Humber/Ontario Real Estate Course 3 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Humber/Ontario Real Estate Course 3 Exam. Study with challenging questions and detailed explanations to enhance your understanding. Get ready to excel in your exam!

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!

Practice this question and more.

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, what can money laundering involve?

Activities within Canada only
Issues not concerning real estate brokerages due to exemptions
Tracking by the Financial Tracking and Action Centre (FINTRAC)
Acts of concealing or converting funds through property transactions

The correct answer is: Acts of concealing or converting funds through property transactions

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, money laundering can involve acts of concealing or converting funds through property transactions. This can include buying, selling, or transferring property to hide the origins of illicit funds. Activities within Canada only (Option A) are not correct because money laundering can involve international transactions as well. Issues not concerning real estate brokerages due to exemptions (Option B) are not correct as real estate brokerages are not exempt from the regulations against money laundering. Tracking by the Financial Tracking and Action Centre (FINTRAC) (Option C) is not an accurate interpretation as FINTRAC is responsible for collecting and analyzing information related to financial transactions to combat money laundering, but it is not the definition of money laundering itself.