Numbers Facts

Question 1

How many years should the brokerage books, accounts and records be kept for?

Answer 1

7 years

Question 2

Errors and Omissions Insurance covers licensee up to $______ for negligence but does it cover fine? (yes/no)

Give the answer about the amount of money and yes or no

Answer 2

up to 1 million, does NOT cover fine

Question 3

What is considered a Development Property?

Subdivision lots - ____ units owned by 1 same owner
Bareland Strata lots - ____ units owned by 1 same owner
Cooperative Interests - _____ units owned by 1 same owner

Answer 3

Subdivision lots - __5__ units owned by 1 same owner
Bareland Strata lots - __5__ units owned by 1 same owner
Cooperative Interests - __2___ units owned by 1 same owner

Question 4

Licensee must file a Large Cash Transaction report within ____ days of the transaction.

Answer 4

within 15 days of the transaction

Question 5

Large cash transaction is $ _______ or more in a single transaction or within ___ hours period.

Answer 5

10,000, within 24 hours period

Question 6

Records keeping , PCMLTFA

When FINTRAC requests a record it should be given within ___days. And the records submitted to FINTRAC should be kept for ____ years.

Answer 6

be given within 30 days, be kept for 5 years.

Question 7

How much is the AMP (Adminsitrative Monetaries Penalty) if one does not comply with FINTRAC’s requirement?

Excessive non compliance of FINTRAC criminal charges are…

Answer 7

Max penalty of 100,000 for individual.

Excessive non compliance criminal charges are 2 mil / 5 years of imprisonment