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.
Quebec Finance Minister Yves Séguin intends to recommend to his colleagues of the Cabinet to submit to the National Assembly, during the next parliamentary session, provisions to enable the creation and constitution of a liability insurance fund for real estate agents and brokers.
In a letter dated December 16, 2003, Minister Séguin indicated to ACAIQ Chairman Serge Brousseau that in light of his analysis and given the support of the Greater Montreal Real Estate Board, he was in favour of the ACAIQ’s application for the creation of a liability insurance fund. Reacting to the news, Brousseau declared himself very relieved with the Finance Minister’s support.
By setting up a professional liability insurance fund for real estate brokers and agents, the Association aims to remedy the shortage of insurance companies prepared to cover brokers’ risks, to counter premium hikes sometimes in excess of 200%, and to eliminate the difficulty for some of getting coverage. The ultimate goal is to continue providing guarantees to consumers carrying out real estate transactions, often the most important of their lives.
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How long should a brokerage contract last? The answer is simple: it is up to the seller and the real estate agent to agree on the length of the contract. There are no rules in the law or the regulations stipulating a minimum or maximum length for a brokerage contract. The agent must abide by the seller’s wishes.
The Detailed Description Sheet is an ever-evolving tool. A real estate agent can make changes to it throughout the length of the brokerage contract. It is essential therefore that both listing and collaborating agents make sure they always have the most up-to-date description sheet when taking up a promise to purchase.