Mortgage Broker Licensing Practice Exam · Question
Mortgage brokerages must report which transactions to FINTRAC under PCMLTFA?
Under PCMLTFA, mortgage brokerages must file Suspicious Transaction Reports (STRs), Terrorist Property Reports and other prescribed reports to FINTRAC.
Start free practice for Mortgage Broker Licensing Practice Exam
302 questions · no signup required · 40 free questions per day
Question: Mortgage brokerages must report which transactions to FINTRAC under PCMLTFA?
Answer options:
- All transactions above CAD 1,000 ✅ Suspicious transactions and other prescribed reports such as terrorist property
- Only cash transactions involving non-residents
- Only transactions flagged by the lender
Correct answer: Suspicious transactions and other prescribed reports such as terrorist property
Explanation: Under PCMLTFA, mortgage brokerages must file Suspicious Transaction Reports (STRs), Terrorist Property Reports and other prescribed reports to FINTRAC.
Start free practice for Mortgage Broker Licensing Practice Exam
302 questions · no signup required · 40 free questions per day
More about Mortgage Broker Licensing Practice Exam
Related Questions
- What is the typical time frame for a mortgage agent to provide the required disclosure statement to a client?
- Funds received from a client or investor that the brokerage holds on their behalf must be deposited into:
- Ontario mortgage agents must complete which of the following at each licence renewal?
- Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
- What is a 'material change' in relation to a client's mortgage application?
- Ethical behavior for a mortgage broker includes:
More for Mortgage Broker Licensing Practice Exam candidates
Question explanations
- What is the typical time frame for a mortgage agent to provide the required disclosure statement to a client?
- Funds received from a client or investor that the brokerage holds on their behalf must be deposited into:
- Ontario mortgage agents must complete which of the following at each licence renewal?
- Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Mortgage Broker Licensing Practice Exam Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.