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Fintrac

A real estate setting with blurred images of properties, a concerned broker, and visual indicators like warning signs to represent suspicious activities.

Fintrac RED FLAG Awareness Quiz

Test your knowledge on identifying RED FLAG scenarios in real estate transactions and ensure compliance with Fintrac regulations.

This quiz covers vital information on:

Recognizing suspicious activities.
Understanding identification requirements.
Reporting obligations for brokers.

11 Questions3 MinutesCreated by InvestigatingFalcon473

What is a RED FLAG and when to ask your broker? A client purchases multiple properties in a short time period and seems to have few concerns about the location, condition and the anticipated repair cost.

Yes

What is a RED FLAG and when to ask your broker? A client changes the name of the purchasing party last minute and really has no explanation.

Yes

What is a RED FLAG and when to ask your broker? The buyer wants to give you a cash deposit of $5000

Yes

What is a RED FLAG and when to ask your broker? The buyer doesn't put a financing condition in the offer

Yes

What is a RED FLAG and when to ask your broker? Client purchases the property in the name of nominee or a relative other than a spouse.

Yes

You need to report a suspicious transaction within 30 days to your Broker?

Yes

For identification of a client you can accept an email picture from one of the buyers that wasn't present?

Yes

Does a Passport work for identification?

Yes

Occupation can be stated as Retired?

Yes

Receipt of Funds form is not needed for a wire transfer?

Yes

You should inform your broker within a week of a suspicious transaction?

Yes

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