Training and career in real estate

The advertising of below-market interest rates is an issue that affects the entire industry and is becoming a source of problems for most mortgage agencies and mortgage brokers acting on their own account. Many ads do not comply with the regulations.

The co-ownership was the highlight of the last seminar of the OACIQ, on November 7, 2012, in Boucherville and November 13, 2012, in Quebec. More than 500 brokers attended the event. The rooms were fully packed in both cities. This was also the case for the training that preceded it. It was a great success!

In order to properly carry out the mission and responsibilities assigned to them by their incorporating acts, some public bodies have special powers allowing them to require the disclosure of personal information through what is commonly called a “formal demand”. The person whose personal information is subject to such a demand may also be a client, a broker acting for an agency, or an employee of a broker or agency. 

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.

Since July 1, 2012, the seller’s broker or agency may instruct the notary to pay directly the buyer’s broker or agency from the proceeds of the sale.

The OACIQ received many inquiries from brokers after the publication of an article entitled “The clause 6.1 of the brokerage contract confirms the existence of two classes of brokers in Quebec – What happens to real estate brokers who lost MLS®?” on www.yvonpoirier.com site, on October 12, 2012. We would like to point out that the position taken by the author of this article does not reflect in any way that of the OACIQ.

In Québec, any real estate brokerage transaction, for others and for remuneration, must be carried out by a real estate agency or broker, holding an OACIQ licence. Failure to comply with this rule constitutes a violation under the Real Estate Brokerage Act and exposes the offender to legal proceedings before the Court of Quebec.

Sometimes a real estate or mortgage broker can be faced with an illegal brokerage situation as part of his brokerage transactions. In such situations, there are particularly activities relating to mortgage fraud, putting public protection at increased risk. Here are a few examples of illegal and fraudulent practices, brought to the attention of the Organization’s investigators in the course of their investigations.

Since July 1, 2012, the new mandatory form Declarations by the seller of the immovable must be used for all transactions involving the sale, by a natural person, of a chiefly residential immovable containing less than 5 dwellings, including immovables held in divided or undivided co-ownership. The broker must complete this form with the seller and have him sign it at the same time as the brokerage contract is entered into. This is done for the purpose of transparency as well as to protect the interests of the parties to the transaction and those of the broker. The seller must provide the information to the best of his knowledge; the form does not require the seller to declare something that he does not know.