Real Estate Fundamentals Competency Exam Blueprint PDF

FUNDAMENTALS OF REAL ESTATE COMPETENCY EXAM BLUEPRINT DOMAIN: 1. PROFESSIONAL RELATIONSHIPS AND CONDUCT SUBJECT L.O....

FUNDAMENTALS OF REAL ESTATE COMPETENCY EXAM BLUEPRINT DOMAIN: 1. PROFESSIONAL RELATIONSHIPS AND CONDUCT SUBJECT L.O. SPECIFIC L.O. EXAM COMPETENCY SUBJECT LEARNING OUTCOME BLOOM'S SPECIFIC LEARNING OUTCOME BLOOM'S LEVEL WEIGHT LEVEL 1.1 FULFILL AGENCY RESPONSIBILITIES 1.1.1 Assess the foundations of real Evaluate 1.1.1.1 Define the term real estate. Remember TO CLIENTS AND PROFESSIONAL estate. 0.7 DUTIES AND RESPONSIBILITIES. 1.1.1.2 Define residential real estate according to REA. Remember 1.1.1.3 Define rural real estate according to REA. Remember 1.1.1.4 Define commercial real estate according to REA. Remember 1.1.1.5 List elements associated with real property. Remember 1.1.1.6 Identify the priority of the various registered interests. Remember 1.1.1.7 Identify the licensees governed by RECA. Remember 1.1.1.8 Identify the related professionals that may be involved with a Remember real estate transaction. 1.1.1.9 Identify real estate industry organizations. Remember 1.1.1.10 List the various authorization outcomes. Remember 1.1.1.11 Define conduct deserving of sanction. Remember 1.1.1.12 List the four main objectives of a practice review. Remember 1.1.1.13 Define property management according to REA. Remember 1.1.1.14 Identify questions a new licensee may want to ask to orient Remember themselves with their registered brokerage. 1.1.1.15 Identify benefits, deductions (including taxation), and related Remember matters that must be addressed when starting at a real estate brokerage. 1.1.1.16 Define property. Remember 1.1.1.17 Define property ownership. Remember 1.1.1.18 Identify brokerage hiring options for Property Management Remember Associates. 1.1.1.19 Summarize how brokerages are regulated. Understand 1.1.1.20 Summarize the history of real estate in Alberta. Understand 1.1.1.21 Explain how RECA may take jurisdiction over trade activities Understand conducted in multiple provinces and countries. 1.1.1.22 Summarize the process for obtaining a certified criminal record Understand check. 1.1.1.23 Summarize the procedure for licensees to confirm their Understand authorization status. 1.1.1.24 Summarize the process to change a license or brokerage. Understand 1.1.1.25 Explain the purposes of the RECA Board. Understand 1.1.1.26 Describe the composition of the RECA Board. Understand 1.1.1.27 Describe the RECA Board's obligation to make bylaws and RECA's Understand business public, including posting annual reports. 1.1.1.28 Describe the RECA Board's powers and responsibilities. Understand 1.1.1.29 Explain the purpose of the Industry Councils. Understand 1.1.1.30 Describe how Industry Councils are composed. Understand 1.1.1.31 Describe the Industry Councils' powers and responsibilities. Understand 1.1.1.32 Describe the broker's role in relation to the brokerage. Understand 1.1.1.33 Describe the licensing requirements for persons who trade in real Understand estate as real estate brokers. 1.1.1.34 Describe the licensing requirements for persons who deal in Understand mortgages as a mortgage brokers. 1.1.1.35 Describe the licensing requirements for persons who deliver Understand property management services. 1.1.1.36 Summarize the role of property management associate Understand education and licensing requirements. 1.1.1.37 Describe the various classes of property management licences Understand issued by the Registrar. 1.1.1.38 Describe the licensing requirements for persons who deliver Understand condominium management services. 1.1.1.39 Describe the exemptions to the licensing provisions under REA. Understand 1.1.1.40 Describe the fines associated with conducting business that Understand requires a licence without a licence. 1.1.1.41 Explain what is meant by a substantial connection. Understand 1.1.1.42 Clarify what is meant by right touch regulation. Understand 1.1.1.43 Explain the requirement to cooperate with RECA in an Understand investigation. 1.1.1.44 Describe the production order powers of the Registrar and of Understand investigators appointed by the Registrar. 1.1.1.45 Describe the powers of the Registrar to issue Administrative Understand Penalties and the process to appeal Administrative Penalties. 1.1.1.46 Explain the different Professional Conduct Review outcomes. Understand 1.1.1.47 Summarize the offences under which people may be prosecuted Understand and the possible sanctions. 1.1.1.48 Describe orders to cease carrying on business and their appeal Understand processes. 1.1.1.49 Describe how Hearing and Appeal panels are appointed. Understand 1.1.1.50 Describe the process associated with the service of documents. Understand 1.1.1.51 Clarify which licenses are affected by a lifetime licensing ban. Understand 1.1.1.52 Describe the publication provisions related to licensing, conduct Understand deserving of sanction, and other enforcement actions or decisions. 1.1.1.53 Describe RECA’s powers associated with the enforcement and Understand collection of fines or costs. 1.1.1.54 Describe the purpose and activities of the Alberta Real Estate Understand Foundation. 1.1.1.55 Describe the Minister's powers associated with the conduct of Understand RECA, the RECA Board, or an Industry Council. 1.1.1.56 Describe the immunity provisions to the Minister, an official Understand administrator, RECA, the RECA Board or an Industry Council, a member, officer, or employee of RECA. 1.1.1.57 Describe the different settings/locations in which residential real Understand estate may be found. 1.1.1.58 Describe the different settings/locations in which commercial Understand real estate may be found. 1.1.1.59 Summarize the role of real estate education. Understand 1.1.1.60 Summarize the purpose of licensing requirements. Understand 1.1.1.61 Describe the Registrar's powers to place conditions or restrictions Understand on licences. 1.1.1.62 Describe when licences expire, when they must be renewed, and Understand when they are terminated. 1.1.1.63 Describe the eligibility requirements for brokerages to be Understand licensed. 1.1.1.64 Describe the eligibility and education requirements for Understand individuals to be licensed. 1.1.1.65 Describe the conditions under which the Registrar may grant Understand education requirement exemptions. 