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.
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.
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.
The co-ownership was the highlight of the last seminar of the OACIQ, on November 7, 2012, in Boucherville and November 13, 2012, in Quebec. More than 500 brokers attended the event. The rooms were fully packed in both cities. This was also the case for the training that preceded it. It was a great success!
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?
Advertising guide for real estate and mortgage agencies and brokers
In its ongoing efforts to serve you better, the OACIQ Continuing Education Department has put the final touches on several projects that ranked high on its list of priorities.
A real estate or mortgage broker whose licence is suspended or revoked is no longer authorized to practice his profession or carry out brokerage transactions. He must cease any real estate or mortgage brokerage-related activity.