Humber/Ontario Real Estate Course 2 Exam Practice

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Which statement is correct regarding the FINTRAC receipt of funds record for a buyer's deposit?

  1. The receipt of funds is always prepared and kept by the listing brokerage.

  2. The receipt of funds is required if the funds come directly from a bank or credit union.

  3. The receipt of funds is required if funds are paid to a builder under a new home agreement of purchase and sale.

  4. The receipt of funds can involve a deposit paid by a client whose identity is verified using the dual process method.

  5. The receipt of funds is not necessary for small transactions.

  6. The receipt of funds must only be held if over $10,000.

The correct answer is: The receipt of funds can involve a deposit paid by a client whose identity is verified using the dual process method.

The correct statement regarding the FINTRAC receipt of funds record for a buyer's deposit is that the receipt of funds can involve a deposit paid by a client whose identity is verified using the dual process method. Option A is incorrect because the receipt of funds may not always be prepared and kept by the listing brokerage, as it can also be handled by the selling brokerage or the lawyer representing the buyer or seller. Option B is incorrect because the requirement for a receipt of funds is not solely dependent on funds coming directly from a bank or credit union. Option C is incorrect as the requirement for a receipt of funds is not only limited to funds paid to a builder under a new home agreement of purchase and sale. Option E is incorrect as the receipt of funds is necessary regardless of the transaction amount, not just for small transactions. Option F is incorrect because the receipt of funds needs to be held and documented for all transactions involving deposits, regardless of the amount.

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