Humber/Ontario Real Estate Course 4 Exam Practice

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What is a mandatary in the context of real estate?

A required form that must be used.
An agent used for FINTRAC identification verification.
A person employed by a brokerage who ensures compliance with privacy legislation.
A form developed by organized real estate.

The correct answer is: An agent used for FINTRAC identification verification.

A mandatary in the context of real estate is an agent used for FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) identification verification. This individual is responsible for verifying the identities of clients involved in real estate transactions to ensure compliance with anti-money laundering and anti-terrorist financing regulations. Option A, C, and D are not accurate definitions of a mandatary in real estate.