Mortgage Broker Licensing Practice Exam · Question
Which Canadian federal law requires mortgage brokerages to report suspicious transactions to FINTRAC?
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requires reporting entities, including mortgage brokerages, to report suspicious
Start free practice for Mortgage Broker Licensing Practice Exam
302 questions · no signup required · 40 free questions per day
Question: Which Canadian federal law requires mortgage brokerages to report suspicious transactions to FINTRAC?
Answer options:
- PIPEDA ✅ PCMLTFA
- CASL
- Bank Act
Correct answer: PCMLTFA
Explanation: The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requires reporting entities, including mortgage brokerages, to report suspicious transactions 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.