NBREA Real Estate Exam Questions and Answers-
Latest Update.
What are the agents record keeping requirements? - Correct 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? - Correct 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? - Correct Answer Within 15
days of Cash being offered.
Define AMPs? - Correct 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)? - Correct 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? - Correct 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? - Correct 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? - Correct 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? - Correct Answer Personal Information Protection and
Electronic Documents Act
Receipt of Funds record
Individual Identiication Information Record
What is FCNB & the 3 licenses they provide? - Correct Answer New Brunswick Financial
& Consumer Service Comissions
1)Agent (RLPA) 2)Manager(Broker)3) Sales Person(REALTOR®)
4 Technology trends affecting Real Estate? - Correct Answer Wireless devices, Internet
Innovation, Internet Collaboration & The MLS system
Explain legislation application in regards to advertising? - Correct Answer Legislation
equally applies to the Internet, websites & mail. Forms auto update in webforms.
Who can use WEBFORMS? - Correct Answer REALTOR Link members only
name the 2 FINTRAC forms? - Correct Answer 1. Individual Identification Information
Record
2. receipt of Funds record
What are 5 fiduciary obligations to clients? - Correct 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? - Correct Answer 1.Idemnify
2.Renumerate
3. Obligations in the agreement
The 8 general obligations to clients - Correct 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
What are 5 ways a contract can be terminated? - Correct Answer 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 Answer Loyalty
Obedience
Disclosure
Confidentiality
Competence
Accountibility
Inspection/Evaluation
Gathering of information
Marketing
Honesty/Integrity
Latest Update.
What are the agents record keeping requirements? - Correct 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? - Correct 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? - Correct Answer Within 15
days of Cash being offered.
Define AMPs? - Correct 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)? - Correct 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? - Correct 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? - Correct 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? - Correct 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? - Correct Answer Personal Information Protection and
Electronic Documents Act
Receipt of Funds record
Individual Identiication Information Record
What is FCNB & the 3 licenses they provide? - Correct Answer New Brunswick Financial
& Consumer Service Comissions
1)Agent (RLPA) 2)Manager(Broker)3) Sales Person(REALTOR®)
4 Technology trends affecting Real Estate? - Correct Answer Wireless devices, Internet
Innovation, Internet Collaboration & The MLS system
Explain legislation application in regards to advertising? - Correct Answer Legislation
equally applies to the Internet, websites & mail. Forms auto update in webforms.
Who can use WEBFORMS? - Correct Answer REALTOR Link members only
name the 2 FINTRAC forms? - Correct Answer 1. Individual Identification Information
Record
2. receipt of Funds record
What are 5 fiduciary obligations to clients? - Correct 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? - Correct Answer 1.Idemnify
2.Renumerate
3. Obligations in the agreement
The 8 general obligations to clients - Correct 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
What are 5 ways a contract can be terminated? - Correct Answer 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 Answer Loyalty
Obedience
Disclosure
Confidentiality
Competence
Accountibility
Inspection/Evaluation
Gathering of information
Marketing
Honesty/Integrity
