Manitoba Real Estate Association Module 3 Practice Test

These questions are part of the practice quiz. Start practicing

• Ethics seeks to lead people to what?
• Which domain extension is typically used for organizations?
• Which stage is specifically associated with creating complex layers to disguise the audit trail?
• What does a service agreement identify?
• How often can a landlord legally increase the rent?
• Listing agents must disclose the identity of competing buyer/selling agents if asked by a buyer or buyer agent. True or False?
• What defines a periodic tenancy?
• What are P2P/Torrents?
• Which of the following is a Privacy Code Principle?
• What term describes the portion of the policy funded by member contributions to handle deductibles?
• When does a tenancy at will arise?
• Which statement best describes back pocket offers?
• What is the holdover provision period in Manitoba MLS listing contracts?
• Layering in money laundering involves which concept?
• What is the meaning of sale?
• What should buyers do to determine the maximum mortgage they can afford?
• Why can accurate and truthful comparative advertising be pro-competitive?
• Which statement best describes an exclusive listing?
• Which of the following is included in the list of practices regulated under the 'other sections' of marketing regulations?
• A fee agreement is used when:
• How can a periodic tenancy be created?
• If a claim is made after retirement, are you still covered?
• When can a tenant stay in a rental unit if there are school-aged children, and what conditions apply?
• In the usual order of storage capacity from low to high, which option is listed last?
• Under the act, the landlord's right to distain for rent is limited to arrears of how many months?
• A tenant may move out before the lease ends if which landlord action occurs?
• In CREA enforcement, loss of membership and MLS access is a consequence of violating the REALTOR code; which entity enforces this?
• In the placement stage, which activity best describes it?
• Outlook Express is?
• Structuring or Smurfing involves which practice?
• Who can a consumer contact to address a challenge concerning compliance with privacy principles?
• Who administers the E&O program and acts as trustee for the deductible portions?
• Which Privacy Code Principle concerns openness concerning policies and practices?
• Which describes how firewalls operate?
• Under which act are the two prescribed forms of offer to purchase created?
• Qualifying describes finding the right buyer by matching needs and wants to the property and determining affordability.
• What does the second category of misleading advertising prohibit?
• The 10 privacy provisions contained in the Act are based on the?
• For homestead matters, a real estate salesperson should check at Teranet Manitoba for a release of homestead rights. True or false?
• Section 45 makes it a criminal offence to enter into an agreement with a competitor to do which of the following?
• If the tenant fails to sign and return the renewal, the tenancy is deemed to terminate on the date it is specified to end.
• Which statement best defines advertising under the E&O program?
• Which of the following is a factor when signing on behalf of another person?
• Which statement is true regarding Homestead Consent?
• Hearing committees are not meant to replace the federal or provincial judiciary but are intended to?
• Which of the following is one of the four objectives when speaking with a prospect on the phone?
• How do Applications Software differ from Utilities?
• For criminal conspiracy, penalties can include criminal fines up to how much per count?
• The landlord's right to distraint of goods carried off by the tenant is valid for how long after removal?
• What is a service agreement?
• If competing offers are withdrawn so that the sole remaining offer is no longer in competition, what must the listing agent do?
• The 1 million dollar limit described for members is most commonly understood as the limit per what?
• What is the first type of price maintenance?
• Which statement about professional misconduct is true?
• Which 'C' refers to the property offered as security for the loan?
• What is the abandonment administration fee?
• When goods are seized, on or off the premises, the landlord must notify the tenant of their location within how many days after seizing them?
• What is morals?
• True or false: Accurate and truthful comparative advertising can be pro-competitive because it allows consumers to compare and evaluate competing services.
• Business has steered away from the term ethics, preferring to use:
• Which of the following is a duty?
• Tenants who create an immediate risk to other tenants' health and safety due to smoke alarms, the landlord could give the tenant as little as:
• If the landlord fails to provide a new tenancy within 3 months and the tenant continues to occupy, the existing agreement is renewed for the same term or a maximum of 12 months whichever is less and with the same benefits and obligations, subject to any permitted rent increase. This type of automatic renewal can only occur once, thereafter the tenancy becomes a month-to-month tenancy.
