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Ten actions taken by the OACIQ for public trust
Brossard, May 23, 2019 – The OACIQ, the real estate brokerage authority, publishes today Trust in action – Highlights 2018*, which presents the various actions taken by the Organization over the past year to fulfill the important mission entrusted to it by the Government of Quebec–to protect consumers in their real estate transactions involving a residential, commercial or mortgage broker.
Here is an overview of the achievements that have enabled the OACIQ to concretely assume its role as a regulator in 2018, under the Real Estate Brokerage Act that governs its activities.
10 effective actions
- 53,115 inquiries handled by the Info OACIQ information centre;
- An increasingly popular website (+14%) because of its relevant information, such as the Register of licence holders;
- Updated mandatory forms to better inform the parties involved, such as the introduction of a new Declarations by the seller of the immovable – Divided co-ownership form;
- 2,036 assistance requests handled by the Public Assistance Department;
- Broker training rigorously applied (2,005 exams administered; 156,000 continuing education units awarded);
- 2,477 inspections of brokers and agencies to ensure that they proactively comply with their ethical obligations;
- 583 investigations opened by the Syndic;
- 450 sanctions imposed by the discipline committee;
- 645 claims processed for $1.5 million in compensation paid to the public by the Fonds d’assurance responsabilité professionnelle du courtage immobilier du Québec (FARCIQ);
- 10 claims and $138,877 in compensation paid to the public by the Real Estate Indemnity Fund (FICI).
Initiatives widely known by the public
"The increase of more than 160% in the public recognition of the OACIQ, which went from 5% in 2017 to 13% in 2019 (Scor, 2019), shows that our initiatives to make consumers aware of the Real Estate Brokerage Act and use our resources are paying off. In 2019, we will continue to seize every opportunity to maintain the public’s trust in the OACIQ and in the brokers we oversee, ensuring the best security,” says Nadine Lindsay, President and Chief Executive Officer.
* The full annual report of the OACIQ will be available in June.
About the OACIQ
The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) ensures the protection of members of the public who enlist the services of real estate and mortgage brokerage professionals governed by the Real Estate Brokerage Act. It is a member of the Real Estate Regulators of Canada (RERC), an organization that brings together all Canadian regulators in the area of real estate brokerage, building inspection, and co-ownership property management for some provinces.
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