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.
As a real estate broker or agent, when signing a brokerage contract with a seller, you must collect as much information as possible on the immovable and the equipment it contains. Under the Rules of professional ethics of the ACAIQ, this information must be accurate and verified.
Again this fall, ACAIQ Education will be offering several activities for real estate brokers and agents. Here is a list of events that have already been confirmed. Each session lasts three hours.
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.
The Real Estate Brokerage Act calls for its own implementation, and the advisability of maintaining it in force or of amending it, to be evaluated by the Finance Minister, who shall subsequently make recommendations to the government. This was the context in which, in 1997, the Association des courtiers et agents immobiliers du Québec (ACAIQ) began an in-depth evaluation of the supervisory structure of the profession. The Association examined all the legislative and regulatory provisions governing real estate brokerage to verify whether the control structure and the various mechanisms in place were effective in ensuring the protection of the public, as outlined in the Association’s mission. This long-term operation included surveys of some 9,700 members at the time, province-wide information sessions, consumer and real estate broker/agent focus groups, as well as consultations with consumer protection groups, government agencies, professional orders, real estate boards and the Quebec Federation of Real Estate Boards. This exercise lead to the publication, in November 2000, of a memorandum entitled ''Fully responsible real estate brokers for greater protection of the public''. The result of a broad consensus within the profession, this document identified ways in which the Real Estate Brokerage Act could be modernized to maximize the quality of professional services and adapt the legislative and regulatory framework to the current and future practice of real estate brokerage.
From the very beginnings of the profession, brokers felt a need to work together to share information and adopt standards of practice and ways to collaborate to carry out transactions. In fact, collaboration is so crucial to the smooth functioning of the profession that the legislator has deemed it necessary to enshrine it in the Real Estate Brokerage Act and regulations to ensure the protection of the public as well as to promote harmony in the practice of real estate brokerage.
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In principle, a contract should not terminate before the expiry date provided therein. However, the Civil Code states that, in the case of a contract for services, the client can unilaterally cancel it (Article 2125 of the Civil Code).
Sometimes, the buyer of an immovable does not take out a mortgage loan, preferring to pay cash for his purchase. In such cases, the real estate agent must take steps to protect himself, protect the seller and ensure a smooth transaction.
To mark its 40th anniversary and, more importantly, to better support the efforts of its more than 400 members, brokers and agents, the Chambre immobilière de l’Outaouais (CIO) has launched a major advertising campaign that includes the introduction of a new Web site: www.avecunagent.com. This website will allow buyers and sellers to search the CIO members directory, to make property searches through the Multiple Listing Service® (MLS®) and to have access to many tools and tips to better prepare their real estate transactions.
The website will also stress the advantages for the consumer of using the services of a professional real estate broker or agent.
Duration: 3 hours