Humber/Ontario Real Estate Course 2 Exam Practice

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What must a real estate brokerage include in a FINTRAC compliance regime?

  1. Regular oversight by an external auditor.

  2. Written policies and procedures and an initial, but not ongoing, training for registrants.

  3. The appointment of a compliance officer.

  4. The creation of an annual financial compliance report.

  5. A directive to notify FINTRAC of any and all transactions immediately.

  6. Monthly reviews of compliance activities.

The correct answer is: The appointment of a compliance officer.

A real estate brokerage must include the appointment of a compliance officer in its FINTRAC compliance regime. This is crucial as the compliance officer is responsible for overseeing and ensuring that the brokerage adheres to all regulatory requirements set forth by FINTRAC. The compliance officer plays a critical role in implementing policies and procedures, conducting training for registrants, monitoring transactions, reporting suspicious activities, and maintaining compliance records. Options A, B, D, E, and F are not mandatory components of a FINTRAC compliance regime for real estate brokerages. Although some of these activities may be beneficial for enhancing compliance practices, they are not specifically required by FINTRAC regulations.

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