1.1.1.66 Describe the obligations imposed on prospective licensees and Understand licensees by the Education Code of Conduct for Learners during the pre-licensing and re-licensing education process. 1.1.1.67 Describe the duty to notify the Registrar of license application Understand related information changes. 1.1.1.68 Explain the brokerage registration requirement for associates Understand and associate brokers. 1.1.1.69 Clarify the licensee requirement to complete re-licensing Understand education before renewing their license. 1.1.1.70 Describe the scope of a Real Estate Broker license. Understand 1.1.1.71 Describe the scope of a Mortgage Broker license. Understand 1.1.1.72 Describe the scope of a Condominium Management Associate Understand license. 1.1.1.73 Describe activities prospective licensees may engage in while Understand awaiting licensing and registration completion that may prepare them to work at a commercial real estate brokerage. 1.1.1.74 Summarize the evolution of real estate regulation in Alberta. Understand 1.1.1.75 Describe when a Registrar licensing eligibility opinion is not Understand binding. 1.1.1.76 Use key terms associated with REA. Apply 1.1.1.77 Outline the requirements for RECA authorization (license and Analyse registration). 1.1.1.78 Outline the RECA property management authorization process Analyse for individuals. 1.1.1.79 Outline the steps for an individual to become authorized by RECA Analyse to trade in real estate. 1.1.1.80 Compare and contrast commercial property management and Analyse residential property management. 1.1.1.81 Outline the requirements for the different licenses governed by Analyse RECA. 1.1.1.82 Outline the lifetime licensing ban application process. Analyse 1.1.1.83 Outline the benefits of seeking the Registrar’s licensing eligibility Analyse opinion. 1.1.1.84 Compare and contrast the different types of real property Analyse ownership. 1.1.1.85 Outline real property ownership rights and limitations. Analyse 1.1.1.86 Explain the different interests that may be registered against a Analyse title. 1.1.1.87 Compare and contrast the terms property and property Analyse ownership. 1.1.1.88 Compare and contrast the benefits, disadvantages, and Analyse considerations of the different forms of ownership from a buyer's perspective. 1.1.1.89 Compare and contrast the benefits, disadvantages, and Analyse considerations of the different forms of ownership from a seller's perspective. 1.1.1.90 Outline the development of common law in Canada. Analyse 1.1.1.91 Outline the development of real property law in Canada. Analyse 1.1.1.92 Outline how common law in Canada impacts real estate. Analyse 1.1.1.93 Outline the development of designated agency and its adoption Analyse in Alberta. 1.1.1.94 Compare and contrast common law agency and designated Analyse agency. 1.1.1.95 Outline the activities related to a trade or potential trade in real Analyse estate. 1.1.1.96 Compare and contrast commercial, residential, rural, and Analyse residential real estate. 1.1.1.97 Compare and contrast rural real estate (Agri-business) and Analyse residential real estate in a rural setting. 1.1.1.98 Outline RECA's role in Alberta's real estate industry. Analyse 1.1.1.99 Outline the role of a residential real estate associate. Analyse 1.1.1.100 Outline the steps for an individual to become licensed by RECA to Analyse trade in real estate. 1.1.1.101 Outline the scope of practice that a residential real estate license Analyse grants. 1.1.1.102 Outline the role of a rural real estate associate. Analyse 1.1.1.103 Outline the scope of practice that a commercial real estate Analyse license grants. 1.1.1.104 Explain the need for rural real estate licensing. Analyse 1.1.1.105 Explain the need for commercial real estate licensing. Analyse 1.1.1.106 Outline the scope of practice that a rural real estate license Analyse grants. 1.1.1.107 Outline the structure of the rural real estate trade in Alberta Analyse (brokerage system). 1.1.1.108 Compare and contrast the benefits, disadvantages, and Analyse considerations of the different property types from a buyer's perspective. 1.1.1.109 Compare and contrast the benefits, disadvantages, and Analyse considerations of the different property types from a seller's perspective. 1.1.1.110 Outline RECA Board’s bylaw creation responsibilities. Analyse 1.1.1.111 Compare and contrast the role and responsibilities of the Analyse Executive Director and the Registrar. 1.1.1.112 Outline the leadership role of the broker in relation to associates Analyse and associate brokers. 1.1.1.113 Outline the brokerage hiring options for real estate associates. Analyse 1.1.1.114 Outline the complaint process related to conduct deserving of Analyse sanction. 1.1.1.115 Explain the relationship between self-regulation, investigation, Analyse and disciplinary action. 1.1.1.116 Outline RECA's Audit Program. Analyse 1.1.1.117 Outline RECA's Investigations Program. Analyse 1.1.1.118 Outline RECA's disciplinary proceedings structure. Analyse 1.1.1.119 Outline the Administrative Penalty appeal process. Analyse 1.1.1.120 Outline the investigation process related to conduct deserving of Analyse sanction. 1.1.1.121 Outline the decision making process related to conduct deserving Analyse of sanction. 1.1.1.122 Outline the appeals process related to conduct deserving of Analyse sanction. 1.1.1.123 Compare and contrast conduct deserving of sanction and civil Analyse liability. 1.1.1.124 Compare and contrast how improper conduct and court Analyse remedies apply to real estate associates and brokerages. 1.1.1.125 Outline the Registrar's powers to conduct periodic inspections, Analyse issue receiving orders, and orders freezing assets. 1.1.1.126 Outline the requirements that brokerages must meet to practice Analyse designated agency.  1.1.1.127 Outline the impact of information barriers for brokerages that Analyse practice designated agency. 1.1.1.128 Outline RECA's consumer related function. Analyse 1.1.1.129 Outline when the Registrar may refuse, suspend, or cancel a Analyse license and how these decisions can be appealed. 1.1.1.130 Outline the appeals process for Registrar decisions refusal, Analyse suspension, or cancelation decisions. 1.1.1.131 Outline the principles of trust and confidence in a real estate Analyse setting. 