Public trust as a driving force for our actions
In 2018, we embarked on a concrete initiative to increase public trust in the Organization and real estate brokers. The reason why we decided to start this initiative is quite simple: as a regulator, the concept of trust is naturally embedded in our organizational values of integrity, competence and leadership, and it is in perfect harmony with our unique public protection mission.
In order for trust to be the cornerstone of each of our actions, we had first to raise the awareness of all levels of the Organization of the role each of us plays in this chain of trust. Without any hesitation, the members of the board of directors and the management committee adhered to this initiative, followed by directors and then all employees. A few months later, trust has become an integral part of our everyday life; and this feeling has translated into a set of concrete actions since then, as you will see below.
Entrusting one of the most important transactions in your life to a real estate or mortgage broker shows that you trust his expertise and knowledge. In addition, you benefit from his assistance at each stage of a process that can sometimes be complex. Our role is to oversee brokers’ activities: we ensure, among other things, that their knowledge is maintained and developed through the Mandatory Continuing Education Program that all licence holders are required to complete. In a constantly changing industry where each transaction has specific features, there is no doubt that the more brokers are trained, the better protected the public is.
Reliable information sources
Beyond the importance of training brokers, we rely on all our communication channels to share with them information essential to their practice every week. And when they have a question, brokers and consumers may contact our Info OACIQ information centre. By answering their questions, our information agents put their knowledge at the service of consumer protection.
We also provide many information articles to guide you on brokers’ ethical duties and obligations and on the protection mechanisms set out in the Real Estate Brokerage Act (REBA), which is enforced by the OACIQ. You also have access to resources such as the Buyer’s Guide and Seller’s Guide, which we have designed to help you better understand each step of your transaction.
Various protection mechanisms
At any time, if you have a reason to believe that your transaction was not carried out in compliance with the Real Estate Brokerage Act or according to proper practices, rest assured that we are here to help you. This article provides you with all the resources and protection mechanisms to which you have access.
From prevention to leadership
Beyond our protection mission, prevention is a key component when it comes to protecting the public.
It is with this in mind that our Inspection Department carries out preventive inspections and conducts thorough investigations where necessary. Working upstream to identify risk factors helps us reduce them.
For the purpose of prevention and to protect the interests of the public, we have proactively intervened for several years with various government bodies and in some bills that may impact the Real Estate Brokerage Act. We have repeatedly raised the issue of confusion that still prevails among many consumers who mistakenly believe that they benefit from the protections offered by the Real estate Brokerage Act when dealing with for-sale-by-owner companies that are not supervised by the OACIQ.
We respect the consumers’ choice to sell by themselves, to enlist the services of a for-sale-by-owner company that is not governed by the Real Estate Brokerage Act or to deal with a broker, but it is important that they should be able to make an informed decision when making that choice. It is with this in mind that we will continue our representations.
We strive to ensure that every transaction goes smoothly and securely.
For more information, consult the following related resources:
- What’s a professional authorized by the OACIQ?
- To solve an issue, many resources are at your disposal
- OACIQ Ombudsman