Humber/Ontario Real Estate Course 4 Exam Practice

Salesperson Harden has several appointments today. Which of them would NOT require FINTRAC identification verification?

1. A company wants to list their building

2. A buyer signing a customer service agreement

3. A buyer’s parent providing purchase funds

4. A buyer wanting to lease a condo

5. A first-time home buyer consultation

6. A tenant looking for a short-term rental

The correct answer is: A buyer wanting to lease a condo

In this scenario, the appointment that would NOT require FINTRAC identification verification is when a buyer is wanting to lease a condo. When a buyer is looking to lease a property, it does not involve a real estate transaction that requires mortgage financing, unlike purchasing a property. FINTRAC identification verification is essential for transactions involving the purchase of real estate, where mortgage financing is typically involved. Leasing a condo does not fall under this category and therefore does not require FINTRAC identification verification. On the other hand, the appointments in the other choices would require FINTRAC identification verification: A. When a company wants to list their building, as it involves a real estate transaction. B. When a buyer is signing a customer service agreement, as it involves a buyer getting into a formal agreement related to a real estate transaction. C. When a buyer's parent is providing purchase funds, as it involves financial transactions related to the real estate purchase. E. During a first-time home buyer consultation, as it involves discussing real estate transactions where identification verification would be necessary. F. When a tenant is looking for a short-term rental, as it is a real estate transaction that falls under the scope of FINTRAC identification verification requirements.