Humber/Ontario Real Estate Course 4 Exam Practice

When is the latest time that Salesperson Milani must complete a FINTRAC individual identification form for a buyer?

1. Before the first home is viewed.

2. At the time a signed agreement of purchase and sale is submitted.

3. Immediately before a buyer representation agreement is signed.

4. No later than the end of the first meeting with a buyer client.

5. During the property showing.

The correct answer is: At the time a signed agreement of purchase and sale is submitted.

The requirement for completing a FINTRAC individual identification form is closely tied to the point in the transaction process when a real estate professional is obligated to ensure compliance with anti-money laundering regulations. The correct timing for this form is at the moment a signed agreement of purchase and sale is submitted. This ensures that the identification is completed at a critical juncture when the buyer is formally committed to the transaction, allowing the agent to fulfill their regulatory obligations while also safeguarding against potential money laundering activities. By this time, the relationship between the salesperson and the client is solidified through the agreement, making it the most suitable moment for verifying and documenting the buyer's identity in compliance with FINTRAC regulations. Other options suggest either undertaking the process too early or at points that do not align with the regulatory requirements, which could lead to non-compliance and its associated risks.