Fintrac
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.
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
No
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
No
What is a RED FLAG and when to ask your broker? The buyer wants to give you a cash deposit of $5000
Yes
No
What is a RED FLAG and when to ask your broker? The buyer doesn't put a financing condition in the offer
Yes
No
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
No
You need to report a suspicious transaction within 30 days to your Broker?
Yes
No
For identification of a client you can accept an email picture from one of the buyers that wasn't present?
Yes
No
Does a Passport work for identification?
Yes
No
Occupation can be stated as Retired?
Yes
No
Receipt of Funds form is not needed for a wire transfer?
Yes
No
You should inform your broker within a week of a suspicious transaction?
Yes
No
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