Humber/Ontario Real Estate Course 2 Exam Practice

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If Salesperson Freeman receives a $12,000 deposit and suspects illegal money laundering activities, what should be reported?

  1. The $12,000 deposit to FINTRAC, as it represents a large cash transaction.

  2. The matter to FINTRAC as a suspicious transaction.

  3. The matter to FINTRAC under the terrorist property reporting procedures.

  4. The matter to FINTRAC, as a 'Confirmation of Money Laundering Report.'

The correct answer is: The matter to FINTRAC as a suspicious transaction.

If Salesperson Freeman receives a $12,000 deposit and suspects illegal money laundering activities, the correct course of action would be to report the matter to FINTRAC as a suspicious transaction. This is crucial because real estate professionals have a legal obligation to report any suspicious transactions that could be related to money laundering or terrorist financing. By reporting the matter to FINTRAC as a suspicious transaction, Salesperson Freeman is fulfilling their duty to help combat financial crime within the real estate industry. Option A is incorrect because simply receiving a $12,000 deposit does not automatically require reporting to FINTRAC as a large cash transaction. Option C is incorrect as reporting under terrorist property reporting procedures is only necessary when there are suspicions of terrorist financing, not general money laundering activities. Option D is incorrect as the specific term 'Confirmation of Money Laundering Report' is not a standard procedure for reporting suspicious activities to FINTRAC in this context.

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