ASREB (Arizona School of Real Estate and Business) |
Guaranteed Success Review Questions: Fully Solved &
Satisfaction Certified 2025/2026
What are the 3 basic rules of the competition act? - correct answer to maintain and
encourage competition 1)Do not collude 2)Do not discriminate 3)Do not mislead
When do you complete an I I I R? - correct answer Date of transcation. FINTRAC
defines as closing date. Done with a witness.
What does PCMLTFA stand for? - correct answer Proceeds of Crime Money aundering
& Terrorist Financing Act
What are 3 criteria for determining FINTRAC violation penalties? - correct answer
1)Harm caused by violation
2)Compliance history of the reporting entity
3)Non-punative nature of an administrative penalty(See Minor, Servious, Very Serious
scale)
What are the FINTRAC non-compliance fines? - correct answer 500K 1st offense
up to 1 Million for all other subsequent offences
What is an SRT and what are the possible fines for failure to comply? - correct answer
Suspicious Transaction Report
Serious Offence-Up to 5 years in prison and up to $2Million in fines for each offence.
What are the 6 essential elements of a contract? - correct answer 1. Legal capacity of
parties
2. Legality of object
3. Legal Intention
4. Consideration
5. Mutual Agreement
,6. Genuine Consent
What are the 5 exclusions of E & O Insurance? - correct answer 1)Fraud 2)Fine or
Penalties 3)General Insurance Items(Accidents during open house) 4)Appraisers &
Property Managers 5)Any claim arising from selling or managing any property wholly or
partially owned by an insuree.
What are the 4 legal methods of creating agency? - correct answer 1)By Agreement
2)By ratification 3)By Estoppel(Can act on principals behalf) 4)Operation of law
(appointed)
What are considerations on agreement of purchase & sale? - correct answer Buyer:
Identification, deposit, fixtures & chattels
Seller: Registered owners, counter offer, Deposit-Held by listing agent, legal description
of property, fixtures & chattels, conditions clauses, maintenance
What does AIDA stand for? - correct answer Attention
Interest
Desire
Action (Page 248 Advertising)
What do the terms PAN & PIN mean? - correct answer Property Accont Number
Parcel Identifier Number
What is FLIP? - correct answer Farm Land Identifier Program (If applicable can defer
provincial taxes on farmland)
What are the 10 principals of privacy? - correct answer Substansive Principles
1)Identifying purposes 2)Consent 3)Limiting Collection of data 4)Limiting Disclosure of
data
Administrative Principles
, 5)Accountability 6)Accuracy 7)Safeguards 8)Openess 9)Individual Access
10)Challenging compliance
What are 4 items of consideration? - correct answer 1)Valuable-Must be somewhat of
value
2)Lawful-Must follow the law
3)Past-Past consideration is No consideration
4)Signing under Seal-Replaces consideration as exception
What are the 4 elements of value? (USET) - correct answer 1)Utility
2)Scarcity
3)Effective Demand
4)Transferability
What are 4 types of misrepresentation? - correct answer 1)Innocent 2)Negligent -Not
on purpose
3)Fraudulent 4)Failure to Disclose - On purpose
What are 4 remedies awarded by the court? - correct answer 1)Sue for payment
2)Sue for forclosure & Judicial sale
3)Power of Sale
4)Quit Claim deed
What is the power of sale clause? - correct answer Property can be sold by bank if you
default on mortgage
What is the Home Buyers Plan? - correct answer You can take your downpayment
from RRSPs up to 15K like a long term loan
What is a convential mortgage? - correct answer 20% or higher downpayment
Guaranteed Success Review Questions: Fully Solved &
Satisfaction Certified 2025/2026
What are the 3 basic rules of the competition act? - correct answer to maintain and
encourage competition 1)Do not collude 2)Do not discriminate 3)Do not mislead
When do you complete an I I I R? - correct answer Date of transcation. FINTRAC
defines as closing date. Done with a witness.
What does PCMLTFA stand for? - correct answer Proceeds of Crime Money aundering
& Terrorist Financing Act
What are 3 criteria for determining FINTRAC violation penalties? - correct answer
1)Harm caused by violation
2)Compliance history of the reporting entity
3)Non-punative nature of an administrative penalty(See Minor, Servious, Very Serious
scale)
What are the FINTRAC non-compliance fines? - correct answer 500K 1st offense
up to 1 Million for all other subsequent offences
What is an SRT and what are the possible fines for failure to comply? - correct answer
Suspicious Transaction Report
Serious Offence-Up to 5 years in prison and up to $2Million in fines for each offence.
What are the 6 essential elements of a contract? - correct answer 1. Legal capacity of
parties
2. Legality of object
3. Legal Intention
4. Consideration
5. Mutual Agreement
,6. Genuine Consent
What are the 5 exclusions of E & O Insurance? - correct answer 1)Fraud 2)Fine or
Penalties 3)General Insurance Items(Accidents during open house) 4)Appraisers &
Property Managers 5)Any claim arising from selling or managing any property wholly or
partially owned by an insuree.
What are the 4 legal methods of creating agency? - correct answer 1)By Agreement
2)By ratification 3)By Estoppel(Can act on principals behalf) 4)Operation of law
(appointed)
What are considerations on agreement of purchase & sale? - correct answer Buyer:
Identification, deposit, fixtures & chattels
Seller: Registered owners, counter offer, Deposit-Held by listing agent, legal description
of property, fixtures & chattels, conditions clauses, maintenance
What does AIDA stand for? - correct answer Attention
Interest
Desire
Action (Page 248 Advertising)
What do the terms PAN & PIN mean? - correct answer Property Accont Number
Parcel Identifier Number
What is FLIP? - correct answer Farm Land Identifier Program (If applicable can defer
provincial taxes on farmland)
What are the 10 principals of privacy? - correct answer Substansive Principles
1)Identifying purposes 2)Consent 3)Limiting Collection of data 4)Limiting Disclosure of
data
Administrative Principles
, 5)Accountability 6)Accuracy 7)Safeguards 8)Openess 9)Individual Access
10)Challenging compliance
What are 4 items of consideration? - correct answer 1)Valuable-Must be somewhat of
value
2)Lawful-Must follow the law
3)Past-Past consideration is No consideration
4)Signing under Seal-Replaces consideration as exception
What are the 4 elements of value? (USET) - correct answer 1)Utility
2)Scarcity
3)Effective Demand
4)Transferability
What are 4 types of misrepresentation? - correct answer 1)Innocent 2)Negligent -Not
on purpose
3)Fraudulent 4)Failure to Disclose - On purpose
What are 4 remedies awarded by the court? - correct answer 1)Sue for payment
2)Sue for forclosure & Judicial sale
3)Power of Sale
4)Quit Claim deed
What is the power of sale clause? - correct answer Property can be sold by bank if you
default on mortgage
What is the Home Buyers Plan? - correct answer You can take your downpayment
from RRSPs up to 15K like a long term loan
What is a convential mortgage? - correct answer 20% or higher downpayment
