Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with our comprehensive quiz. Test your understanding with multiple choice questions and detailed explanations. Build confidence and knowledge for a successful exam experience!

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What must be assigned to a new brokerage corporation under FINTRAC regulations?

A compliance officer.
An accounts manager.
A record keeper.
A financial officer.

The correct answer is: A compliance officer.

Under FINTRAC regulations, a new brokerage corporation is required to assign a compliance officer. This individual is responsible for ensuring that the brokerage complies with all the rules and regulations set forth by FINTRAC, which includes monitoring and reporting any suspicious transactions or activities. This role is crucial in helping to prevent money laundering and terrorist financing within the real estate industry. The other options, such as an accounts manager, record keeper, and financial officer, do not specifically pertain to the direct oversight and implementation of regulatory compliance required by FINTRAC.