Humber/Ontario Real Estate Course 2 Exam Practice

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Which scenario involving Salesperson Harden's appointments does NOT require FINTRAC ID verification?

  1. Company contracting for listing services.

  2. Buyer signing a customer service agreement.

  3. Parent providing purchase funds for their child.

  4. Buyer leasing a residential condo.

  5. Buyer paying cash for residential property.

  6. Buyer setting up a trust fund for purchase.

The correct answer is: Buyer leasing a residential condo.

In this scenario, the appointment that does not require FINTRAC ID verification is when a buyer is leasing a residential condo (Option D). This is because when a buyer is leasing a property, they are not purchasing or acquiring ownership of the property, so there is no need for FINTRAC ID verification in this situation. On the other hand, for the other options: - In option A, when a company is contracting for listing services, there could be potential real estate transactions involved that may require FINTRAC ID verification. - In option B, when a buyer signs a customer service agreement, it indicates a potential real estate transaction where FINTRAC ID verification could be necessary. - In option C, if a parent is providing purchase funds for their child, this could involve a real estate transaction and would likely require FINTRAC ID verification. - In option E, if a buyer is paying cash for residential property, this could raise concerns about anti-money laundering and would most likely demand FINTRAC ID verification. - In option F, when a buyer is setting up a trust fund for purchase, this could also involve a real estate transaction requiring FINTRAC ID verification. So, the presence of a real estate transaction or potential ownership transfer is what typically triggers the need for FINTRAC ID verification, which is why option D, where a buyer is leasing a residential condo and not purchasing it, does not require this verification.

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