Mortgage Broker Licensing Practice Exam · Question
Which type of transaction is NOT typically subject to FINTRAC reporting requirements?
Comparing mortgage rates is a standard client activity and is not a financial transaction that triggers any FINTRAC reporting requirement. The other options are
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Question: Which type of transaction is NOT typically subject to FINTRAC reporting requirements?
Answer options:
- Suspicious transactions of any amount.
- Large cash transactions (LCT) of $10,000 or more.
- Electronic funds transfers (EFT) of $10,000 or more across national borders. ✅ A client comparing mortgage rates from different lenders.
Correct answer: A client comparing mortgage rates from different lenders.
Explanation: Comparing mortgage rates is a standard client activity and is not a financial transaction that triggers any FINTRAC reporting requirement. The other options are specific types of transactions or activities that require mandatory reporting.
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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?
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