Training and career in real estate
To access the real estate or mortgage broker’s exciting career, what training should be taken? Discover the requirements to practice real estate and mortgage brokerage and learn more about recognized mandatory basic training programs. By checking this section, you will also know what tools are available to you to practice the profession according to generally accepted practices.
In an effort to enhance brokers’ skills and address the concerns of real estate professionals, any candidate wishing to take the OACIQ certification exam as of September 1, 2013 must have previously taken and passed a basic training program recognized by the OACIQ.
The competency frameworks are guides to help future brokers understand what competencies must be developed and mastered in order to act ethically and responsibly in their brokerage practice.
The OACIQ provides the public and licence holders with the name of various educational institutions offering training programs in real estate brokerage.
Good professional practices dictate, among other things, that an agent should discover and disclose any unfavourable factor related to an immovable in order to inform the buyer. To do so, he must question the seller and inform him of his obligations.
The Association is issuing recommendations to real estate brokers and agents regarding the iron ochre issue.
Before doing business with this type of company, it is important that real estate brokers and agents make sure they follow the rules regarding advertising, representations and the soliciting of clients.
Due to the appearance of conflict of interest that could result from the payment of professional fees by a real estate broker or agent acting as intermediary in a real estate transaction, this practice is not recommended by the ACAIQ.
The “flip” is a scheme which real estate agents must be aware of and avoid. This manoeuvre has been a source of great concern to the ACAIQ in recent years. It consists in the quick and successive sale of the same property with a substantial and unjustified price hike. Both transactions often take place the same day, a few minutes apart.
On September 30, 2008, the Canadian Radio-television and Telecommunications Commission (CRTC) introduced the National Do Not Call List (DNCL), a service allowing Canadians to reduce the number of unsolicited telemarketing calls they receive. Since that date, consumers are able to register their telephone numbers (land, cell or fax) free of charge on the DNCL in order to avoid receiving unwanted solicitation calls.
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.
Special requirements on the part of the seller and obligation to present any promise to purchase as soon as possible
Sometimes a seller may have particular requirements regarding the timing for submitting promises to purchase to him regarding an immovable for sale. For example, a seller may want to consider all promises to purchase at the same time, on a predetermined date.
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.
It is common practice for clients looking for a mortgage loan to sign an exclusive mortgage brokerage contract, otherwise known as an “exclusive mandate”, with a mortgage broker.