Humber/Ontario Real Estate Course 2 Exam Practice 2025 - Free Real Estate Practice Questions and Study Guide

Image Description

Question: 1 / 1300

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, which activities do NOT relate to the duties of real estate brokerages?

Are not a concern for real estate brokerages, as they are exempt under this law.

Are confined to activities within Canada's geographic limits.

Could involve concealing or converting illegal funds via property acquisition and sale.

The correct answer is C. This is because the activities involving concealing or converting illegal funds via property acquisition and sale do indeed relate to the duties of real estate brokerages under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Real estate brokerages are required to take measures to prevent money laundering and terrorist financing, which includes identifying clients, monitoring transactions, and reporting suspicious activities to FINTRAC.

Option A is incorrect as real estate brokerages are not exempt under this law and are required to comply with its regulations.

Option B is incorrect because money laundering and terrorist financing activities are not confined to activities within Canada's geographic limits.

Option D is incorrect as FINTRAC is the federal agency responsible for analyzing and tracking financial transactions to combat money laundering and terrorist financing.

Get further explanation with Examzify DeepDiveBeta

Would be analyzed and tracked by the federal Financial Tracking and Action Centre (FINTRAC).

Next Question

Report this question

Download Humber/Ontario Real Estate Course 2 Exam Practice PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy