply
productuon costs,technolgy, producer expectstions, number of suppliers in the market, goverment taxes and subsidies.
what causes a movemt along the supply line
occur when a change in qaunity supplied is caused only by a change in price
what causes shifts in the supply line
occur when something other than orife causes the supply to chnage
what are some factors that cause a shift in the supply line
change in production cost, change in technology, change in producer expectations, a change in the numbers if suppliers in the market, change in the goverment taxes and subsides
what arebthe key non-price determinants of demand
market size, consumer expectations, avalibity of credit, consumers disposable incomes, consumers tates and preferences, price if substitute or complemntrary products
define GDP
measures the output of the economy. its the monetary value of all finished goods and services produced withing the country in a given period. this includes all cinsuner soending , goverment, and business spending plus exports and fewer imports
define GNP
measures the output of the economy. is the vaule of all finished goods produced by a countrts citzens and enterprises wheter physically loctaed within its borders or abroad
what are the stages of buisness cycle
expansion ,prospertiy, peak, cintraction, resssion, trough and revcoveru
what are the two types of law
statue law, common law
what are the two type of realshion ships and what do them mean
non-represntation relashionships- it means you are dealing with a customer. represnation relashionshios- means your are dealing with a client
what are the general obligations to client and customers
exercise skillsd and care, act honstely, perfeom mandate, obey lawful instructions, act in persin, disclose information, negostiate facorable terms.
what are confidentiality fidcuarity duties
utmost loyalty, to acount, handle confidential information properly, avoid conflict of intreets, discloe conflict of intrest, and to not make secrect profits
what is a written service agreement
if the consumer chooses a represntion relashionship with a agent they will he a client. this document states what services are being provided by their agent
what services may be provided to customers
provide statstics and information on comparable properties and local real estate markets. provide standard forms and agreements.deliver offere and counter offers to and from the client. comunicate customers whishes. keep customer informed on the progress of the transaction.
what services may not be provided to customers
and confidential information ex, agents cannot advise a customer on the best course of action to take in the relation to a trade or potential trade in real estate. any services that require judgment, cant discuss advantages or disadvantages. any service involving represntation
how do yoy avoid unintened client relashionships
discuss the types of real estate relashionships, determine your representive capacity, document yoyr represnetive capacity, discloe your representave capacity, do actuons consistent with your representaive capacity
what are the three types of authority
express, implied, and customary authority.
what is express authority
involves describing orally or in writing what actuons may be taken by an agent on behlaf of the principle
what is implied authority
in general, eveery agent has implied authoruty to do anything related to carrying out an express authority. if an agent has been given express authority to carry out an action they they have permessionnto donthings
what is customary authority
can he defined as a widley accepted way of behaving or perfomrancing an action. agents may act in acordanxe with the customs of trade without being given express authority by a principal provided those customs are lawful, reasonable, and not expressly prohibited by the principal
what are the five elements of represnatarion relashionships
creation of law, consenual, controled by principal, usally involves fiduciary duties, affects principals legal postion.
establishing represnarion relashionships what are they
by agreement, implication, ratifaction, estoppel, operation of law
define implaction
a represntstion relashion ship can be impled by the conduct of the parties involved. if a represnarion relashionship is created by implaction the agent has failed to to discloe their role.
what is ratifsction
is when a representation relashionship is established by ratifcation when an agent acts without authoruty
what is esstoppel
when a principal acts in a way that leads a third oarty to belive that an agent has been given authortiy to act on behalf of the principal
what is operarion of law
when a representarion relashion ship is created by an agent prevent danger to a client
what does the term mandate mean
a mandate can be defined as authorization to act in a particular way.
define competing intrests
when intrest of clients represented by the same brokerage compete regarding a real estate transaction or potential transacrion. ex two buyers trying to buy the same property
define opposing intrests
when the interests of clients represented by the same brokerage oppose one another in the same real estate transaction or potential transaction.
define brokerage intrests
when the intresets of the brokeage are at odds with the intresets of a client of the brokerage.
what are the three sources of law in canada
statue law, case law, common law.
what is statue law
are the leglistsltipn or regulatuons that are enacted within a jurisdiction.
what is case law
relates to the decsions where tye court has interpreted legkisatuonbwhen applying ut to a soecific court that can be made at various oevels within a judicial syestem
what is common law
is a syestem of historical customs and accumulated court decsions that have envolved throuhgbenglish legal syestwm ti become body of law.
what are the two doctrinew of law relating to land ownership
doctricne of tenure and the subsquent doctrine of estates