1.1.1.132 Distinguish the circumstances that make individuals ineligible to Analyse become and continue to be licensed. 1.1.1.133 Outline how prospective licensees may request the Registrar's Analyse opinion regarding their licensing eligibility. 1.1.1.134 Outline the prohibitions associated with being registered to Analyse multiple brokerages. 1.1.1.135 Outline the economic indicators that affect the real estate Analyse market. 1.1.1.136 Compare and contrast when a licensee is hired as an employee Analyse and as an independent contractor. 1.1.1.137 Determine the role of a commercial real estate associate. Evaluate 1.1.1.138 Determine what is improper conduct for real estate associates Evaluate under REA. 1.1.1.139 Determine real estate associate improper conduct (under REA) Evaluate court remedies. 1.1.1.140 Evaluate Determine what is improper conduct for brokerages under REA. 1.1.1.141 Determine brokerage improper conduct (under REA) court Evaluate remedies. 1.1.2 Assess the basics of economics as Evaluate 1.1.2.1 Define rent. Remember 0.6 they relate to real estate. 1.1.2.2 Outline the characteristics of the real estate market. Analyse 1.1.2.3 Outline the stages of a typical business cycle. Analyse 1.1.2.4 Outline the stages of a real estate market cycle. Analyse  1.1.2.5 Analyse Compare and contrast the different types of real estate markets. 1.1.2.6 Explain how supply and demand influence the commercial real Analyse estate market. 1.1.2.7 Compare and constrast movements and shifts in relation to real Analyse estate supply and demand. 1.1.2.8 Compare and contrast market equilibrium, market surplus, and Analyse market shortage. 1.1.2.9 Outline inelastic supply of commercial real estate. Analyse 1.1.2.10 Outline the market indicators that impact supply and demand. Analyse 1.1.2.11 Justify the need for real estate education. Evaluate 1.1.3 Assess different types of property Evaluate 1.1.3.1 Compare and contrast the different types of land estates. Analyse 0.4 ownership. 1.1.3.2 Compare and contrast the types of property ownership available Evaluate in Alberta. 1.1.3.3 Prioritize the registered interests against a title. Evaluate 1.1.4 Assess property types as they relate Evaluate 1.1.4.1 Compare and contrast commercial real estate and residential real Analyse 0.6 to property management. estate. 1.1.4.2 Compare and constrast rural real estate (Agri-business) and Analyse residential real estate in a rural setting. 1.1.5 Assess property ownership and Evaluate 1.1.5.1 Define the term "condominium corporation". trade as it relates to real estate Remember 0.6 associate. 1.1.5.2 Define "condominium". Remember 1.1.5.3 Define the term "condominium unit". Remember 1.1.5.4 Define the term "common property". Remember 1.1.5.5 List the various condominium meetings that may be held. Remember 1.1.5.6 Define what is meant by exclusive use. Remember 1.1.5.7 List the responsibilities of unit owners. Remember 1.1.5.8 Describe the condominium corporation's decision-making Remember process.  1.1.5.9 Explain residential condominium property ownership and trade Understand as it relates to residential real estate associates. 1.1.5.10 Explain the relationship between commercial condominium property ownership and trade as it relates to commercial real Understand estate associates. 1.1.5.11 Explain how condominium unit ownership operates. Understand 1.1.5.12 Describe the benefits of condominium ownership. Understand 1.1.5.13 Describe potential issues related to condominium ownership. Understand 1.1.5.14 Describe real estate arrangements that may be understood as Understand condominiums. 1.1.5.15 Summarize the CPA. Understand 1.1.5.16 Summarize the Condominium Property Regulation. Understand 1.1.5.17 Describe the duties of the condominium corporation. Understand 1.1.5.18 Describe the condominium corproration's decision-making Understand process. 1.1.5.19 Explain the concept of unit factors. Understand 1.1.5.20 Summarize the Condominium Property Regulation. Understand 1.1.5.21 Compare and contrast the terms condominium, unit, and Analyse common property. 1.1.5.22 Outline the Board of Directors' role and responsibilities. Analyse 1.1.5.23 Compare and contrast potential uses for condominiums. Analyse 1.1.6 Determine potential property issues Evaluate 1.1.6.1 List characteristics that indicate a property may have been used Remember or problem areas. as a grow-op. 1.1.6.2 List characteristics that indicate a property may have been used Remember 0.7 as a drug lab. 1.1.6.3 Describe the various types of property inspections. Understand 1.1.6.4 Describe the contexts in which clients may have a property Understand inspection or environmental assessment. 1.1.6.5 Explain why a property manager should not be involved with Understand illegal or non-conforming secondary suites.  1.1.6.6 Describe the most common types of building and environmental Understand evaluation. 1.1.6.7 Describe different types of property defects. Understand 1.1.6.8 Outline when a development permit or building permit is Analyse required. 1.1.6.9 Outline home inspector licensing requirements and restrictions Analyse under the Consumer Protection Act. 1.1.6.10 Outline the municipal land use classification system and districts. Analyse 1.1.6.11 Outline the impact of municipal land use classification systems Analyse and districts on property development and use. 1.1.6.12 Outline legal secondary suite Land Use and Building Code Analyse requirements. 1.1.6.13 Outline the legal secondary suite Building Code standards. Analyse 1.1.6.14 Outline how to verify a property's land use classification/district Analyse and the impact on tenant use. 1.1.6.15 Determine if there are any property issues or problem areas. Evaluate 1.1.6.16 Determine if a property is an illegal or non-conforming secondary Evaluate suite in diverse contexts. 1.1.7 Outline condominium management Analyse 1.1.7.1 Define monthly contributions. Remember fundamentals for other licensees. 0.4 1.1.7.2 List the types of condominium management financial statements Remember that may be produced. 1.1.7.3 Describe other documents that may be relevant. Remember 1.1.7.4 Describe property manager licensing requirements and options. Understand 1.1.7.5 Describe the role of a court-appointed condominium Understand administrator. 1.1.7.6 Explain the purpose of special assessments. Understand 1.1.7.7 Explain the purpose of a condominium corporation annual Understand budget.  