My broker’s ethical duties and obligations
(Article of the OACIQ published on Protégez-Vous.ca website in February 2017)
The duties and obligations of the professionals authorized by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) are prescribed by the Real Estate Brokerage Act (REBA). By entrusting the OACIQ with the role of enforcing this Act, the government ensures that all Québec real estate and mortgage professionals adhere to a strict code of conduct which defines the nature and meaning of their duties and obligations.
So here is what you can expect from a professional authorized by the OACIQ throughout your transaction under the Real Estate Brokerage Act.
Duty of transparency
A professional authorized by the OACIQ must at all times act with utmost transparency and integrity. For instance, he must disclose to you in writing the remuneration sharing terms offered to the broker who represents the other party.
He is also required to inform all the parties to a transaction of any factor that could unfavourably affect your transaction. Let's take an example: newspapers published that one of the co-owners of the immovable was arrested for growing cannabis in his dwelling. Your broker must inform you about this.
Duty to inform
Your real estate or mortgage broker must show the accuracy of the information he gives you by relevant documents and he is responsible for all the information he disseminates. For instance, if you are a buyer, your broker should normally verify by himself the exact amount of municipal and school taxes.
Moreover, certain situations must be disclosed without delay and in writing to all the parties engaged in a transaction. For example, if your broker has a personal interest in the property you are considering to purchase or if he refers you to a specific financial institution from which he receives compensation, he must inform you in writing and without delay.
The professional authorized by the OACIQ also has a duty to advise and inform you objectively by providing all the explanations needed to fully understand and appreciate the services he is providing. In practice, your broker must explain and make sure that you fully understand all the clauses of the forms he is asking you to sign.
In addition, a broker must, to ensure that all the parties to a transaction are protected, see that their rights and obligations are recorded in writing and reflect adequately their will. He must reasonably inform all the parties to a transaction of the rights and obligations arising from the documents they sign.
The obligation of loyalty
The broker is bound by a duty of loyalty to his client. He must promote your interests and protect your rights. The Real Estate Brokerage Act requires the broker, for instance, to present you with all the properties available on the market that meet your requirements, or to explain to you why he chose not to present you with certain ones.
For more information, consult the Regulation respecting brokerage requirements, professional conduct of brokers and advertising.
You feel that your broker is not fulfilling his duties and obligations?
The OACIQ is mandated to protect you. Don’t hesitate to contact Info OACIQ by email at email@example.com or by phone at 450-462-9800 or 1-800-440-7170. One of its information agents will be able to direct you to the appropriate resource.
You may also check the protection mechanisms made available to you by the Real Estate Brokerage Act.