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.
Combining occupations: can a broker also hold a certified issued under the Act respecting the distribution of financial products and services or registered under the Securities Act or the Derivatives Act?
According to the Regulation respecting the pursuit of activities as a representative, adopted under the Act respecting the distribution of financial products and services (Distribution Act), a real estate broker may not hold a certificate issued by the Autorité des marchés financiers (AMF) to carry out the following activities:
Special requirements on the part of the seller and obligation to present any promise to purchase as soon as possible
Sometimes a seller may have particular requirements regarding the timing for submitting promises to purchase to him regarding an immovable for sale. For example, a seller may want to consider all promises to purchase at the same time, on a predetermined date.
Pyrite is an iron sulphide molecule present in the stone fill used in construction. It may therefore be found around foundation drains and under the concrete slabs of the cellar or the garage. Under certain conditions, pyrite can oxidize and produce a sort of white powder that swells, causing, among other things, the slab to lift and producing cracks in the foundation and partitions. These problems may appear several years after construction.
Mandatory and recommended brokerage forms have been used for more than a year now and the vast majority of brokers seem to make a good use of them.
Duty to inform the parties of products and services that concern heritage protection and relate to the transaction
– PROFESSIONAL PRACTICES SERIES –
Do you want to inform your clients properly about the options available to them, especially regarding insurance? Here is an overview of the rules to observe.
Mandatory basic training: Important information for candidates wishing to become agency executive officers or to act on their own account
(Updated on September 10, 2013)
In an effort to improve broker competence and address concerns expressed by the field, since September 1, 2013, all candidates to an OACIQ certification examination must first successfully complete a basic training program recognized by the OACIQ.
Last January, 1,869 agency executive officers and brokers acting on their own account were invited to complete the self-inspection questionnaire about their practice in 2012. This annual exercise is a great way to follow the development of the profession to ultimately improve some aspects of the practice. Here are the trends arising from answers to the questionnaire.
The real estate broker must ensure that the rights and obligations of the parties to a transaction are recorded in writing and reflect adequately their will. In addition, he must always be capable of proving the accuracy of the information he provides to the public or to another licence holder.
Licence issuance and reactivation
Period required to process a request for issuance, transfer, lifting of suspension, suspension or revocation
Presenting several promises to purchase raises numerous practical questions for real estate agencies and brokers. Let’s take a look at a few potential scenarios where several promises to purchase are presented simultaneously to the seller.