1.1.7.8 Explain the importance of the Notes to the Condominium Understand Corporation's Financial Statements. 1.1.7.9 Summarize key aspects related to leasing individual Understand condominium units. 1.1.7.10 Outline the different condominium management options. Analyse 1.1.7.11 Outline common duties performed by condominium managers. Analyse 1.1.7.12 Outline unit owner obligations when renting/leasing a unit Analyse located within a condominium. 1.1.7.13 Outline condominium unit tenant obligations. Analyse 1.1.7.14 Outline the ways in which condominium corporations may Analyse finance their activities. 1.1.7.15 Outline how monthly contributions are calculated. Analyse 1.1.7.16 Outline the two types of trust accounts required under the Analyse legislation. 1.1.7.17 Outline the reserve fund plan creation process. Analyse 1.1.7.18 Compare and contrast audited and unaudited condominium Analyse corporation financial statements. 1.1.8 Outline Condominium Document Analyse 1.1.8.1 Identify the different condominium parking stall and storage area Remember 0.4 fundamentals for other licensees. arrangements that are possible. 1.1.8.2 List the sources of condominium documents. Remember 1.1.8.3 List the condominium documents associated with each type of Remember condominium sale. 1.1.8.4 Identify who may perform reviews of condominium documents. Remember 1.1.8.5 Describe the types of Condominium Plans and how they differ. Understand 1.1.8.6 Explain the information contained in the unit title. Understand 1.1.8.7 Explain the purpose of the condominium bylaws and what is Understand included in them. 1.1.8.8 Explain the purpose of the governing policies of a condominium. Understand 1.1.8.9 Describe the type of information contained within a Understand condominium management agreement.  1.1.8.10 Describe other condominium documents that may be relevant. Understand 1.1.8.11 Outline the information contained in the Condominium Plan. Analyse 1.1.8.12 Outline the information contained in the Condominium Analyse Additional Plan Sheet. 1.1.8.13 Explain the importance and processes involved in condominium Analsyse document stewardship. 1.1.9 Outline Condominium Sales Analyse 1.1.9.1 Remember List the types of condominium sales. 0.4 fundamentals for other licensees. 1.1.9.2 Describe the types of buyer target markets most applicable to Understand condominiums. 1.1.9.3 Describe issues a buyer should be aware of when considering a Understand communal living property purchase. 1.1.9.4 Outline general condominium purchase considerations. Analyse 1.1.9.5 Compare and contrast how the different corporation Analyse management business models (Self managed, Professionally managed, or Partially managed) may impact a buyer. 1.1.9.6 Compare and contrast how the different corporation Analyse management business models (Self managed, Professionally managed, or Partially managed) may impact a seller. 1.1.10 Assess how REA and the Rules are Evaluate 1.1.10.1 Summarize the history of REA. Understand created, amended, and impact 0.3 licensees. 1.1.10.2 Explain who oversees REA. Understand 1.1.10.3 Describe the limitations imposed on Industry Councils associated Understand with the creation of Rules. 1.1.10.4 Explain the purposes of RECA as stated in REA. Understand 1.1.10.5 Explain the benefits of the resources developed by RECA. Understand 1.1.10.6 Explain how to locate and access RECA resources. Understand 1.1.10.7 Outline the process required to amend REA. Analyse 1.1.10.8 Outline how Industry Councils make rules governing licensee Analyse conduct.  1.1.10.9 Compare and contrast REA , the Rules, the Regulations, and Analyse Bylaws. 1.1.10.10 Determine how REA relates to the business of licensees. Evaluate 1.1.11 Assess licensee and client Evaluate 1.1.11.1 Define the term agency relationship as it relates to residential, Remember obligations in an agency rural, commercial real estate, and property management. 0.6 relationship. 1.1.11.2 List other professionals that may be involved in a real estate Remember transaction. (professionals not licensed by RECA) 1.1.11.3 Describe the contexts in which a brokerage may not place Understand conditions for a client to terminate an agency relationship. 1.1.11.4 Describe types of authority in representation relationships. Understand 1.1.11.5 Describe the limits on authority regarding capacity to contract, Understand delegate, and incur expenses. 1.1.11.6 Describe the elements of a representation relationship. Understand 1.1.11.7 Describe how representation relationship may be established. Understand 1.1.11.8 Outline how co-brokering works. Analyse 1.1.11.9 Outline disclosure requirements for customers. Analyse 1.1.11.10 Differentiate between a real estate associate, property manager, Analyse client, and customer. 1.1.11.11 Compare and contrast common law and designated agency. Analyse 1.1.11.12 Outline the broker's role in designated agency. Analyse 1.1.11.13 Outline a licensee's obligations in an agency relationship. Analyse 1.1.11.14 Outline a client's obligations in an agency relationship. Analyse 1.1.11.15 Outline the ways by which an agency relationship may be Analyse terminated. 1.1.11.16 Outline the conditions that make a principal required to Analyse remunerate a licensee acting as their representative. 1.1.11.17 Outline a licensee's general client obligation to perform their Analyse mandate in a real estate setting and act in person. - exercise care and skill - act honestly - negotiate favourable terms - maintain confidentiality - disclose information - act in person - obey lawful instructions - perform mandate 1.1.11.18 Outline the fiduciary duties that a licensee owes a client. Analyse - utmost loyalty - avoid conflicts of interest - disclose conflicts of interest - not make secret profits - handle confidential information properly - to account 1.1.11.19 Compare and contrast a representation and non-representation Analyse relationship. 1.1.11.20 Compare and contrast the duties owed to clients in Analyse representation relationships and to non-clients in non- representation relationships. 1.1.11.21 Outline the impact of consumers understanding the role of real Analyse estate professionals. 1.1.11.22 Outline written disclosure requirements. Analyse 1.1.11.23 Outline how a real estate relationship is established. Analyse 1.1.11.24 Outline how a real estate relationship may be inadvertently Analyse changed. 