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.
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.
PRIOR conditions and verifications required for brokers to operate within a business corporation and remuneration to be paid to the corporation by the broker’s agency
With the coming into force on January 1, 2012 of amendments to the Real Estate Brokerage Act and the regulations thereunder, a broker acting on behalf of an agency will be able to carry out his activities within a business corporation (company) which he controls. The remuneration formerly payable to the broker will now be payable to this corporation.
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When a transaction promise is refused or becomes null and void due to the absence of reply, several brokers have gotten into the bad habit of not forwarding the promise to purchase and other transaction documents to their agency, thus violating the provisions of the Real Estate Brokerage Act.
Agreement reached between the CREA and the Commissioner of Competition What is the actual impact on you?
The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) has reviewed the Consent Agreement reached by the Canadian Real Estate Association (CREA) and the Commissioner of Competition. The Agreement was ratified by CREA Members on Sunday, October 24, 2010 and made public the next day.
Further to some comments that we received, we wish to inform you that the OACIQ wrote to a television reporter from La Facture informing him that his report entitled “Une porcherie à proximité : doit-on aviser les acheteurs” (Pig farm nearby: do buyers need to be informed?) which aired on November 1, 2011, contained inaccurate information.
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The Inspection Department is receiving more and more calls from agency executive officers who are having trouble getting the documents they need from their brokers in order to maintain their records and registers. This echoes what is frequently being observed during the broker competency verification phase of on-site inspection visits. Do we really need to repeat this today, in 2011? Apparently, for some careless brokers, the answer is yes.
Is Incorporation Right for my Situation From a Tax Point of View? or “What Brokers Acting on behalf of an Agency Should Know Before Planning to Practice Through a Corporation”
As of January 1, 2012, recent amendments to the Real Estate Brokerage Act (the “Act”) will enable brokers who act on behalf of an agency to carry on brokerage activities through a corporation under their control, in accordance with the terms, conditions and rules set out in the Act and in OACIQ's regulations.
Have you sent your annual “Trust transaction report” and your “Register of disclosure notices” to the OACIQ for 2010?
Since the coming into force of the Real Estate Brokerage Act on May 1, 2010, all real estate or mortgage agencies, as well as all real estate or mortgage brokers acting on their own account, must submit an annual report on the sums held in trust and a copy of their disclosure notice register before March 31 of the following year.
Recently, Info OACIQ Center has received many calls from real estate brokers regarding a fraud scheme that has already been detected and which seems to have resumed again.
The OACIQ is very happy to inform you that brokers who are members of the QSC Program are now allowed to mention this in their publicity. This program was developed by the Quebec Federation of Real Estate Boards (QFREB). The public website was launched in November.