Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with tailored quizzes and study materials. Test your knowledge with multiple-choice questions designed to help you excel in your real estate career. Get ready to pass your exam with confidence!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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Which statement about FINTRAC is NOT accurate?

Any cash transaction of $10,000 or more must be reported.
FINTRAC deals with money laundering and terrorism financing.
If Broker of Record is opening a new brokerage, a compliance officer must be designated.
If an employee purchases property for an employer, the employee is seen as a third party.

The correct answer is: If an employee purchases property for an employer, the employee is seen as a third party.

The statement about FINTRAC that is not accurate is that if an employee purchases property for an employer, the employee is seen as a third party. In such cases, the employee acts on behalf of the employer and is not considered a third party. This is important in the context of money laundering and terrorism financing regulations because the nature of the transaction and the parties involved can determine the reporting requirements and compliance obligations under FINTRAC regulations. In comparison, the other statements regarding FINTRAC's requirements and responsibilities, such as the need to report cash transactions over $10,000, its role in combatting money laundering and terrorist financing, and the necessity of designating a compliance officer when opening a new brokerage, all accurately reflect the regulatory framework that FINTRAC operates under.