1.1.11.25 Outline potential consequences of acting outside of the Analyse established relationship requirements. 1.1.11.26 Outline the standard of care to which real estate professionals Analyse are held. 1.1.11.27 Outline licensee best practices that contribute to meeting the Analyse standard of care. 1.1.11.28 Outline the services licensees may provide to customers. Analyse 1.1.11.29 Outline how to prevent an unintended client relationship. Analyse 1.1.11.30 Compare and contrast a fee simple from a leasehold estate. Analyse 1.1.11.31 Determine when the various types of representation authority Evaluate are appropriate in real estate. 1.1.11.32 Determine appropriate actions based on the fiduciary duties in Evaluate diverse situations (utmost loyalty, avoid conflicts of interest, disclose conflicts of interest, not make secret profits, handle confidential information properly, to account). 1.1.11.33 Determine appropriate actions based on the general obligations Evaluate in diverse situations: - exercise care and skill - act honestly - negotiate favourable terms - maintain confidentiality - disclose information - act in person - obey lawful instructions - perform mandate 1.1.11.34 Determine if an individual is a customer based on diverse Evaluate contexts. 1.1.11.35 Determine services that licensees are prohibited from providing Evaluate to customers. 1.1.11.36 Determine client obligations related to indemnification in a Evaluate representation relationship in diverse real estate scenarios. 1.1.11.37 Determine client obligations related to remuneration in a Evaluate representation relationship in diverse real estate scenarios. 1.1.11.38 Determine client obligations related to disclosure in a Evaluate representation relationship in diverse real estate scenarios. 1.1.11.39 Determine licensee and client obligations in an agency Evaluate relationship. 1.1.12 Assess how common law and the Evaluate 1.1.12.1 Describe the licensee's obligations that surpass termination of Understand Rules impact residential real estate the agency relationship. 0.6 agency relationships. 1.1.12.2 Outline the common law agency requirements on real estate Analyse agency relationships. 1.1.12.3 Outline licensee obligations under the Rules regarding a sole Analyse agency relationship with a seller. 1.1.12.4 Outline licensee obligations under the Rules regarding a sole Analyse agency relationship with a buyer. 1.1.12.5 Outline a licensees' duty to act consistently in accordance with Analyse representation relationships. 1.1.12.6 Outline a licensee's duty to document representation Analyse relationships in writing. 1.1.13 Assess how to best serve clients and Evaluate 1.1.13.1 Explain the due diligence required of licensees related to non- Understand represent their interests in diverse resident sellers/landlords. 0.6 contexts. 1.1.13.2 Outline the different types of clients. Analyse 1.1.13.3 Outline what should be discussed with the buyer/tenant when Analyse the seller/landlord is unrepresented. 1.1.13.4 Outline what licensees should discuss with a seller when dealing Analyse with an unrepresented buyer. 1.1.13.5 Outline what real estate professionals should do if buyers wish to Analyse sue a nominee or corporation for the transaction. 1.1.14 Assess how to deal with power of Evaluate 1.1.14.1 Describe how various ownership arrangements affect title when Understand attorney, trusteeships, foreclosures, an owner dies. 0.4 assignee, assignors, and judicial sales. 1.1.14.2 Outline licensee due diligence requirements when dealing with a Analyse real estate sale by one or more executors. 1.1.14.3 Outline licensee due diligence requirements when dealing with Analyse an assignee or assignor sale or purchase. 1.1.14.4 Compare and contrast the different types of judicial real estate Analyse sales. 1.1.14.5 Outline the general judicial sales process. Analyse  1.1.14.6 Outline licensee due diligence requirements when dealing with a Analyse trustee sale or purchase. 1.1.14.7 Compare and contrast the advantages and disadvantages of Analyse judicial sales purchases by buyers. 1.1.14.8 Compare and contrast the strategies licensees may use to deal Analyse with potential disadvantages related to judicial sales purchases by buyers. 1.1.14.9 Determine licensee due diligence requirements when dealing Evaluate with a sale or purchase through a power of attorney. 1.1.14.10 Determine licensee due diligence requirements when dealing Evaluate with a sale or purchase through a trustee. 1.1.14.11 Determine the circumstances that require probate to facilitate Evaluate the sale of real estate. 1.1.15 Assess industry professional Evaluate 1.1.15.1 Describe trade records. Understand 0.6 responsibilities and prohibitions. 1.1.15.2 Summarize the relationship between brokers and brokerages. Understand 1.1.15.3 Describe the conditions necessary for individual licensees being Understand able to retain client information or copies of client documents. 1.1.15.4 Explain the meaning of misrepresentation and how it might occur Analyse in practice. 1.1.15.5 Outline potential issues related to referring a person to another Analyse service provider or third party industry. 1.1.15.6 Outline the tasks unauthorized assistants may or may not Analyse perform. 1.1.15.7 Outline the conditions or events that licensees must report to the Analyse Registrar and the associated time lines. 1.1.15.8 Outline the responsibilities imposed by the Rules on all licensees. Analyse 1.1.15.9 Outline the responsibilities that REA imposes on real estate Analyse associate licensees. 1.1.15.10 Outline the prohibitions imposed by the Rules on all licensees. Analyse 1.1.15.11 Compare and contrast incentives and inducements. Analyse  1.1.15.12 Outline the conditions necessary for real estate licensees to Analyse communicate incentives and inducements. 1.1.15.13 Outline licensee client information protection responsibilities Analyse under the Rules. 1.1.15.14 Outline licensee obligations to submit all trade records to the Analyse brokerage in accordance with brokerage policies and procedures. 1.1.15.15 Outline the legislative requirements regarding real estate Analyse brokerage record keeping. 1.1.15.16 Explain licensee referral related responsibilities. Analyse 1.1.15.17 Outline the principle of client best interest in a real estate Analyse setting. 