Duties and Obligations of the Broker
The practice of real estate and mortgage brokerage is regulated in order to ensure that members of the public are protected when engaging in a real estate transaction through a broker’s intermediary. The rules and conditions of practice governing the profession are set out in the Real Estate Brokerage Act, the Regulations thereunder and the Rules of Professional Ethics. Read this section to learn more about the duties and obligations of your broker.
Water supply, wells and septic tanks: duties and obligations of the broker
When a transaction concerns a property that is not serviced by a municipal water system or equipped with a wastewater treatment system, financial institutions usually want assurances that the water is drinkable or the system is up to code before authorizing a loan.
The broker’s and agent’s duty to disclose
[PROFESSIONAL INSPECTION CAPSULE]
Despite a notable improvement in the practices of real estate brokers and agents regarding their disclosure obligations, the Professional Inspection Department wishes to remind everyone of a few rules and to highlight some of the errors commonly made in this area.
Draft regulations pre-published by the government: analysis and highlights
On January 13, we issued a special InfoLetter informing you of the pre-publication earlier that day in the Gazette officielle du Québec of the six draft regulations of the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ).
The agency’s duty to supervise the brokers acting on its behalf, and supervision of brokers new to the profession
[INSPECTION CAPSULE]
The new Real Estate Brokerage Act has abolished certain rules regarding the duty to have one or more managers, based on the number of brokers acting within an agency. This new Act is meant to be less interventionist regarding the management of a brokerage firm’s business.
Official publication of the OACIQ regulations by the government: analysis and highlights
On April 14, we issued a special InfoLetter informing you of the publication in the Gazette officielle du Québec of the order proclaiming the coming into force of the new Real Estate Brokerage Act and the seven regulations thereunder. These regulations are based on the principles contained in the draft regulations published on January 13.
Highlights and main changes of the new Act
Here are the highlights and main changes included in the new Real Estate Brokerage Act.
Discharge of a hypothec on an immovable: New rules are coming into effect on March 1, 2009
The Chambre des notaires du Québec has informed us of new rules which are becoming effective on January 1, 2009 regarding the requesting of account statements for the repayment of a loan balance to discharge a hypothec on an immovable.
Wells, septic tanks and soil absorption fields: duties and obligations of the agent
(offered in French only)
Obligations of real estate brokers and agents: High-risk areas for pyrite
The importance to inform their clients selling and buying properties located in these risk zones of the problems related to pyrite and to recommend the specific actions described in this text.
When an agent changes brokers
Procedure to be followed by an agent when changing brokers. What happens to brokerage contracts.
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