Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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When is it NOT necessary for Salesperson Juliana to acquire FINTRAC identification from a client?

  1. Company requesting listing services.

  2. Buyer signing a customer representation agreement.

  3. Buyer’s parent providing purchase funds.

  4. Buyer leasing a residential property.

  5. Cash purchase of a home.

  6. Buyer setting up a trust for purchase.

The correct answer is: Buyer leasing a residential property.

In this scenario, Salesperson Juliana is not required to obtain FINTRAC identification from a client when the client is leasing a residential property. This is because in a leasing transaction, there is no real estate purchase or sale involved, and therefore, acquiring FINTRAC identification is not necessary in this situation. On the other hand, for the other situations mentioned: - Acquiring FINTRAC identification is necessary when a company requests listing services (Option A) as this involves a real estate transaction. - When a buyer signs a customer representation agreement (Option B), it is also required because it signifies a business relationship with the client regarding a real estate transaction. - If a buyer's parent is providing purchase funds (Option C), it is essential to gather FINTRAC identification to comply with the regulations regarding the source of funds. - In a cash purchase of a home (Option E), obtaining FINTRAC identification is crucial to verify the source of funds for the transaction. - When a buyer sets up a trust for the purchase (Option F), it is necessary to acquire FINTRAC identification to ensure compliance with anti-money laundering and anti-terrorism financing regulations. Therefore, out of the given options, D is the correct choice because in a residential leasing scenario, acquiring FINTRAC identification from the client is not required as it does not involve a real estate purchase or sale.