1.1.15.18 Outline licensee obligations associated with the receipt of offers, Analyse counter offers, acceptance, and waivers. 1.1.15.19 Determine when it is required to notify RECA regarding a change Evaluate of information. 1.1.16 Assess service agreements for Evaluate 1.1.16.1 List the benefits of having a written service agreement. Remember 0.6 responsibilities and requirements. 1.1.16.2 Describe the requirements of licensees associated with the Understand solicitation, acceptance, and receipt of money. 1.1.16.3 Describe the prohibition preventing charging and suing for Understand commissions if the persons provided services requiring a license without a license. 1.1.16.4 Describe licensees' duties associated with the administration of Understand trust accounts and trust moneys. 1.1.16.5 Describe how to amend the service agreement after it is signed. Understand 1.1.16.6 Interpret how to comply with service agreement requirements Apply under the Rules. 1.1.16.7 Outline the brokerage’s service agreement responsibilities. Analyse 1.1.16.8 Outline written service agreement content requirements. Analyse 1.1.16.9 Compare and contrast exclusive and non-exclusive Analyse representation agreements.  1.1.16.10 Determine if an individual signing a service agreement on behalf Evaluate of a client has signing authority. 1.1.16.11 Assess service agreements for consistency with the intended Evaluate agency responsibilities and service model. 1.1.17 Assess the obligations, Evaluate 1.1.17.1 Outline real estate brokerage responsibilities and obligations. Analyse responsibilities, and limitations 0.6 imposed by the Act and Rules. 1.1.17.2 Outline a licensee's obligations to their brokerage. Analyse 1.1.17.3 Outline real estate brokerage prohibitions. Analyse 1.1.17.4 Outline licensee obligations, responsibilities, and limitations Analyse imposed by the Act and the Rules. 1.1.17.5 Compare and contrast real estate associate specific and real Analyse estate broker specific duties and responsibilities. 1.1.18 Assess Brokerage Responsibilities Evaluate 1.1.18.1 Outline the requirement to provide annual accounting reports to Understand 0.4 and Prohibitions. the Registrar. 1.1.18.2 Describe brokerage obligations and restrictions related to Understand comingling trust funds and payment of brokerage expenses or commissions from the brokerage's trust account(s). 1.1.18.3 Summarize real estate brokerage record keeping and conversion Understand requirements. 1.1.18.4 Summarize real estate brokerage trust account obligations. Understand 1.1.18.5 Summarize real estate brokerage trust account record keeping Understand requirements. 1.1.18.6 Clarify real estate brokerage trust account obligations related to Understand negative trust account balances. 1.1.18.7 Clarify real estate brokerage trust account obligations related to Understand trust fund shortages. 1.1.18.8 Clarify real estate brokerage trust account obligations related to Understand funding requirements. 1.1.18.9 Clarify real estate brokerage trust account obligations related to Understand trust shortages. 1.1.18.10 Summarize real estate brokerage trust account obligations Understand related to Registrar notification requirements.  1.1.18.11 Outline real estate brokerage trust account obligations related to Analyse trust account reconciliation. 1.1.18.12 Outline electronic deposit and trust fund transfer related Analyse requirements. 1.1.19 Assess the general duties in a non- Evaluate 1.1.19.1 Explain the reasons brokerages set policies and procedures. Understand 0.4 representation relationship. 1.1.20 Work within the scope of Apply 1.1.20.1 Describe types of policies and procedures brokerages may Understand brokerage's policies and implement. 0.6 procedures. 1.1.20.2 Explain the importance of following the brokerage’s policies and Understand procedures. 1.1.20.3 Outline a licensee's obligations in a customer relationship. Analyse 1.1.20.4 Outline potential consequences of failing to follow brokerage Analyse policies and procedures. 1.1.21 Assess real estate licensee liability. Evaluate 1.1.21.1 Explain how errors and omissions insurance helps reduce risk. Understand 0.6 1.1.21.2 Explain the purpose of the Real Estate Assurance Fund. Understand 1.1.21.3 Explain how and when a licensee becomes personally liable to a Analyse third party. 1.1.21.4 Outline the effect of Tort law on a real estate professional's Analyse activities. 1.1.21.5 Compare and contrast negligence, recklessness, and intent. Analyse 1.1.21.6 Outline the various errors and omissions coverage to address civil Analyse liability in real estate licensee practice. 1.1.21.7 Outline the purpose of errors and omissions insurance. Analyse 1.1.21.8 Determine a licensee's civil and regulatory liability in diverse Evaluate situations. 1.1.22 Assess information disclosure Evaluate 1.1.22.1 Describe who determines what is relevant and the process that Remember requirements and best practice. real estate professionals must follow to determine what is 0.6 relevant to their client. 1.1.22.2 Determine what, when, and how to disclose information in Evaluate keeping with the information disclosure obligation. 1.1.23 Assess the legality of client Evaluate 1.1.23.1 Describe the consequences associated with a licensee's failure to Understand 0.6 instructions. follow lawful instructions. 1.1.23.2 Outline the process by which clients may provide lawful Analyse instructions to licensees. 1.1.23.3 Outline the process by which owners/landlords may provide Analyse lawful instructions to property managers. 1.1.23.4 Determine whether a client has provided lawful instructions. Evaluate 1.1.23.5 Determine licensee options to deal with unlawful client Evaluate instructions. 1.1.24 Assess situations for client Evaluate 1.1.24.1 Describe the benefits of documenting client's consent to their Understand 0.6 confidentiality issues. disclosure of confidential information. 1.1.24.2 Determine when and how you may disclose confidential client Evaluate information (including NDA related issues). 1.1.25 Outline entrusted client property Analyse 1.1.25.1 Define client property. Remember 0.6 legislative requirements. 1.1.25.2 Describe the buyer's/tenant's representative's duty to leave the Remember property as when accessed. 