NBREA REAL ESTATE EXAM QUESTIONS AND ANSWERS
What are the agents record keeping requirements? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅Within 15 days of
Cash being offered.
Define AMPs? - CORRECT ANSWERS✅✅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)? -
CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅Personal Information Protection and Electronic
Documents Act
Receipt of Funds record
Individual Identiication Information Record
What is FCNB & the 3 licenses they provide? - CORRECT ANSWERS✅✅New Brunswick Financial &
Consumer Service Comissions
1)Agent (RLPA) 2)Manager(Broker)3) Sales Person(REALTOR®)
4 Technology trends affecting Real Estate? - CORRECT ANSWERS✅✅Wireless devices, Internet
Innovation, Internet Collaboration & The MLS system
Explain legislation application in regards to advertising? - CORRECT ANSWERS✅✅Legislation equally
applies to the Internet, websites & mail. Forms auto update in webforms.
Who can use WEBFORMS? - CORRECT ANSWERS✅✅REALTOR Link members only
name the 2 FINTRAC forms? - CORRECT ANSWERS✅✅1. Individual Identification Information Record
2. receipt of Funds record
What are 5 fiduciary obligations to clients? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅1.Idemnify
2.Renumerate
3. Obligations in the agreement
The 8 general obligations to clients - CORRECT ANSWERS✅✅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
What are 5 ways a contract can be terminated? - CORRECT ANSWERS✅✅1. Performance (Intended
conclusion)
2. Mutual agreement
3. Frustration
4. Non-Fulfillment of a condition
5. Breach of contract
What are the duties owed to the principal? - CORRECT ANSWERS✅✅Loyalty
Obedience
Disclosure
Confidentiality
Competence
What are the agents record keeping requirements? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅Within 15 days of
Cash being offered.
Define AMPs? - CORRECT ANSWERS✅✅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)? -
CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅Personal Information Protection and Electronic
Documents Act
Receipt of Funds record
Individual Identiication Information Record
What is FCNB & the 3 licenses they provide? - CORRECT ANSWERS✅✅New Brunswick Financial &
Consumer Service Comissions
1)Agent (RLPA) 2)Manager(Broker)3) Sales Person(REALTOR®)
4 Technology trends affecting Real Estate? - CORRECT ANSWERS✅✅Wireless devices, Internet
Innovation, Internet Collaboration & The MLS system
Explain legislation application in regards to advertising? - CORRECT ANSWERS✅✅Legislation equally
applies to the Internet, websites & mail. Forms auto update in webforms.
Who can use WEBFORMS? - CORRECT ANSWERS✅✅REALTOR Link members only
name the 2 FINTRAC forms? - CORRECT ANSWERS✅✅1. Individual Identification Information Record
2. receipt of Funds record
What are 5 fiduciary obligations to clients? - CORRECT ANSWERS✅✅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? - CORRECT ANSWERS✅✅1.Idemnify
2.Renumerate
3. Obligations in the agreement
The 8 general obligations to clients - CORRECT ANSWERS✅✅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
What are 5 ways a contract can be terminated? - CORRECT ANSWERS✅✅1. Performance (Intended
conclusion)
2. Mutual agreement
3. Frustration
4. Non-Fulfillment of a condition
5. Breach of contract
What are the duties owed to the principal? - CORRECT ANSWERS✅✅Loyalty
Obedience
Disclosure
Confidentiality
Competence
