Humber/Ontario Real Estate Course 3 Exam Practice

Buyer Jensen is an international client purchasing a condo without prior meeting the salesperson. What is a method to meet FINTRAC requirements in such situations?

1. Face-to-face meeting in Canada required.

2. Client must provide notarized identity documents.

3. Use of a representative for identity verification.

4. Exemption for all international clients.

5. Verification through video call only.

6. Submission of digital scanned documents.

The correct answer is: Use of a representative for identity verification.

In the context of meeting the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requirements, the use of a representative for identity verification is a valid method when dealing with international clients who haven't met with the salesperson in person. This approach allows an authorized representative to confirm the identity of the buyer, adhering to the necessary regulatory standards while accommodating the practical realities of international transactions. Utilizing a representative can facilitate compliance without necessitating a direct face-to-face meeting in Canada, which may be challenging or impossible due to geographical constraints. This mechanism ensures that the integrity of the identity verification process is maintained, which is crucial for financial institutions and real estate professionals to prevent fraud and money laundering. Other options may involve cumbersome procedures or might not compliant with FINTRAC's expectations for identity verification, particularly when direct or physical methods are not feasible for international clients.