1.1.25.3 Describe the buyer's/tenant's representative's responibilities Understand when showing properties to follow the trust placed by the seller/landlord on the seller's/landlord's representative. 1.1.25.4 Describe buyer's representative's duties to follow any conditions Understand placed by the seller/landlord. 1.1.25.5 Outline licensee property safeguarding responsibilities when Analyse transitioning from another brokerage (broker notification and client notification). 1.1.26 Assess known and potential Evaluate 1.1.26.1 Describe the consequences associated with a licensee entering Remember conflicts of interest and the related into a conflict of interest with a client's consent. 0.6 legislative requirements. 1.1.26.2 Define attributed knowledge. Remember 1.1.26.3 Define "conflict of interest" according to the Rules. Remember 1.1.26.4 Recognize circumstances that give rise to unavoidable conflicts of Remember interest. 1.1.26.5 Clarify what is meant by a conflict of interest. Understand  1.1.26.6 Determine conflict of interest resolution options. Understand 1.1.26.7 Describe potential client-brokerage conflicts. Understand 1.1.26.8 Outline the conflict of interest management process. Analyse 1.1.26.9 Outline conflict of interest prevention strategies and best Analyse practices. 1.1.26.10 Outline how designated agency may prevent certain conflicts of Analyse interest. 1.1.26.11 Outline licencees' responsibilities regarding perceived or actual Analyse conflicts of interests. 1.1.26.12 Outline conflict of interest related legislation. Analyse 1.1.26.13 Determine conflicts of interest according to the Rules. Evaluate 1.1.26.14 Determine potential resolutions to client-brokerage conflicts. Evaluate 1.1.26.15 Determine best practice responses to potential conflicts of Evaluate interest. 1.1.26.16 Determine written service agreement related disclosure Evaluate obligations. 1.1.26.17 Determine when situations require you to inform the brokerage Evaluate of a conflict of interest. 1.1.26.18 Determine if there is a conflict for brokerages practising agency Evaluate under the common law. 1.1.26.19 Determine if there is a conflict for brokerages in designated Evaluate agency. 1.1.26.20 Determine possible resolutions to conflicts of interest involving Evaluate competing clients. 1.1.27 Outline Transaction Brokerage Analyse 1.1.27.1 Describe three circumstances in which transaction brokerage is Understand 0.6 fundamentals. not appropriate. 1.1.27.2 Describe the most common circumstances under which it is Understand innapropriate for transaction brokerage to be used to resolve conflicts of interest. 1.1.27.3 Distinguish which client was the first to establish a Analyse representation relationship in diverse contexts. 1.1.27.4 Outline the concept and purpose of transaction brokerage. Analyse  1.1.27.5 Outline the role of the transaction facilitator. Analyse 1.1.27.6 Outline the facilitation services that may be provided in Analyse transaction brokerage. 1.1.27.7 Outline services that may not be provided in transaction Analyse brokerage. 1.1.27.8 Outline strategies real estate associates may use in transaction Analyse brokerage. 1.1.27.9 Outline the required steps when clients decline to enter in Analyse transaction brokerage. 1.1.27.10 Outline the two options for the second client in brokerages Analyse practising agency under common law. 1.1.27.11 Outline the three options for the second client of brokerages Analyse practising designated agency. 1.1.27.12 Outline what happens should a transaction not complete under Analyse transaction brokerage. 1.1.28 Assess information for associate Evaluate 1.1.28.1 Describe the conditions under which a licensee will refer a client Understand 0.6 obligations and client impact. to professionals or experts. 1.1.28.2 Outline an associate's obligation to inform a client regarding Analyse material facts. 1.1.28.3 Determine the potential impact of various material facts on client Evaluate decisions. 1.1.29 Assess situations for the need to Evaluate 1.1.29.1 Determine when situations require the services of other Evaluate seek the services of other professionals. 0.6 professionals. COMPETENCY 1.1 FULFILL AGENCY RESPONSIBILITIES TO CLIENTS AND TOTAL WT. 15.5 PROFESSIONAL DUTIES AND RESPONSIBILITIES. 1.2 MANAGE DISCLOSURE OBLIGATIONS 1.2.1 Assess legislated disclosure Evaluate 1.2.1.1 Compare and contrast a material latent defect, a latent defect, Analyse obligations that impact licensee and a patent defect. 0.6 practice. 1.2.1.2 Outline the legislated disclosure obligations regarding referrals. Analyse 1.2.1.3 Outline the legislated disclosure obligations regarding conflicts of Analyse interest. 1.2.1.4 Outline the legislated disclosure obligations upon receiving Analyse confidential information from a consumer in relation to real estate. 1.2.1.5 Outline the legislated disclosure obligations upon receiving Analyse confidential information from a consumer in relation to real estate. 1.2.1.6 Outline the legislated disclosure obligations regarding Analyse remuneration. 1.2.1.7 Outline the legislated disclosure obligations under the applicable Analyse privacy legislation. 1.2.1.8 Outline the legislated disclosure obligations that may impact an Analyse associate's real estate practice. 1.2.1.9 Outline the circumstances where sellers or buyers are required to Analyse disclose information. 1.2.1.10 Outline disclosure time requirements and processes. Analyse 1.2.1.11 Outline the levels of disclosure as they apply to personal trades in Analyse real estate. 1.2.1.12 Distinguish conflicts of interest in third-party contract Analyse negotiations. 1.2.1.13 Outline the process property managers must follow when a client Analyse directs them to withhold information the client is legally required to disclose. 1.2.1.14 Outline disclosure requirements in relation to personal trades in Analyse real estate. 1.2.1.15 Describe how licensees must respond to inquiries about Remember information not required to be disclosed where the client has not authorized disclosure. 1.2.1.16 Describe the process licensees must follow when a client directs Understand them to withhold information the client is required to disclose by law. 1.2.2 Assess how personal information Evaluate 1.2.2.1 Summarize PIPA's personal information collection, use, and Understand and confidential information disclosure exemptions. collection, storage, use, and 0.6 disclosure consent is obtained under PIPA. 1.2.2.2 Describe the different types of consent under PIPA. Understand 1.2.2.3 Compare and contrast personal information, privacy, and Analyse confidential information. 