What’s a broker authorized by the OACIQ?
The OACIQ’s mission is to protect the public by enforcing the Real Estate Brokerage Act. This Act determines the conditions for carrying out broker’s activities, in addition to providing you with effective protection when you carry out a real estate transaction through a broker. Choosing to do business with a licence holder to buy, sell, lease or finance a property is to enlist the services of a broker who is duly authorized to act by the OACIQ.
But not just anyone can become a broker! The candidate must:
- Complete a mandatory basic training activity accredited by the OACIQ;
- Pass almost a six-hour entrance examination developed by the OACIQ;
- Apply for a brokerage licence. The brokerage licence is somehow the OACIQ’s seal of approval, certifying that the broker is competent and able to carry out your transaction successfully.
Mandatory Continuing Education Program
The OACIQ's role does not stop there. Throughout their career, brokers should complete a mandatory continuing education program to maintain and update their knowledge. You may access the list of training activities completed by your broker by consulting the Register of licence holders. If, for instance, you wish to buy a co-ownership property and would like to use the services of a broker who is specialized in this type of property, the register will indicate if a licence holder has completed specific training activities in this regard.
Oversight of brokers
Under its public protection mission, the OACIQ oversees brokers’ work and ensures that they are performing it properly, in compliance with the Professional Code of Ethics and the Real Estate Brokerage Act. For this purpose, protection mechanisms have also been set up, such as the discipline committee. The OACIQ informs brokers on a regular basis about everything concerning their practice and carries out annual inspections. These inspections, among other things, help validate that brokers properly use the mandatory and recommended brokerage forms created by the OACIQ and approved by the Québec Finance Minister.
Why all these precautions?
The purchase or sale of a property is often the most important transaction in your life. It’s a complex process involving many factors that should not be overlooked. The aim of the OACIQ is to protect the public and ensure that everything is done according to proper practices. By overseeing brokers, the OACIQ makes sure that your real estate or mortgage transaction goes off without a hitch.