In the course of their activities, some licence holders act as intermediaries for the short-term rental of cottages, houses or apartments. Considering their duty to verify, inform and advise, these brokers would be well-advised to know the ins and outs of the Act respecting Tourist Accommodation Establishments.
The Regulation respecting brokerage requirements, professional conduct of brokers and advertising (hereafter “the Regulation”) states that a broker or agency executive officer must take steps, in accordance with accepted practice, to learn of any factors that may adversely affect the party represented by them or the agency for which they act, the parties to the transaction or the very object of the transaction.
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.
Some real estate brokers and agencies offer services in more than one field of practice, i.e. residential and commercial and therefore do not specialize only in commercial transactions.
Just as he must verify the features of an immovable, the real estate broker must know and verify the characteristics of the immovable’s right of ownership under private and public law.
Under section 2 of the OACIQ’s Regulation respecting brokerage requirements, professional conduct of brokers and advertising (“the Regulation”), a broker must avoid placing himself in a conflict of interest.
One of the essential tasks of the real estate agency or broker is to help the owner establish a realistic selling price. Sometimes, the price requested is inadequate because the seller lacks information. To establish the property's fair market value, the real estate agency or broker may perform a comparative analysis with other similar properties on sale or recently sold in the vicinity.
To what extent a real estate agency or broker may sell new houses for a builder or developer? First, it is essential to state that acting as an intermediary between a buyer and a builder in the purchase of a new house in exchange for compensation constitutes real estate brokerage within the meaning of the Act.
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