RECA Residential Exam Latest Updated 2024 Power of Attorney - a legal document authorizing someone to act on your behalf - must be 18 - POA must be written, dated and signed by both donor and witness - donor must be mentally capable or contract is void - only effective as long as donor is alive, will takes effect once death Types of POA - General POA - has no limits on powers of the attorney - can make all decisions regarding financial and legal affairs - exception where the donor resides and health care Special POA - make certain decisions - also called limited POA - may grant authority to oversee sale, deals with land - must be registered on Certificate of Title Immediate POA - takes effect as soon as POA is signed, dated and witnessed - terminates upon loss of mental capacity or death Enduring POA - immediately upon being signed, dated and witnessed - continues if donor becomes incapable, mentally incapacitated - must include statement whether it takes effect immediately and continues... Judicial Sale - Court ordered sale usually as a way to resolve legal matters - primary debt recovery method for default mortgages Foreclosure - legal action supervised by the court following a default on the mortgage. -transfers the real property from the borrower to the lender and erases interests on title. Alberta Building Code - Legislation that establishes technical specifications for new building construction and construction materials Building Permit - typically valid for one year during which construction process must be initiated Factory Built Construction - Manufactured - three sections that are 95% complete when they leave the factory. - secure the sections to the foundation and join together - can often move in the same day or within days - saves time and mony Modular Construction - manufacturing three dimensional units, 85 percent complete when they leave - requires few weeks on site to be complete - allows for creation of multi-story buildings Panelized construction - creation of pre-fabricated wall, floor or roof panels - panels may be completed fully or partially - may consist of just the frame or fully complete with windows and siding Fiduciary Representation - - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity - 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do