Humber/Ontario Real Estate Course 3 Exam Practice

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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!

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Which statement is accurate for a brokerage's compliance with FINTRAC requirements?

Brokerages with fewer than 10 employees need no FINTRAC officer.
Identify every person involved in each transaction, regardless of representation.
Keep records of all real estate transactions, few exceptions apply.
Do not need to verify identification for corporate sellers.
Only verify clients' identities, ignore customers.
Report only transactions above $50,000.

The correct answer is: Identify every person involved in each transaction, regardless of representation.

The statement regarding the necessity to identify every person involved in each transaction, regardless of representation, is accurate for a brokerage's compliance with FINTRAC requirements. This approach is rooted in the need for thorough due diligence and anti-money laundering practices. By identifying all parties involved, brokerages can help ensure transparency and accountability, thus fulfilling regulatory obligations. Keeping records is essential for compliance, and while the other options may provide some direction, they do not capture the complete scope of a brokerage's responsibilities under FINTRAC regulations. Under these rules, brokerages must maintain detailed records and understand all participants in a transaction to properly report and mitigate the risks of illicit activities.