Are you ready to sell or buy a property with a broker? Here is what you need to know.

THE O...A...WHAT NOW?

The OACIQ, the Organisme d’autoréglementation du courtage immobilier du Québec, is the authority of real estate brokerage. We inform and protect the public by enforcing the Real Estate Brokerage Act (REBA), in accordance with the mandate entrusted to us by the Ministère des Finances du Québec.  We also oversee the practices of brokers, including by training and inspecting them.
 

The role of various stakeholders in a real estate transaction
 

Government, real estate brokerage Act, OACIQ, Public, Broker, Agency Executive Officer, Agency

 

The OACIQ informs you

Because a real estate transaction is among the most important decisions in a person’s life, it is essential to be well informed at each step. We make several tools and resources available to you to ensure that your transaction goes smoothly and securely.

   
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Info OACIQ
Do you need an explanation regarding a clause in your contract? Do you want to know if a Promise to purchase can be cancelled? If you have any questions before, during or after your transaction, contact the information centre Info OACIQ at 450-462-9800 or 1-800-440-7170.

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OACIQ.COM
Browse through our website: current content and practical tips are posted thereon. Try the Check a broker's record tool: you will be able to see your broker’s licence type and check the list of training activities he or she completed.

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OACIQ forms
Your broker is required to use the OACIQ forms and explain the clauses to you. We have designed over 50 forms to standardize transactions. Your broker is very familiar with them: he or she will present you with those that apply to your situation.

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Buyer's Guide and Seller's Guide
Check our practical guides to better understand all the steps of your transaction with a real estate broker.


The OACIQ supervises brokers

The OACIQ supervises real estate and mortgage brokers throughout their career to ensure that they are up to date in their practice and respect their professional obligations
 

ETHICAL DUTIES AND OBLIGATIONS
The Real Estate Brokerage Act dictates to brokers their duties and obligations, including loyalty, transparency and information. They are required to respect them to protect your interests during the transaction.
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PRACTICE LICENCE
We are responsible for the strict process of licence issuance and maintenance. We have the power to issue, suspend or revoke licences.
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CONTINUING EDUCATION
To keep their knowledge up to date, all brokers must complete the OACIQ Mandatory Continuing Education Program (MCEP) and accumulate a certain number of continuing education units (CEUs) every two years. They are required to complete the MCEP to maintain their practice licence.


INSPECTION
We inspect brokers’ activities on a yearly basis. Among other things, we make sure that they use the mandatory brokerage forms and document their records properly. If non-conforming items are identified, corrective measures will be taken. If a violation to the Act is noted, the Inspection Committee and the Syndic will be notified.
 

The OACIQ protects you

The vast majority of real estate transactions go off without a hitch. However, if you experience any problems, many protection mechanisms are offered by the Real Estate Brokerage Act.

 

 

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Public Assistance Department
If you believe that your broker did not act according to proper rulers and wish to file a complaint or report an ethical breach, the Public Assistance Department will assist you.


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Syndic
The role of the OACIQ Syndic is to investigate any alleged violation of the Real Estate Brokerage Act by brokers or agencies. Once an investigation has been completed, the Syndic will determine whether or not to file a complaint with the OACIQ Discipline Committee.


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Discipline committee
If a broker commits an ethical fault, he may be brought before the discipline committee and be penalized if found guilty.


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Ombudsman
The Ombudsman is independent and neutral in the performance of his duties. You may use his services if the usual complaint handling mechanisms (mentioned above) did not lead to a settlement of your dispute.

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FICI
The Real Estate Indemnity Fund offers protection to consumers who deal with a broker or agency and who are victims of fraud, dishonest tactics or misappropriation of funds in the course of a transaction.


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FARCIQ
The Fonds d'assurance responsabilité professionnelle du courtage immobilier du Québec insures Quebec real estate or mortgage agencies and brokers against professional liability. If a judgment orders a broker to compensate a consumer in case of unintentional fault, error or omission committed in the course of his or her professional activities, the amounts of money would be withdrawn from this Fund.

Learn more about the different protection mechanisms

 

Last updated on: July 30, 2019
Reference number: 206969