The duty to verify, inform and advise1 is at the very heart of the real estate broker's profession. To provide reliable information to the public, the licensee must verify it beforehand.
The advice given must be based on the information collected for the proposed transaction. Therefore, these duties are inseparable. However, the duties to verify, inform and advise are three separate duties. The aim of this guideline is to examine each of them.
WHY A GUIDELINE?
This is an interpretation of the law, a reference tool to support your decisions, including in matters of compliance. This guideline simplifies the legislative and regulatory framework of real estate brokerage. It clarifies the OACIQ’s expectations and sets out proper practices to ensure licensee compliance. It will help real estate agencies and their executive officers to develop a comprehensive and effective compliance program.
How to navigate in this tool?
► Click on the different themes presented below.
In each you will find the relevant sections of the Real Estate Brokerage Act, as well as several concrete scenarios that will provide you with reliable tools to successfully complete your transactions in compliance with your obligations.
This is an evolving tool, so make sure to bookmark this page and return to it often!
Comme il s’agit d’un outil évolutif, ajoutez cette page à vos favoris et revenez-y souvent!
1.1 Identity and legal capacity
1.2 Information on the immovable
1.2.1 Land Register
1.2.2 Municipality
1.2.3 Certificate of location
2.1 Description sheet
2.2 Adverse factors
2.2.1 Declaration by the seller
2.2.2 Specific cases relating to the history of the immovable
3.1 Inspection
3.1.1 Pre-sale inspection
3.1.2 Pre-purchase inspection
3.2 Setting the market value of an immovable and the terms of sale
3.2.1 Comparative analysis
3.2.2 Modification of the price and terms of sale
3.3 The legal warranty of ownership and quality
3.3.1 The warranty of ownership
3.3.2 The warranty of quality
3.3.3 The exclusion of the legal warranty of quality
1 Section 85 of the Regulation respecting brokerage requirements, professional conduct of brokers and advertising RBR) states that the licensee: “must inform the party represented and all other parties to a transaction of any known factor that may adversely affect the parties or the object of the transaction. ”
Section 5 of RBR states that a licensee “must verify, in accordance with generally accepted practices, all information provided to the public or to another licence holder, and be able at all times to prove the accuracy of the information. ”
Finally, section 84 of RBR states that licensees “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.”
