For immediate release
The OACIQ weighs in on the Agreement between the CREA and the Commissioner of Competition
(Brossard, October 26, 2010) – The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) has reviewed the Consent Agreement reached by the Canadian Real Estate Association (CREA) and the Commissioner of Competition. The Agreement was ratified by CREA Members on Sunday, October 24, 2010 and made public the next day.
What the Agreement says
Under this Agreement, the CREA must allow Sellers to retain the services of a broker for the Mere Posting of a property on the MLS System, without the Sellers also having to use all of the other services offered by the broker.
Application of the Agreement in Québec
The OACIQ reiterates the principles of the Real Estate Brokerage Act
The OACIQ reminds readers that a new Real Estate Brokerage Act came into force on May 1, 2010. In accordance with the transitional measures developed for the implementation of the new Act, the old forms will continue to be used until October 31, 2011.
Until that time, current rules will continue to apply to all professional practices surrounding the marketing of a property, which includes listing on the MLS System. Thus Sellers who wish to list their property on the MLS System are required to sign a mandatory brokerage contract with a real estate broker.
Obligations of brokers
Listing brokers continue to be held to their obligations to inform, verify and advise their clients. They must also verify and be able to demonstrate the accuracy of the information given them, and they have an obligation to collaborate and to present every promise to purchase they receive.
Brokers must also deposit any sum collected in advance into a trust account, in accordance with the terms and conditions outlined in the Organization’s regulations.
After October 31, 2011
Between now and October 31, 2011, the OACIQ will continue to develop the new regulations pertaining to forms and contracts; these should come into force on November 1, 2011.
This said, regardless of the type of services they offer in future, brokers will not be released from their ethical obligations, including that of verifying the information they enter on the detailed description sheet and properly advising the Seller.
Whatever happens, the OACIQ has a duty to act in every circumstance in a way that gives the Québec public access to the highest quality services in the field of real estate brokerage.
About the OACIQ
The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) is the organization responsible for the application and enforcement of the Real Estate Brokerage Act, which came into force on May 1, 2010. The OACIQ upholds the mission of the Association des courtiers et agents immobiliers du Québec (ACAIQ), which began its activities in 1994, 40 years after the creation of the Corporation des courtiers en immeubles.
In the fulfilment of its mission, which is to protect the public by overseeing all real estate and mortgage brokers in Québec, the OACIQ develops best practices in the field of real estate brokerage. While maintaining the responsibilities that fell to the ACAIQ before May 1, 2010 of supervising real estate brokerage activities and helping to ensure and promote competence and integrity within the profession with the help of its Education Department, the OACIQ now has increased powers, including that of acting as conciliator or mediator in disputes between brokers or agencies and their clients, and arbitrating accounts between the parties.
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Source: Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ)
Media contact: Stéphanie Fournier
Tel.: 450 462‐9800 or 1 800 440‐7170, ext. 8693