Real Estate Council of Alberta Fundamentals Practice Exam

Which type of reports does RECA provide annually?

1. Project proposals

2. Financial reports

3. Market forecasts

4. Policy updates

The correct answer is: Financial reports

RECA, or the Real Estate Council of Alberta, is tasked with oversight and the regulation of the real estate sector. One of their key responsibilities includes the preparation and dissemination of financial reports on an annual basis. These reports provide a comprehensive overview of the organization's financial position and performance, which is essential for transparency and accountability to stakeholders, including consumers and industry professionals. The financial reports typically include vital information such as income, expenses, assets, liabilities, and other relevant financial metrics that help in assessing the economic health and operational effectiveness of RECA. By sharing these reports annually, RECA ensures that all interested parties have access to critical financial information that can influence decision-making within the real estate industry. Other types of reports mentioned may be relevant in different contexts but do not constitute the annual reports issued by RECA in terms of their financial responsibilities. Project proposals, market forecasts, and policy updates serve different functions and may not be standardized or required outputs on an annual basis. They could be produced intermittently or as needed, depending on specific circumstances or issues arising within the industry.