Humber/Ontario Real Estate Course 1 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Humber Real Estate Course 1 Exam. Access our quiz with multiple choice questions and detailed explanations. Boost your readiness for the exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What monetary threshold requires reporting to FINTRAC?

$1,000
$5,000
$10,000
$20,000

The correct answer is: $10,000

In Canada, the correct answer is $10,000. According to FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulations, any cash transaction of $10,000 or more must be reported to FINTRAC by real estate salespersons and brokers as a part of anti-money laundering and anti-terrorist financing measures. This reporting is vital to ensure transparency and combat illegal financial activities within the real estate sector. The other options are incorrect because they do not meet the monetary threshold that requires reporting to FINTRAC.