Manitoba Real Estate Association Module 3 Practice Test

These questions are part of the practice quiz. Start practicing

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