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.
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.
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?
The OACIQ’s new advertising campaign has been airing on our television screens and on the web for over a week now. Many of you have been quick to express your enthusiasm after seeing these ads, and we thank you for your feedback.
Following the deposit of the new three-year assessment roll by Ville de Montréal, several brokers have called us to point out that the amount of taxes appearing on some detailed description sheets refers to the year 2010, whereas the municipal assessment is the one for 2011, without this being specified.
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.
Data storage consists in recording data for future reuse. Storage must make the data available to the users authorized for its reuse.
The OACIQ is happy to give you a sneak preview of the four TV advertising capsules in English and French that will air across Québec from September 27 to October 24 as part of the OACIQ’s advertising campaign. These ads use quasi-realistic, humoristic situations to show that some things are better left to the professionals.
DO YOUR CANDIDATES HAVE ANYTHING TO DECLARE REGARDING THEIR CRIMINAL, PENAL, DISCIPLINARY OR BANKRUPTCY RECORD?
If so, there may be consequences, including refusal to issue a broker’s licence. Better make your candidates aware of this in advance!
To date, we have presented 44 sessions attended by almost 6,500 brokers. We are very happy to see how eager everyone is to get up to date on the new legislative principles governing the profession.
The Indemnity Fund only covers brokerage transactions that are carried out through the intermediary of a broker or agency holding a licence issued by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ). The maximum compensation paid by the committee for each brokerage transaction for which a claim is made is $35,000 for reprehensible acts committed as of May 1, 2010, or $15,000 for acts committed prior to this date. By law, all brokers and agencies must hold a licence issued by the OACIQ. Otherwise, the intermediary who receives any compensation for brokerage services commits an illegal action and you will not be entitled to any recourse with the Fund should problems arise.