• What is the first step in the three-step listing presentation process?
• Who must sign the guarantee?
• Limiting Collection of Personal Information — which statement is correct?
• Any rent collected by a property manager is?
• What is terrorist financing?
• What does PCMLTFA require brokers to establish?
• An important objective of money laundering?
• To prove criminal conspiracy, what must be established?
• Which statement describes a Price Fixing Agreement?
• Limiting Use, Disclosure, and Retention — which statement is correct?
• Which best describes 'tacky' advertising?
• What is professional standards/conduct?
• The current fees for late payment charges of the residential tenancies act are:
• Which domain extension indicates a government website?
• In promotional communications for products or services, which elements must be disclosed?
• Which of the following is one element that must be proven for a representation to be false or misleading?
• What is the significance of the deadline for acceptance in offers?
• The Residential Tenancies Act is divided into how many main parts?
• When an offer is presented, should the status of the envelope (sealed or unsealed) be recorded?
• Under the Consumer Access principle, a consumer can do what with respect to their personal information?
• Privacy Code Principle: Consumer access to personal information — what does it require?
• What is the maximum amount of protection provided by the E&O insurance program for all claims in one policy year?
• In lending, which 'C' concerns the borrower's ability to pay by examining debt ratios such as Gross Debt Service Ratio and Total Debt Service Ratio?
• Which statement about P2P/Torrents is true?
• In which areas does FINTRAC operate?
• Identify the following individuals.
• What are the three recognized stages of money laundering?
• Back pocket offers are property of which party while they remain in the possession of their agent?
• No commission is payable to the brokerage firm when the buyer, who is licensed, purchases a property listed with that firm. Which statement best reflects this?
• A window measuring 38 centimetres by 38 centimetres: does it comply with the minimum area requirements?
• Which statement best describes adware?
• Law is enforced through the?
• Three questions to ask yourself before accepting a listing?
• What is the limitation period for an action for damages arising from a wrongful disposition?
• What are the five main areas that the sellers and the buyers must agree on?
• Ethics is generally enforced by which entities in real estate?
• Members of the REIA E&O insurance program are insured for up to?
• Which 'C' in the 5 C's of Credit reflects the borrower's employment stability and length of current work?
• In a multiple offer situation, which statement about sale prices is true?
• If renewal offered but tenant does not sign and returns and moves out but pays rent after end date and landlord accepts, which tenancy is it?
• Which domain extension corresponds to Canada?
• Which statement describes Spreadsheet Software?
• Law deals with?
• Which of the following is an example of competitively sensitive information?
• What the privacy code does, in its simplest sense, is?
• Which item is NOT required to be disclosed at the start of a telemarketing call?
• Ethics predominate in which type of relationship?
• Capital in the 5 C's of Credit refers to:
• If a tenant fails to pay rent within 3 days after written demand, what remedy may the landlord seek?
• Under Section 21 of the Homesteads Act, when an owner dies leaving a surviving spouse, the surviving spouse is entitled to what?
• Under a holdover provision, who receives the commission if a buyer introduced by the listing broker submits an offer after the listing expiration but within the holdover period?
• Under the DNCL, which statement best describes an existing business relationship (EBR)?
• Which domain extension is used for educational and research purposes?
• Under the CSA standard, what rights do individuals have regarding their personal information?
• Which website is a password-protected, member-only national library of Canadian real estate information hosted by CREA?
• Which statement best describes client management software?
• Which of the following best describes the main objective of money laundering?
• What does ethics stand for?
• Which statement describes a wrongful disposition under the Homesteads Act?
• Real estate practitioners who violate CREA's REALTOR code risk?
• Which scenario would result in no commission payable to the brokerage firm due to the buyer’s status?
• Civil penalties for abuse of dominance can reach up to what amount?
• If an item is not part of advertising, which option would be considered not advertising?
• Which term describes day-to-day rules that are more precise than ethical rules?
