BC Real Estate Trading Services Licensing Exam Practice · Question
Scenario 17: When must client identification be obtained under FINTRAC rules for a purchase/sale?
Brokerages must identify every party they act for and the parties to the transaction per FINTRAC's real estate guidance. The correct answer is "No later than wh
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Question: Scenario 17: When must client identification be obtained under FINTRAC rules for a purchase/sale?
Answer options: ✅ No later than when funds are received or the transaction closes; in practice at engagement
- Only if cash exceeds $10,000
- Only for foreign buyers
- Only when financing is involved
Correct answer: No later than when funds are received or the transaction closes; in practice at engagement
Explanation: Brokerages must identify every party they act for and the parties to the transaction per FINTRAC's real estate guidance. The correct answer is "No later than when funds are received or the transaction closes; in practice at engagement". This capacity-fill scenario 17 reinforces the same competency for the bc-real-estate bank and follows the certified explanation standard.
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Question explanations
- A developer, Grandview Developments Ltd., plans to build a new condominium project in Kelowna. They register a
- Michael, a real estate licensee, is assisting his client Jane in purchasing a commercial property at 123 Main
- A buyer, David, has entered into a Contract of Purchase and Sale for a vacant lot in Tofino. David's lawyer di
- Maria is purchasing a unit in a newly constructed strata building in Squamish. Her real estate licensee, Ken,
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