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.
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.
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.
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.
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.
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.
Data storage consists in recording data for future reuse. Storage must make the data available to the users authorized for its reuse.
Since the coming into force of the Act on May 1, 2010, you are no longer required to forward your disclosure notices to the OACIQ. Notices of disclosure (purchase, sale, exchange or loan) are to be remitted to your agency, which will enter them in a specially designated register and file them in a record created for that purpose.
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.
PLEASE NOTE: You have until July 31, 2010 to open a general trust account. Since the coming into force of the Real Estate Brokerage Act on May 1, 2010, all real estate or mortgage agencies and real estate and mortgage brokers acting on their own account must open a general trust account.
When a chartered real estate broker is going to be absent for vacation or for any other reason, he is looking to entrust his operation to a member on whom he can rely. He also wants to do in a way that will be legal and secure for all parties involved.