• In 2001, what major changes occurred?
• Which Privacy Code Principle mandates making information about policies and practices regarding personal information readily available to consumers?
• If the landlord fails to provide renewal within 3 months and the tenant continues to occupy, the renewed term is no longer than 12 months; maximum 12 months
• A VOW refers to a REALTOR internet site through which the REALTOR provides real estate brokerage services to consumers with whom the REALTOR has first established what relationship?
• Which act applies to commercial tenancies?
• What is the Competition Act?
• Wants refers to:
• What characterizes polymorphic viruses?
• PIPEDA applies to which sector?
• Which penalties may be imposed under the Competition Act?
• The E&O Claims Committee consists of REALTORS with more than how many years of combined real estate experience?
• Under automatic renewal, how many times can automatic renewal occur before the tenancy becomes month-to-month?
• Are recreational vehicles considered real property?
• Which of the following is NOT a Microsoft Outlook function?
• Needs are those:
• Which statement best describes the role of a buyer's agent when presenting offers to the listing agent?
• In an offer to purchase, can a condition be removed or waived before it expires?
• The simplest, most reliable method of protecting against viruses is to use?
• The general misleading advertising provisions prohibit representations that are false or misleading in a material respect made to promote what?
• What is the punishment for failure to comply with the FINTRAC compliance regime, reporting, record-keeping, or client identification requirements?
• Internet collaboration is best described as what?
• Which of the following is NOT an element of a PCMLTFA compliance program?
• What is Forms Software?
• In a cooperative listing, which portion is payable to the broker when the selling portion is not payable?
• If the tenant's distraint goods are sold and there is excess money, to whom must the excess money be paid?
• Which of the following is NOT listed as a common issue when examining registrant's advertising and social media usage?
• The pet damage deposit can be a maximum of?
• Which statement best describes a fee agreement in real estate?
• CREA's REALTOR code refers to responsibilities to themselves, to fellow salespeople, and to the industry; they are mainly talking about?
• When are deposit cheques typically deposited into the listing broker's trust account?
• What term describes the primary trading area for a listing farm with respect to market focus?
• The competition bureau also has formal immunity and leniency programs in place, which are?
• What is the main purpose of an agency agreement?
• The following is a range of items that will make qualifying a buyer easier:
• A commercial periodic tenancy can be terminated by either party by giving 'reasonable' notice to the other party.
• Which statement best defines spyware?
• Which of the following statements about the Federal Competition Bureau's authority is correct?
• When FINTRAC has made the determination to investigate or prosecute a money laundering offence or terrorist activity, they only disclose designated information to what?
• Which Privacy Code Principle addresses the accuracy of personal information?
• Qualifying a buyer's financial position involves:
• What is the role of the CRTC regarding the DNCL?
• Which statement best describes the consequences of CREA code violations compared to Real Estate Brokers Act violations?
• Which activity is typically performed when preparing for a property showing?
• Which of the following is an example of a deceptive marketing practice listed in the regulations?
• What does a Multiple Listing Contract enable beyond exclusive listing?
• Which statement about computer viruses is true?
• Under which Privacy Code Principle must members inform a consumer about the existence, use and disclosure of their personal information and allow access to it?
• The commissioner of competition's enforcement powers include?
• What is one of the problems with Bitcoin and other cryptocurrencies?
• Which statement best contrasts law and ethics?
• The landlord must give written notice of any rent increase at least: 3 months prior to the termination of the tenancy agreement, with a copy to the director of residential tenancies within 14 days.
• Which statement best describes adware functionality?
• Which factor affects the salability of a property?
• Which item is an example of a utility function?
• Using a comparative market analysis approach, what is the salesperson's goal?
• Which item is included in the listing folder contents?
• Which statement best describes Spreadsheet Software?
• What is the only certain way for a real estate salesperson to determine whether the property is co-owned?
• What disclosures must be provided at the beginning of each telemarketing call?
• If revocation of an offer or counteroffer occurs after communication of acceptance, what is the consequence?
• What is the main purpose of Forms Software in real estate?
