Humber/Ontario Real Estate Course 2 Exam Practice

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What must a buyer who is a U.S. citizen purchasing property in Canada do to comply with FINTRAC?

  1. Return to Canada for verification.

  2. Provide a video verification.

  3. Have an agent meet face-to-face.

  4. Submit notarized documents by mail.

  5. Use a virtual verification system.

  6. Have an identity verification waiver.

The correct answer is: Have an agent meet face-to-face.

A buyer who is a U.S. citizen purchasing property in Canada must have an agent meet them face-to-face to comply with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulations. This face-to-face meeting is necessary to verify the identity of the buyer in accordance with anti-money laundering and anti-terrorist financing regulations. The other options provided do not meet the requirement for a physical identity verification which is a crucial aspect of complying with FINTRAC regulations.

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