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.
We remind you that you have until July 31, 2010 to apply for a licence by taking the old examination.
Affiliated agent who became a real estate broker and wishing to act on his own account: main requirements
An affiliated agent who became a broker on May 1 may act on his own account only once he meets certain qualification requirements; the main ones of these are listed below. Two situations can occur:
- Affiliated agent who became a broker without having begun the chartered broker’s course prior to May 1, 2010;
- Affiliated agent who became a real estate broker AND completed or began the chartered broker’s course prior to May 1, 2010.
Follow-up with your candidates regarding the three-month period in which to take the old examination after obtaining their AEC
We remind you that to be allowed to take the old examination (902.56 program) in order to obtain a real estate or mortgage broker’s licence, certain conditions will apply.
This is a reminder that you have until September 15, 2010 to pay the following two invoices: Chargeable fees and Professionnal liability insurance premium. Which where sent to you in May and June.
Several of you sent us comments regarding the increase in the chargeable fees appearing on that invoice. It is our role to shed light on issues such as these, and to refer you to the documents containing the information that has already been made public on this topic.
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.
As we know, the practice of real estate brokerage in Québec involves collaboration and compensation sharing between members. It is more and more common to see real estate brokers working in collaboration with brokers from other jurisdictions.
Issuance of a real estate or mortgage agency licence, Issuance of a real estate or mortgage broker licence and other forms
The following tables list the chargeable fees for the various licences, according to the month in which an application is made.