1.2.2.4 Outline the circumstances in which provincial and federal privacy Analyse legislation applies. 1.2.2.5 Outline the most common privacy principles upon which privacy Analyse legislation is based. 1.2.2.6 Outline what is meant by "obtaining consent". Analyse 1.2.2.7 Outline the role of brokerage policies and procedures in handling Analyse client information. 1.2.2.8 Outline the most common information barriers that brokerages Analyse use to protect client information. 1.2.2.9 Outline a real estate associate's client information protection Analyse related responsibilities. 1.2.2.10 Outline the types of precautions licensees can provide their Analyse clients when viewing a property with a surveillance system. 1.2.2.11 Outline the importance of securely storing personal information. Analyse 1.2.2.12 Outline personal information retention and disposal Analyse requirements. 1.2.2.13 Outline the methods brokerages use to ensure privacy legislation Analyse compliance (privacy policies, including cybersecurity plans, and Privacy Officers). 1.2.2.14 Determine how to respond to privacy concerns related to owner Evaluate access requests. 1.2.3 Justify confidential information Evaluate 1.2.3.1 Outline confidential information disclosure requirements under Analyse disclosure in accordance with the the Rules. 0.6 Rules in diverse contexts.  1.2.3.2 Outline the process for disclosing confidential information in Analyse accordance with the Rules. 1.2.3.3 Determine when and how you may disclose confidential Evaluate information in accordance with the Rules. 1.2.4 Outline licensee's obligations Analyse 1.2.4.1 Outline the process licensees must follow when a client directs Analyse regarding mandatory disclosure. them to withhold information the client is required to disclose by 0.6 law. 1.2.5 Check disclosures are complete and Evaluate 1.2.5.1 Describe how licensees must respond to inquiries about Remember accurate. information not required to be disclosed where the client has not 0.6 authorized disclosure. 1.2.5.2 Determine appropriate processes and procedures to ensure Evaluate disclosures are complete and accurate. 1.2.5.3 Describe instances where buyer agents may ask questions that Evaluate the seller/landlord will not want to provide a response (existance of multiple offers, conditional sales, reason for sale). 1.2.6 Assess consent requirements. Evaluate 1.2.6.1 Determine consent requirements in diverse situations. Evaluate 0.6 1.2.7 Determine required appropriate Evaluate 1.2.7.1 Compare and contrast documentation best practices for Evaluate 0.7 documentation. decisions, directions, communications, and recommendations. COMPETENCY TOTAL WT. 4.1 1.2 MANAGE DISCLOSURE OBLIGATIONS 1.3 PROTECT THE PUBLIC 1.3.1 Assess situations for public Evaluate 1.3.1.1 Determine how to act honestly and professionally in diverse real Evaluate protection and ethical professional estate situations that may impact public protection. 0.6 best practices. 1.3.2 Determine skill and care Evaluate 1.3.2.1 Compare and contrast the skill and care required to perform Evaluate requirements of diverse assigned assigned duties. 0.6 duties. 1.3.3 Outline the role and responsibilities Analyse 1.3.3.1 Define "acting with professionalism". Remember of a licensee under self-regulation. 1.3.3.2 Define a "change agent". Remember 1.3.3.3 Explain the government's real estate self-regulation objectives. Understand  1.3.3.4 Describe effective self-regulation outcomes. Understand 1.3.3.5 Outline how RECA's statement of self regulation applies to a Analyse 0.6 licensee. 1.3.3.6 Compare and contrast the role of the different license categories Analyse (broker, associate broker, and associate). 1.3.3.7 Compare and contrast the general responsibilities of the different Analyse license categories (brokerage, broker, associate broker, and associate). 1.3.3.8 Outline the real estate self-regulation framework. Analyse 1.3.3.9 Outline the licensee's role in self-regulation. Analyse 1.3.3.10 Outline the characteristics of a professional mindset. Analyse 1.3.4 Assess information for impact on Evaluate 1.3.4.1 Outline how licensees may stay informed of market relevent Analyse 0.6 market conditions. information. 1.3.4.2 Determine the relevance of information and events on market Evaluate conditions. 1.3.5 Assess situations for property Evaluate Determine how to advertise properties in compliance with Evaluate advertising related legislative applicable legislative obligations and standards of practice. 1.3.5.1 0.6 obligations and standards of practice. 1.3.6 Assess common law, REA mandated Evaluate 1.3.6.1 Describe Deposit requirements under the Regulations and the Understand responsibilities for licensees, Rules. 0.6 brokerages, and other related trusts. 1.3.6.2 Describe the advantages and disadvantage of stipulating a Understand deposit be provided. 1.3.6.3 Describe the advice to be provided to seller/landlord clients if the Analyse deposit is not provided or not provided on time. 1.3.6.4 Explain the common elements of term of trust and how they Analyse impact buyers and sellers. 1.3.6.5 Outline how the terms of trust are negotiated between the Analyse buyer/tenant, the seller/landlord, and the trustee. 1.3.6.6 Outline the role of the trustee holding deposits. Analyse 1.3.6.7 Outline the role of a licensee in trust deposit disputes. Analyse  1.3.6.8 Describe the advice to be provided to seller/landlord clients if the Analyse deposit is not provided or not provided on time. 1.3.6.9 Describe the advice to be provided to buyer/tenant clients if they Analyse are unable to provide deposits as required. 1.3.6.10 Determine how to advise buyer/tenant clients if they are unable Evaluate to provide deposits as required. 1.3.6.11 Determine the conditions under which a licensee should seek Evaluate legal advice in trust deposit disputes. COMPETENCY TOTAL WT. 3.4 1.3 PROTECT THE PUBLIC 1.4 COMPLY WITH APPLICABLE LAWS 1.4.1 Assess transactions for legal and Evaluate 1.4.1.1 Define the term contract. Remember 0.7 AND REGULATIONS regulatory requirements. 1.4.1.2 List the types of contracting parties that may be involved with a Remember