Licence Issue and Maintenance
7 Real estate agency licence
Who can hold a real estate agency licence?
A real estate agency licence can be held by
PROHIBITED PRACTICE
A “Certified AEO” real estate broker whose licence is made subject to conditions or restrictions by the Discipline Committee or the Licence Issue and Maintenance Committee (LIMC) may not act as agency executive officer.
Responsibilities of the agency executive officer
- Ensuring that all administrators, real estate brokers and employees of the real estate agency abide by the regulations and the Agency’s ’s Compliance Program is respected.
To support him his duties:
- Designate one or more authorized signatories to sign the documents relating to the operations of the OACIQ Certification Department
- Appoint collaborators to supervise and monitor his real estate brokers
7.1 – Real estate agency licence issuance
Several requirements must be met before applying for a real estate agency licence.
Each application is thoroughly reviewed by the OACIQ due to evolving business models and new real estate agency structures. Read this article for more details.
Key questions
To encourage agency executive officers to reflect before applying for a real estate agency licence:
- Does the name chosen for the real estate agency comply with the OACIQ’s regulatory criteria?
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What qualifications are required to act as an agency executive officer?
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Have the deadlines and costs been assessed?
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Could a criminal record or bankruptcy have an impact on the application?
7.2 – Real estate agency licence maintenance
The real estate agency licence is valid from May 1 to April 30 of the following year. For the licence to remain valid, the agency executive officer must, no later than April 30 of each year:
- Pay the annual applicable fees
- Update the agency’s information
The agency executive officer must also:
- Complete the inspection questionnaire and provide the required information, no later than March 31 of each year
KEY POINT
The annual licence renewal period starts in mid-March and ends on April 30 each year.
REGULATORY IMPACT
Failing to meet these requirements, the OACIQ may:
- Suspend or revoke the real estate agency’s licence
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Impose an administrative monetary penalty (AMP)
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Impose conditions or restrictions (e.g. temporary prohibition from acting as agency executive officer)
Real estate agency – legal person or partnership
- If the agency executive officer’s licence is suspended or revoked, he or she must be replaced within 60 days
- Failing which the real estate agency’s licence and the licences of all real estate brokers will be suspended
Real estate agency – natural person
- Can be run only by its licence holder
Have a qualified agency executive officer
Have a qualified agency executive officer A real estate agency must be run by an executive officer who has the required qualifications to act in this capacity1.
The agency executive officer must:
- Update their personal information and pay the annual applicable fees every year
- Complete the training activities required for the MCEP cycle
- At all times, comply with all other regulatory requirements to maintain their licence valid and their qualifications
1 Section 34 of the Regulation respecting broker’s and agency licences
Update the real estate agency’s information
Update the real estate agency’s informationBy April 30 of each year at the latest, the agency executive officer must:
- Update the real estate agency’s information
Changes during the year
Immediately1 report via the Broker's Area
- Any changes to the agency’s declarations
- Any change to the corporate structure,without waiting for the annual renewal period
1 Section 10 et 11 du Regulation respecting broker’s and agency licences..
Maintain a professional liability insurance policy
Maintain a professional liability insurance policy By April 30 of each year at the latest, the agency executive officer must:
- Pay the annual applicable fees, including the annual enrollment in the FARCIQ insurance policy
All holders of a valid licence issued by the OACIQ have insurance coverage under the Fonds d’assurance responsabilité professionnelle du courtage immobilier du Québec (FARCIQ).
Have a place to carry out one's activities
Have a place to carry out one's activities- Indicate the physical address, i.e., the main location where the real estate agency carries out its activities
- Provide the address of the authorized representative, if any
- Provide and update its contact details: telephone, email, website, etc., and the address of its other establishments, if any.
Pay annual applicable fees
Pay annual applicable feesThe agency executive officer must, no later than April 30 of each year:
- Pay the annual applicable fees, including the FICI contribution.
Complete an inspection questionnaire and maintain a trust account
Complete an inspection questionnaire and maintain a trust accountNo later than March 31 of each year, tthe agency executive officer must:
- Complete the inspection questionnaire
- Send the required documents
When holding funds for others1, the real estate agency must:
- Maintain a trust account
- Submit the Trust Transaction Report, even though there was no activity in the account during the year or the balance was $0
- Send the Register of disclosure notices (if any)
1 See the FAQ Exemptions from maintaining a general trust account for more information.
7.2.2 – Consequences of failure to comply with obligations and requirements to return to practice
If the licence is suspended or revoked, the real estate agency must immediately:
- Cease carrying out brokerage activities.
- Remove all advertising
- Notify clients in writing of the consequences and the choices they need to make
REGULATORY IMPACT
The suspension or revocation of an agency’s licence results in the automatic suspension of the licences of all its real estate brokers, including that of the agency executive officer.
REGULATORY REQUIREMENT
In the case of a company or legal person: if the agency executive officer’s licence is suspended or revoked, he or she must be replaced no later than 60 days following their licence suspension or revocation, failing which the real estate agency’s licence and the licences of all its real estate brokers will be suspended.
In the case of a natural person: the agency can be run only by the agency's licence holder.
Requirements for returning to practice
If the real estate agency’s licence is revoked, the agency executive officer must: :
- Forward the form Application for issuance of a licence – Real estate agency, including:
- The forms required for any criminal record or bankruptcy disclosure
- The applicable fees to the issuance of an agency licence
- The applicable fees to lift the licence suspension of each of the agency’s brokers
- The form Request for lifting of licence suspension • Real estate broker • Real estate agency • Natural person (PDF), with the Declarations section completed by all real estate brokers. This section helps certify that clients have been notified and that no brokerage acts have been carried out. Otherwise, the Syndic will be informed and will take any measures deemed appropriate
- Collaborate with the Inspection Department
- The agency executive officer must adjust or develop a Compliance Program, in accordance with the requirements of the OACIQ
- Wait for the confirmation email to resume real estate brokerage activities
- The verifications made to validate the compliance of the agency’s file may take several weeks
If the real estate agency’s licence is suspended, the executive officer must:
- Update the real estate agency’s information
- Submit the form Request for lifting of licence suspension – Agency and pay the applicable fees and any other amount due to the OACIQ
- Complete and have all the agency’s real estate brokers complete the Declarations section of the form Request for lifting of licence suspension • Real estate broker • Real estate agency • Natural person (PDF. This section helps certify that clients have been notified and that no brokerage transactions have been carried out. Otherwise, the Syndic will be informed and may take any measures deemed appropriate
- Pay the applicable fees to lift the licence suspension of each of the agency’s real estate brokers
- Show that the cause for the licence suspension no longer exists
- Wait for the confirmation from the Certification Department before resuming real estate brokerage activities
- Reference number
- 215167
- Last update
- May 27, 2026