Alberta Real Estate Licensing Exam Practice · Question
What is the purpose of the 'Real Estate Assurance Fund' maintained by RECA?
The Assurance Fund provides a safety net for consumers who suffer financial loss due to a professional's misconduct.
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Question: What is the purpose of the 'Real Estate Assurance Fund' maintained by RECA?
Answer options: ✅ To compensate consumers for financial losses due to fraud or breach of trust by a real estate professional.
- To fund educational programs for new real estate professionals.
- To cover the operating costs of RECA's regulatory activities.
- To provide loans to first-time homebuyers in Alberta.
Correct answer: To compensate consumers for financial losses due to fraud or breach of trust by a real estate professional.
Explanation: The Assurance Fund provides a safety net for consumers who suffer financial loss due to a professional's misconduct.
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