Manitoba Real Estate Association Module 3 Practice Test

These questions are part of the practice quiz. Start practicing

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