Are you familiar with the Real Estate Brokerage Act?
Real estate transactions are among the most important decisions in a person’s life. Did you know that when you buy, sell, lease or finance a property with the help of a professional authorized by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ), you benefit from all the protection offered by the Real Estate Brokerage Act? Here is a broad outline.
Enforcement of the Act to protect you
In May 2010, The Québec Government mandated the OACIQ to enforce the Real Estate Brokerage Act and its regulations. This Act gives the Organization the power to oversee real estate brokers for the sole purpose of protecting the public.
Under the Act, supervision of brokers begins very early and continues throughout their professional career. Therefore, even before being able to practice, aspiring brokers must complete a basic training and pass an entrance exam.
Once licensed, the Act and its regulations provide that these professionals must abide by specific rules regarding all aspects of their practice, including:
- Taking the necessary measures to inform you properly about all the facts relevant to the transaction;
- Promoting your interests and protecting your rights relating to the transaction, and informing all the parties of any factors that may adversely affect such transaction;
- Keeping records and registers to preserve evidence on record and allow a follow-up; and
- Protecting the confidentiality of your personal information.
Moreover, licence holders are required to complete a mandatory continuing education program to update their knowledge.
Inspection and assistance
The protection offered by the Real Estate Brokerage Act goes even further. Pursuant to the Act, the OACIQ ensures that the authorized professionals comply with the rules in their everyday practice. This is why OACIQ inspectors are frequently in the field. For example, they check to see if brokers use appropriate forms correctly and respect their code of ethics.
And if you meet with an obstacle in the course of your transaction, rest assured: the Real Estate Brokerage Act provides numerous tools implemented by the OACIQ to protect you. Therefore, if you have a reason to believe that your broker did not act according to proper practices, contact the OACIQ Public Assistance Department. Its analysts will make every effort to ensure that your problem is fairly and equitably solved in accordance with applicable laws and regulations.
In a nutshell, the aim of the measures contained in the Act and its regulations and enforced by the OACIQ is to ensure a worry-free transaction.
Money laundering reporting form
If you believe you have witnessed an attempt of money laundering or recycling of proceeds of crime involving a real estate broker or agency, the OACIQ provides you with a form so you can report it to us.