• Which option represents an online data storage service?
• Under moveable dwellings, which condition allows a houseboat to be considered moveable?
• What happens if the proper disclosure of the seller being a real estate practitioner is not made?
• The right to distrain arises after the rent is due and a demand for payment has been made. Which statement is correct?
• Money laundering is the process by which proceeds from which activities are transformed into seemingly legitimate funds?
• What are mailing lists?
• What are the 3 key objectives of the PCMLTFA?
• Trade associations serve many legitimate purposes including?
• When offers are prepared for presentation in a sealed envelope, which statement is correct?
• One of the benefits of a self-insured program is access to past claims. What is the value of this access?
• FINTRAC relies on what to identify suspicions of money laundering or terrorist financing?
• Which statement describes internet collaboration in real time?
• If a basement bedroom window opens into a window-well, what clearance must be provided in front of the window?
• Why can sharing competitively sensitive information cause issues?
• Which of the following is NOT one of the three distinct functions of Microsoft Outlook?
• Asset purchases with bulk cash typically involve purchasing what?
• Which statement describes Word Processing Software?
• Which statement best describes the minimum window size rule for basement bedroom openings?
• Why should you not accept a back pocket offer from a buyer who is also your client if the seller is also your client?
• Which item is not required to be noted on the offers list?
• Tenants must receive a copy of a written tenancy agreement within how many days?
• Which of the following best describes the role of a firewall?
• Which of the following are allowed DNCL calls?
• Which of the following is one of the three steps of the listing presentation?
• A cash transaction must be at least how much to be reported to FINTRAC in a single transaction?
• What is a key benefit of leaving the listing folder with the sellers?
• Which of the following is a feature of a trade association activity?
• Which of the following is NOT one of the three basic rules?
• When an offer is rejected, what happens to the deposit cheque?
• What is the purpose of the competition act?
• How does adware typically differ from spyware?
• In a multiple-offer situation, can sellers refuse a full-price offer?
• What differentiates a multiple listing contract from a simple exclusive listing?
• In a cooperative listing, the reduced commission is payable by the seller when the buyer is which?
• Which organization defines MLS as a voluntary real estate information service?
• REIA Stands for Real Estate Insurance Alliance. What is its mandate?
• Which item is an example of application software?
• To renew a tenancy, what must the tenant do and by when?
• What is an open listing contract?
• Who must sign the offers list of presents to the seller?
• Who must report to FINTRAC?
• What are web libraries?
• Which action would violate the three basic rules?
• How often must the PCMLTFA compliance policies be reviewed to test their effectiveness?
• What is the overall goal of money laundering?
• Which Privacy Code Principle requires members to keep personal information accurate, complete, current and relevant for its identified purpose?
• According to privacy principles, personal information should be kept accurate, complete, current and relevant for what reason?
• What does VOW stand for?
• Which geographic regions are involved in the black-market peso exchange?
• Two forms of offer to purchase are prescribed under The Real Estate Brokers Act. What are they?
• What is the main objective of terrorist financing?
• Which approach is recommended when a seller faces multiple offers?
• Which 'C' focuses on the applicant's credit history and past debt handling?
• What is an internet domain name?
• What is the Federal Competition Bureau?
• Errors and Omissions Insurance is also known as what, and where is it provided in Manitoba?
• True or False: Listing agents must not disclose the identity of competing buyers.
• Which statement is true regarding Homestead Consent?
• Privacy Code Principle: Identifying the Purposes of Personal Information — which statement describes it?
• What practical purpose does the privacy code serve for real estate professionals?
• Which scenario commonly gives rise to a tenancy at will?
• A person has a material interest in a firm or partnership if they hold which?
• The MLS system is defined by CREA as a?
• Which of the following is included in the meaning of sale?
• Which website is a leading provider of independent real estate editorial content for consumers and real estate professionals?
• What is black-market peso exchange?
• Which two software programs are commonly used in the real estate industry?
• If a person's MREA membership is terminated for any reason, what happens to coverage?
• Which of the following best describes designated information?
