Humber/Ontario Real Estate Course 2 Exam Practice

When is the latest point that a FINTRAC individual identification form must be completed by the salesperson when a buyer wants to purchase a listed property?

1. At the time that a signed agreement of purchase and sale is submitted

2. Before the first home is viewed

3. Immediately before a buyer representation agreement is signed

4. No later than the end of the first meeting with a buyer client

5. Within 24 hours of submitting an offer

6. After the offer is accepted by the seller

The correct answer is: At the time that a signed agreement of purchase and sale is submitted

In this scenario, the correct answer is "At the time that a signed agreement of purchase and sale is submitted." This is the latest point at which a FINTRAC individual identification form must be completed by the salesperson when a buyer wants to purchase a listed property. It is important to complete the required FINTRAC individual identification form when a signed agreement of purchase and sale is submitted because this stage signifies a formal commitment between the buyer and seller. This process ensures that necessary anti-money laundering and anti-terrorist financing measures are taken at a crucial point in the transaction. Options B, C, D, E, and F are not the latest point at which the FINTRAC individual identification form must be completed and are therefore not accurate in this context.