Humber/Ontario Real Estate Course 3 Exam Practice

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Who is considered a third party for the purposes of FINTRAC identification?

  1. An investment advisor who is directing her client as to what property to purchase.

  2. A mortgage lender that a buyer client will probably contact when arranging financing for a new home purchase.

  3. A lawyer who will be closing the sale for a buyer client once an agreement of purchase and sale is successfully negotiated.

  4. An employee that is acting on behalf of the employer corporation to acquire a property.

  5. A real estate agent who is negotiating on behalf of their client.

  6. A title company arranging for the financing and closing of the transaction.

The correct answer is: An investment advisor who is directing her client as to what property to purchase.

In regards to the given question, the correct answer is option A. An investment advisor who is directing her client as to what property to purchase is considered a third party for the purposes of FINTRAC identification. This is because the investment advisor is not directly involved in the real estate transaction itself but is providing guidance and advice to the client on which property to purchase. The other options do not represent a third party for the purposes of FINTRAC identification: - Option B refers to a mortgage lender, which is a key party in real estate transactions but not a third party as they are directly involved in providing financing. - Option C discusses a lawyer who will be closing the sale, but in real estate transactions, lawyers are typically involved parties rather than third parties. - Option D involves an employee acting on behalf of the employer corporation, which does not represent a third party as the employee is acting within the scope of their employment. - Option E mentions a real estate agent negotiating on behalf of their client, but real estate agents are directly involved parties in the transaction. - Option F talks about a title company arranging for financing and closing, which is essential to the transaction but not a third party as they are involved in the real estate process.

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