Alberta Real Estate Licensing Exam Practice · Question
A real estate professional must declare their personal interest when buying or selling real estate for themselves by:
RECA rules require written disclosure of personal interest when a licensee is a principal in a real estate transaction.
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Question: A real estate professional must declare their personal interest when buying or selling real estate for themselves by:
Answer options: ✅ Disclosing it in writing to the other party before entering into an agreement.
- Informing their brokerage verbally.
- Noting it in their personal transaction records only.
- Obtaining a separate license for personal transactions.
Correct answer: Disclosing it in writing to the other party before entering into an agreement.
Explanation: RECA rules require written disclosure of personal interest when a licensee is a principal in a real estate transaction.
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