NBREA Real Estate Exam
Questions And Correct Answers
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 auto update in
webforms.
, Who Can Use WEBFORMS?
REALTOR Link Members Only
Name The 2 FINTRAC Forms?
1. Individual Identification Information Record
2. Receipt Of Funds Record
What Are 5 Fiduciary Obligations To Clients?
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?
1.Idemnify
2.Renumerate
3. Obligations In The Agreement
Questions And Correct Answers
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 auto update in
webforms.
, Who Can Use WEBFORMS?
REALTOR Link Members Only
Name The 2 FINTRAC Forms?
1. Individual Identification Information Record
2. Receipt Of Funds Record
What Are 5 Fiduciary Obligations To Clients?
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?
1.Idemnify
2.Renumerate
3. Obligations In The Agreement
