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.
Held in Boucherville on November 22 under the theme “Don’t be fooled” and hailed by Paul Girard, Associate Deputy Minister at the Ministry of Public Safety, in his opening address, the ACAIQ seminar on marijuana grow operations was a resounding success.
As provided for in the Real Estate Brokerage Act, the OACIQ Board consists of eleven (11) Directors, eight (8) of whom are elected among licence holders and the other three (3), who are neither broker, manager nor executive officer of an agency, are appointed by the Minister of Finance.
With the coming into force of the new Real Estate Brokerage Act on May 1, 2010, the ACAIQ changed its name to OACIQ, i.e. Organisme d’autoréglementation du courtage immobilier du Québec. But what exactly is the OACIQ?
In order to properly carry out the mission and responsibilities assigned to them by their incorporating acts, some public bodies have special powers allowing them to require the disclosure of personal information through what is commonly called a “formal demand”. The person whose personal information is subject to such a demand may also be a client, a broker acting for an agency, or an employee of a broker or agency.
It is not unusual, especially in cottage country, for a seller to claim that he has a “right-of-way” to the lake or “lake access” rights.
The OACIQ has Bell Mobility plans for real estate brokers: New benefits you can take advantage of now
Good news! The OACIQ has negotiated a new agreement with Bell Mobility for Basic and Elite plans with a three-year term. These improved plans are even better tailored to your needs and are certainly worth considering.
There are companies out there that offer compensation advance services. In order to advance funds, they may require that real estate brokers or agents provide them with documents that are liable to contain personal information, including promise to purchase, mortgage approval and brokerage contract documents.
Advertising guide for real estate and mortgage agencies and brokers
Measures have been implemented to ensure that requests for assistance may be processed within a reasonable time frame. Among these, any agent who wishes to file a request for assistance with the ACAIQ must first have it signed by his broker or manager.
A real estate broker is the only person who can receive compensation under a brokerage contract. When a client refuses to pay the commission agreed to in the brokerage contract, only the broker is authorized to initiate civil proceedings against this client. As for the agent who carried out the transaction, he may only claim his compensation from his broker, and not from the client.