• For a written tenancy agreement, how far in advance must the landlord provide a new tenancy agreement to the tenant?
• When seizing goods to recover rent, which items may be seized?
• What is the 6 X 6 format?
• What is the primary purpose of a firewall?
• Which statement about open listings is true?
• What does the general misleading advertising provision prohibit?
• If DNCL legislation is violated, which of the following can the CRTC do?
• What is a registrant?
• The most common use of a fee agreement is when:
• Which statement is essential to the concept of misrepresentation?
• Which statement about REIA is true?
• Under PIPEDA, can personal information be collected, used, or disclosed without consent?
• What are exchange transactions?
• Placement in money laundering refers to which activity?
• Which of the following is a duty owed by real estate salespeople/agents to their principals?
• No commission is payable by the seller when the buyer is which party?
• Are ethics and the law identical?
• What motivates people to become homeowners?
• What does the REIA E&O insurance program protect members from?
• The landlord's right to distraint for goods carried off exists for how many days after the tenant has wrongfully removed the goods?
• Which item is NOT a recipient you would notify when the property becomes pending or sold?
• Which statement best describes how firewalls handle traffic?
• A utility is best defined as what?
• Which statement best describes a complaint resolution mechanism?
• What is www.landcor.com?
• CREA's privacy code takes requirements of which act and translates them into processes?
• Which statement about the scope of the Competition Act is true?
• Under the act, the associate provision does not apply to which relative?
• Which item is identified as a salable listing characteristic?
• What is the purpose of PIPEDA?
• CASL applies to which of the following?
• If the seller decides to counteroffer, what does that mean?
• The communication of acceptance is the which step leading to a binding contract?
• Integration in money laundering refers to which action?
• Another term to describe money laundering?
• The listing process primarily involves which steps?
• Eviction orders in these matters are issued by which court?
• Those who violate The Real Estate Brokers Act risk?
• Does the Real Estate Brokers Act dictate commission payment?
• What is a remedial order?
• When they talk about responsibilities to the public, especially the principal, they are venturing into the area of?
• Which statement describes how a periodic tenancy can be created by implication?
• Who decides whether the seller must pay a real estate commission when the seller is a registrant?
• When dealing with an associate under the Real Estate Brokers Act, which disclosure must be made?
• What is designated information?
• Which item is not listed as an aspect of showing properties effectively?
• Which statement best describes client management software?
• For how long must a brokerage retain copies of all offers, regardless of whether they were accepted or rejected?
• A nominee arrangement in money laundering uses which of the following?
• Which methods are used for currency smuggling?
• Which are the two primary provincial statutes affecting landlord and tenant relationships?
• Which statement about the master insurance policy is true?
• What is the role of the E&O Claims Committee?
• Which statement best describes the purpose of enforcement in professional ethics?
• The guarantor must receive a copy of both the guarantee agreement and the tenancy agreement within how many days of occupancy?
• 5 C's of Credit: capital
• When a tenant intends to renew, what must they sign and return to the landlord?
• Regular maintenance of smoke alarms include: - inspecting the system - cleaning and testing the alarm - replacing batteries according to the manufacturer's instructions
• Pricing decisions must be set independently by whom?
• What permission is required for selling or disposing of unclaimed property after 90 days?
• Which of the following is a moveable dwelling?
• An offer to purchase is a contract.
• What does qualifying refer to?
• Before accepting a listing, which consideration relates to the risk of payment?
• Which statement is NOT part of the innocent misrepresentation circumstances?
• Which statement best describes general business software?
• What percentage constitutes a material interest in a corporation's capital stock?
• When is payment of the deductible of the E&O insurance required?
• Which statement is NOT listed as a use of the listing folder?
• What is a key requirement for reporting entities under PCMLTFA?
• A right of re-entry for a breach of any term or condition other than for non-payment of rent is not enforceable unless what occurs?
• When the relationships are of a more informal nature, ______ predominate.
• What is an exclusive listing contract?
• The primary relationship formalized by an agency agreement is between the buyer and which party?
• The definition of a 'member' requires membership in which groups?
