QUESTION 1

1. Which of the following would NOT be recorded on a valuable property record?

   a.		Share certificates
   b.		Jewellery
   c.		Paintings
   d.		Cash

2. Financial transactions related to a mixed trust account are recorded in which of the following?

   a.		Trust bank journals
   b.		Trust control accounts
   c.		Trial balance sheet
   d.		Financial statements

3. With respect to cash receipts, by-law 9, part III, section 4(1) states that a licensee shall not receive or accept cash from a person:

   	a.	In respect of any one client file, in an aggregate amount equal to or exceeding $75,000 CDN
   	b.	in an aggregate amount equal to or exceeding $75,000 CDN, in a single transaction
   	c.	in an aggregate amount equal to or exceeding $7,500 CDN, in a single transaction
   	d.	In respect of any one client file, in an aggregate amount equal to or exceeding $7,500 CDN

4.

What is the primary goal of LSO spot audits?

	a.	Provide on-site guidance and correct and address deficiencies in record keeping
	b.	To protect the public
	c.	To deter licensees from committing fraud
	d.	To identify misconduct

5.

What is deposited into a mixed trust bank account?

a.		All funds received by a licensee
b.		Funds received as payment for services rendered
c.		Funds received on behalf of clients for future services or disbursements
d.		None of the above

6.

1. Priti Maan is operating a paralegal practice. On Oct 1, she received $1,500 from client 2 as a retainer on a criminal matter. On Oct 5, she received $750 as payment from client 1 for invoice 3. On Oct 11, client 2's criminal charges were withdrawn but client 2 also has a POA matter which Priti will assist with.

   To which account will Priti deposit the retainer she received from client 2?

   a.		Personal account
   b.		General account
   c.		Mixed trust account
   d.		Investment account