A real estate salesperson receives a $15,000 cash deposit from a client for a property purchase. What are their obligations under both trust account regulations and FINTRAC requirements?
Correct Answer
A) Deposit funds in trust account within 24 hours and file a Large Cash Transaction Report
The salesperson must deposit the funds in the brokerage trust account within the required timeframe (typically 24-48 hours depending on province) and file a Large Cash Transaction Report with FINTRAC since the amount exceeds $10,000. Both regulatory requirements must be met simultaneously.
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