• Which option describes how a tenancy can be created by implication of law after a fixed term ends?
• In the process of selecting properties for showing, what is the second listed step?
• What is FINTRAC's primary purpose?
• What does Systems Software include?
• To whom must the landlord provide a copy of any rent increase notice within 14 days?
• Privacy Code Principle: Challenging compliance — what does it say?
• What is the primary purpose of the Real Estate Insurance Alliance (REIA)?
• The director of Residential Tenancies has the authority to?
• The term Nominee describes which money laundering method?
• Maximum imprisonment for criminal conspiracy is up to how many years?
• What is the meaning of professional misconduct?
• What should you be reporting under PCMLTFA?
• An effective enforcement system ensures?
• What is the second type of price maintenance?
• Which situation would trigger the use of the revival of offer to purchase form?
• What is a listing farm?
• Under contract law, a verbal acceptance that can be proven by a credible witness is:
• What is a nominee used for in real estate closings?
• Who is a 'member' in MLS terms?
• Penalties for violating the criminal conspiracy sections include which of the following?
• What is currency smuggling?
• Money laundering is defined as which of the following?
• What MLS system is used in Manitoba?
• What is a complaint resolution mechanism?
• The intent of the MLS listing contract is to:
• Which scenario is a valid circumstance for termination due to inability to pay rent?
• Which scenario indicates a material interest in a partnership (select the correct condition)?
• Sharing competitively sensitive information can lead to what?
• What is the minimum unobstructed opening area required for a basement bedroom window?
• What is the revival of offer to purchase form used for?
• An offer to purchase is simply:
• Which statement best describes FINTRAC's role within Canada?
• Which of the following is NOT listed as a source of online real estate information for salespeople?
• Which statement best describes a salable listing?
• Distribute copies of the offer to purchase to which of the following recipients?
• Which of the following practices is included in the other sections that regulate specific forms of marketing?
• The general misleading advertising provisions are part of which statute?
• A landlord can refuse to allow tenants living in a residential complex to?
• Which associations are members of REIA?
• In a cooperative listing, the reduced commission would be only the which portion?
• Which disclosures must be made at some time during the promotion of a product or service?
• A periodic tenancy can be created by express terms of the lease. Which example would create a yearly periodic tenancy?
• An exclusive listing is utilized when?
• What two separate organizations are involved in the enforcement of professional conduct in Manitoba?
• Which Privacy Code Principle allows a consumer to challenge compliance and directs them to the designated accountable person in the member's office?
• Outlook Express is described as?
• Privacy Code Principle: Accountability — what does it require?
• Which statement correctly differentiates spyware from adware?
• Which statement best describes the use of designated information?
• What is the meaning of the 48-hour clause?
• How is telemarketing defined?
• Which of the following is an example of a 'need' in home buying?
• Obtaining Consent — which statement best describes the requirement?
• Spyware is typically installed in which way?
• Which statement about spyware and adware is true?
• What is the definition of 'mere posting'?
• What may the landlord do with unclaimed personal property after 90 days?
• Under Section 17(1) of the Act, when may the landlord re-enter and take possession?
• Which item is listed as a source of future listings?
• Which domain extension is described as a gateway or host?
• Comparative advertising is described as involving comparisons to another practitioner or firm and is not itself prohibited under the Competition Act. Which statement best reflects this?
• If a window opening is 38 cm by 90 cm, does it meet the 0.35 m^2 minimum area?
• An offer to purchase signed on behalf of the buyer or seller stating 'as per telephone conversation' does not comply with the:
• NOT a duty.
• One effective system for building a source of ongoing, long-term referrals is?
• Which statement is true regarding Homestead Consent?
• Which of the following best describes the information that must be recorded on a list of offers presented to the seller?
• What document is included in the listing folder contents?
• Which scenario describes a sole remaining offer?
• Which statement best describes a 'mere posting'?
• Which scenario would constitute price maintenance under competition rules?
• Ethics consists of a voluntary set of rules and guiding principles individuals adopt as a moral code of conduct.