Manitoba Real Estate Association Module 3 Practice Test

These questions are part of the practice quiz. Start practicing

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