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.
Mandatory basic training: Important information for candidates wishing to become real estate or mortgage brokers
(Updated on September 6, 2013)
In an effort to enhance brokers’ skills and address the concerns of real estate professionals, any candidate wishing to take the OACIQ certification exam since September 1, 2013 must have previously taken and passed a basic training program recognized by the OACIQ.
The OACIQ provides the public and licence holders with the name of various educational institutions offering training programs in real estate brokerage.
(Updated on September 10, 2013)
The OACIQ certification examinations simulate a real estate transaction and are designed to validate a candidate’s ability to use the various resources at his disposal and to apply and adapt them to different professional contexts.
Are you an agency executive officer or a real estate or mortgage broker in another province and now wish to practice in Québec? Here is how:
Mandatory and recommended brokerage forms have been used for more than a year now and the vast majority of brokers seem to make a good use of them.
Last January, 1,869 agency executive officers and brokers acting on their own account were invited to complete the self-inspection questionnaire about their practice in 2012. This annual exercise is a great way to follow the development of the profession to ultimately improve some aspects of the practice. Here are the trends arising from answers to the questionnaire.
In the context of a real estate transaction, it frequently happens that a buyer makes a deposit on the sale price. The broker who receives this sum must then, if he is acting for an agency, gives it immediately to the agency to be put in its trust account or in the account of the agency to which your agency delegated its obligations. If the broker is acting on his own account, he must put it in his trust account. The sum received from the buyer must remain in the trust account until it is required by the notary for signing of the deed of sale.
The OACIQ’s Inspection Committee has observed that brokers working in the field of mortgage brokerage are increasingly aware of the importance of maintaining records and registers in accordance with the Real Estate Act and applicable regulations. Indeed, several inspections of the records of brokers and agencies working in mortgage brokerage confirm that sound management is being applied by both brokers and agencies through the use of good professional practices.
In October 2012, after analyzing the system compliance regarding preservation, storage and maintenance of records and registers, the OACIQ found that “Prospects” met the requirements of the normative framework and technical specifications available on the OACIQ website. Therefore, the Organization certified the “Prospects” EDM system.
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The Professional Inspection Department has noticed a lack of understanding of the principles governing the receipt of a sum for another and the management of a deposit.
Electronic Document Management (EDM): Maintenance, Preservation and Archiving of Records and Registers
The new Real Estate Brokerage Act no longer presents any obstacles to the maintenance, preservation and archiving of records and registers on electronic medium.
Data storage consists in recording data for future reuse. Storage must make the data available to the users authorized for its reuse.
– INSPECTION CAPSULE –
As reported in an article published back November 2003, mortgage referrals have been ruled to constitute brokerage transactions. Many of you are compensated for referring clients to financial institutions. We would like to remind you of some of the obligations this carries under the law.