Manitoba Real Estate Association Module 3 Practice Test

These questions are part of the practice quiz. Start practicing

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