Three ways in which the OACIQ protects you!
Did you know that in order to ensure your protection, the OACIQ closely monitors the activities of real estate and mortgage agencies and brokers? Under the Real Estate Brokerage Act, the OACIQ has several tools at its disposal to give you peace of mind before, during and after your transaction. Three such tools are certification, training and inspection.
The dictionary defines certification as the act of providing confirmation. And that’s precisely what the Certification Department does: it confirms that a broker to whom a licence has been issued abides by the conditions under which he or she is authorized to practice brokerage.
Not just anyone can become a broker. Candidates must first successfully complete a certified mandatory basic training and pass an entrance examination developed by the OACIQ, after which they may apply for a licence.
Are you familiar with the tool Check a broker’s record on the oaciq.com website? All the information found there (region, field(s) of practice, professional record including training completed) is overseen by the Certification Department. It is responsible for suspending or revoking licences, updating broker information, and more.
Say you are interested in buying a condo: you would probably want to deal with a broker who has specific training in that type of property. This is one of the reasons why the Training Department makes sure all real estate and mortgage brokers follow a mandatory Continuing education program. The Training Department is constantly creating or approving training activities that keep pace with brokerage practices and the needs of consumers.
Certification is good; training is better; and inspection means even more security for you!
The OACIQ keeps a close watch on things by conducting regular inspections of the transaction records of brokers and agencies. This enables the OACIQ to ensure that all its professionals make adequate use of OACIQ forms and act in an ethical manner in line with their code of conduct.
When a breach is noted, an expert committee reviews the case. It may make any recommendation deemed appropriate, including getting a commitment from a broker to attend a training session. If a violation has been committed under the Act or a regulation, the committee refers the case to the Syndic for further investigation. Following his investigation, the Syndic decides whether to file a complaint before the OACIQ Discipline Committee. This Committee rules on complaints concerning ethical breaches committed by brokers or agencies and imposes penalties if they are found guilty.
Why all these precautions?
The purchase, sale and financing of a property are likely to be the biggest transactions of your life. They are complex processes involving many important steps. It is why the OACIQ uses the means provided by the Real Estate Brokerage Act to ensure that real estate and mortgage agencies and brokers comply with the rules of conduct and ethics.
For more information
- Read the article What’s a professional authorized by the OACIQ?
- Contact an agent from our Info OACIQ information center.