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:
How long should a brokerage contract last? The answer is simple: it is up to the consumer and the agency or the broker to determine the length of the contract. There are no rules in the Act or the regulations stipulating a minimum or maximum term for a brokerage contract. The agency or broker must act according to the client’s wishes.
Pyrite is an iron sulphide molecule present in the stone fill used in construction. It may therefore be found around foundation drains and under the concrete slabs of the cellar or the garage. Under certain conditions, pyrite can oxidize and produce a sort of white powder that swells, causing, among other things, the slab to lift and producing cracks in the foundation and partitions. These problems may appear several years after construction.
When signing a brokerage contract with a seller, you must collect as much information as possible on the immovable and the equipment it contains. Under the Regulation respecting brokerage requirements, professional conduct of brokers and advertising, this information must be accurate and verified. The OACIQ’s Assistance Department has noted that it can sometimes be difficult to determine the true nature of components such as a building’s air conditioning or heating system.
Which copy goes to whom when signing the paper version of a contract, a transaction proposal or a form?
The Info ACAIQ Information Center has observed a lack of consistency among licence holders in the way the paper versions of completed and signed contracts, transaction proposals or forms are remitted to the parties concerned. In residential real estate, omitting to give a duplicate of the brokerage contract to sell or to purchase to the client can lead to serious repercussions, as we will discuss below.
Sometimes a seller decides that he no longer wishes to sell his immovable and wants to terminate the brokerage contract by which he entrusted the sale of his immovable to a broker or agency. A buyer or lessor can also sometimes wish to terminate a brokerage contract. This is possible in certain situations, including by invoking the right to cancel allowed under the Real Estate Brokerage Act (hereafter “the Act”) or pursuant to a provision included in the brokerage contract.
When seeing a sign "House for Sale by Owner", you start up a conversation with the owner and suggest that he deal with you to sell his house. Then the owner answers you: "There's no way I'm signing a brokerage contract, but if you find me a buyer, I'll give you a little something." Not to worry you think, and off you go in search of a buyer, evidently unaware that this could turn out to be a very costly proposition.
When the seller of a residential immovable containing less than five dwellings chooses to deal through a real estate agency or broker or a real estate broker acting on his own account, he must sign a brokerage contract to sell, except if he is not a natural person (e.g.: business corporation). The same applies to the buyer if the broker wishes to ask him for compensation and to the lessor concerning lease matters. This agreement gives the agency or broker the right to act as the exclusive or non-exclusive intermediary for a specific period.
The seller remains free to refuse a promise to purchase even if it meets all the conditions in the brokerage contract
In 2010, the Court of Appeal, the highest court in Québec, handed down a major decision for real estate brokerage in a case where the Association des courtiers et agents immobiliers du Québec (ACAIQ) – now the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) – appeared, first in the trial court, and later in the Court of Appeal, to argue its position.
– INSPECTION CAPSULE –
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.
– PROFESSIONAL PRACTICES SERIES –
Under the Real Estate Brokerage Act, a seller (natural person) may, at his own discretion, cancel a brokerage contract concerning a residential immovable within three days following the day on which he receives a duplicate of the contract signed by both parties.