Alberta Real Estate Licensing Exam Practice · Question
Which of the following is a key responsibility of a Designated Official for a real estate brokerage in Alberta?
A Designated Official is responsible for ensuring the brokerage's compliance with RECA rules, especially regarding trust accounts.
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Question: Which of the following is a key responsibility of a Designated Official for a real estate brokerage in Alberta?
Answer options:
- Overseeing the compliance of the brokerage and its professionals with BOMA Canada standards. ✅ Ensuring all brokerage trust accounts are managed and reconciled according to RECA rules.
- Primarily handling all real estate transactions for the brokerage.
- Representing the brokerage in all legal disputes with clients.
Correct answer: Ensuring all brokerage trust accounts are managed and reconciled according to RECA rules.
Explanation: A Designated Official is responsible for ensuring the brokerage's compliance with RECA rules, especially regarding trust accounts.
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