NBREA Real Estate Exam questions and answers 100% correct

NBREA Real Estate Exam questions and answers 100% correct What are the agents record keeping requirements? Keep Records for 5 years Must be produced within 30 days of Auditor's request Documents required Large Cash Transaction Report, IIIR, Receipt of Funds record, Suspicious transaction Report, Corp/Entity IIR, Self-assesment Risk management Report Define FINTRAC and it's purpose? The indep[endant agency of FInancial Transactions & Reports Analysis centre of Canada. Their purpose is to Collect, Analyze and disclose data for the deterance, detection of crime and protection of the general public. When should a 10K cash deposit be reported to FINTRAC? Within 15 days of Cash being offered. Define AMPs? Administrative Monetary Penalties. Additional tools & criminal sanctions with an objective of ensuring compliance. These allow for a proportionate response to the individual offense. What are the fines for Very Serious (Individual/Entity), Very Serious(I/E), Serious(I/E), Minor(I/E)? Minor(I/E)-$1-1K Serious(I/E)-$1-100K Very Serious(I/E)-$1-100K Very Serious(I/E)-$1-500K Total Fines for each offense can exceed these limits What will FINTRAC publically list? 1)A serious or very serious violation 2)Total penalty is equal to or greater than 10K Define the Department of Justice's role in Real Estate? Co-regulates the industry with NBREA Roles, responsibilities & auhtority from Real Estate Agents Act & An Act to Incorporate the NB real Estate Association Criminal record checks, enforce acts, provides licenses, investigates and resolves complaints Consumer education & approves licensing courses REALTOR®'s responsibility to FINTRAC? To protect personal data collected as part of the FINTRAC compliance process against loss, theft, unauthorized access, disclosure or copying. Define PIPEDA, R of F & I I I R? Personal Information Protection and Electronic Documents Act Receipt of Funds record Individual Identiication Information Record What is FCNB & the 3 licenses they provide? New Brunswick Financial & Consumer Service Comissions 1)Agent (RLPA) 2)Manager(Broker)3) Sales Person(REALTOR®) 4 Technology trends affecting Real Estate? Wireless devices, Internet Innovation, Internet Collaboration & The MLS system Explain legislation application in regards to advertising? Legislation equally applies to the Internet, websites & mail. Forms