Humber/Ontario Real Estate Course 1 Exam Practice

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How can Buyer Huber, a US citizen, meet FINTRAC identification verification requirements if he hasn’t met with a salesperson in person?

Return to Canada to sign the agreement and verify identity face-to-face.
Include a copy of his birth certificate and driver’s license when sending back the signed agreement.
Employ a contracted agent (mandatary) to meet with him face-to-face and complete the identity verification.
Have the salesperson travel to the US to verify identity in person.
Submit a notarized affidavit confirming his identity.
Comply with US identification verification requirements instead.

The correct answer is: Employ a contracted agent (mandatary) to meet with him face-to-face and complete the identity verification.

The correct response emphasizes utilizing a contracted agent, or mandatary, to assist with identity verification. According to FINTRAC regulations, identification verification must be conducted in a reliable manner. By employing a mandatary, Buyer Huber can ensure that the verification process meets the necessary standards while accommodating his situation of not being physically present in Canada. Employing a mandatary allows for the proper face-to-face identification procedures to be followed, which is essential for complying with the regulatory requirements. This option provides a practical solution without requiring Huber to travel back to Canada or have the salesperson meet him in the U.S. In addition, using a contracted agent helps maintain the integrity of the process while still allowing the transaction to proceed smoothly. Regarding the other options, they may not adequately fulfill the identity verification requirements established by FINTRAC or could entail unnecessary complications or risks. For instance, returning to Canada or having the salesperson travel to the U.S. would require significant time and resources that may not be necessary with the use of a mandatary. Submitting a birth certificate or driver's license alone, or compliance with U.S. identification requirements, would not satisfy Canadian regulations that mandate specific identification verification processes.