Humber/Ontario Real Estate Course 2 Exam Practice

Which of the following statements is correct regarding a salesperson's compliance with FINTRAC requirements?

1. Salesperson Cowan and the brokerage must jointly develop ongoing training programs

2. Salesperson Cowan is obligated to report any suspicious transaction

3. Salesperson Cowan must review his written compliance policies every year to ensure that they are current and in accordance with FINTRAC requirements

4. As a salesperson, Cowan must develop a compliance regime that meets requirements set out by FINTRAC

The correct answer is: Salesperson Cowan is obligated to report any suspicious transaction

Salesperson Cowan is obligated to report any suspicious transaction. This is a correct statement regarding a salesperson's compliance with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) requirements. Real estate salespersons are required to report any suspicious transactions to FINTRAC as part of their anti-money laundering and anti-terrorist financing obligations. Being vigilant and reporting any suspicious activities helps ensure the integrity of the real estate transactions and helps prevent illegal activities through the real estate market. Option A is incorrect because while ongoing training programs are important, it is not specifically stated that the salesperson and the brokerage must jointly develop them. Option C is incorrect because while reviewing compliance policies annually is a good practice, it is not the only requirement for compliance with FINTRAC. Option D is incorrect because while salespersons must adhere to compliance regimes set out by FINTRAC, the statement is not entirely accurate as it oversimplifies the requirements and responsibilities of a salesperson in complying with FINTRAC regulations.