NBREA Real Estate Exam Questions With
Correct Answers
What are the agents record keeping requirements? - ANSWER✔✔✔-
| | | | | | | |
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? - ANSWER✔✔✔-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? -
| | | | | | | | | | |
ANSWER✔✔✔-Within 15 days of Cash being offered. | | | | | |
Define AMPs? - ANSWER✔✔✔-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)? - ANSWER✔✔✔-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? - ANSWER✔✔✔-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? - ANSWER✔✔✔-
| | | | | | | | | |
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? - ANSWER✔✔✔-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? - ANSWER✔✔✔-Personal Information
| | | | | | | | | | | | |
Protection and Electronic Documents Act | | | |
Receipt of Funds record
| | |
Individual Identiication Information Record
| | |
What is FCNB & the 3 licenses they provide? - ANSWER✔✔✔-New
| | | | | | | | | | |
Brunswick Financial & Consumer Service Comissions
| | | | |
1)Agent (RLPA) 2)Manager(Broker)3) Sales Person(REALTOR®)
| | | |
4 Technology trends affecting Real Estate? - ANSWER✔✔✔-Wireless
| | | | | | | |
devices, Internet Innovation, Internet Collaboration & The MLS system
| | | | | | | |
Explain legislation application in regards to advertising? -
| | | | | | | |
ANSWER✔✔✔-Legislation equally applies to the Internet, websites & | | | | | | | |
mail. Forms auto update in webforms.
| | | | |
Who can use WEBFORMS? - ANSWER✔✔✔-REALTOR Link members
| | | | | | | |
only
name the 2 FINTRAC forms? - ANSWER✔✔✔-1. Individual Identification
| | | | | | | | |
Information Record |
2. receipt of Funds record
| | | |
, What are 5 fiduciary obligations to clients? - ANSWER✔✔✔-1.Do not
| | | | | | | | | |
misuse confidential information
| |
2.Do not make secret profit
| | | |
3.Disclose conflict |
4.Maintain utmost loyalty | |
5.Avoid conflicts of Interest
| | |
What are the 3 obligations of Client to Agent? - ANSWER✔✔✔-
| | | | | | | | | |
1.Idemnify
2.Renumerate
3. Obligations in the agreement
| | | |
The 8 general obligations to clients - ANSWER✔✔✔-1.Excercise care &
| | | | | | | | | |
Skill
2.Perform mandate |
3.Obey lawful instructions
| |
4.Act in person
| |
5.Ensure honesty |
6.Negotiate favourable terms | |
7.Maintain confidentiality |
8.Disclose Information |
Correct Answers
What are the agents record keeping requirements? - ANSWER✔✔✔-
| | | | | | | |
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? - ANSWER✔✔✔-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? -
| | | | | | | | | | |
ANSWER✔✔✔-Within 15 days of Cash being offered. | | | | | |
Define AMPs? - ANSWER✔✔✔-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)? - ANSWER✔✔✔-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? - ANSWER✔✔✔-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? - ANSWER✔✔✔-
| | | | | | | | | |
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? - ANSWER✔✔✔-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? - ANSWER✔✔✔-Personal Information
| | | | | | | | | | | | |
Protection and Electronic Documents Act | | | |
Receipt of Funds record
| | |
Individual Identiication Information Record
| | |
What is FCNB & the 3 licenses they provide? - ANSWER✔✔✔-New
| | | | | | | | | | |
Brunswick Financial & Consumer Service Comissions
| | | | |
1)Agent (RLPA) 2)Manager(Broker)3) Sales Person(REALTOR®)
| | | |
4 Technology trends affecting Real Estate? - ANSWER✔✔✔-Wireless
| | | | | | | |
devices, Internet Innovation, Internet Collaboration & The MLS system
| | | | | | | |
Explain legislation application in regards to advertising? -
| | | | | | | |
ANSWER✔✔✔-Legislation equally applies to the Internet, websites & | | | | | | | |
mail. Forms auto update in webforms.
| | | | |
Who can use WEBFORMS? - ANSWER✔✔✔-REALTOR Link members
| | | | | | | |
only
name the 2 FINTRAC forms? - ANSWER✔✔✔-1. Individual Identification
| | | | | | | | |
Information Record |
2. receipt of Funds record
| | | |
, What are 5 fiduciary obligations to clients? - ANSWER✔✔✔-1.Do not
| | | | | | | | | |
misuse confidential information
| |
2.Do not make secret profit
| | | |
3.Disclose conflict |
4.Maintain utmost loyalty | |
5.Avoid conflicts of Interest
| | |
What are the 3 obligations of Client to Agent? - ANSWER✔✔✔-
| | | | | | | | | |
1.Idemnify
2.Renumerate
3. Obligations in the agreement
| | | |
The 8 general obligations to clients - ANSWER✔✔✔-1.Excercise care &
| | | | | | | | | |
Skill
2.Perform mandate |
3.Obey lawful instructions
| |
4.Act in person
| |
5.Ensure honesty |
6.Negotiate favourable terms | |
7.Maintain confidentiality |
8.Disclose Information |
