in real estate for over 65 years
For better protection
When you deal with a real estate broker, you’re protected by law. In fact, the real estate brokerage profession is governed by the Real Estate Brokerage Act and supervised by various organizations to ensure that consumers are served fairly and competently.
What’s more, to be a real estate broker, you must be certified by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ), after completing basic training and passing a rigorous examination.
- has the obligation to verify all information used to promote the property for sale. This includes ensuring that the description is accurate and that all measurements are correct;
- avoids conflicts of interest;
- must take part in ongoing training activities to keep up to date with an increasingly complex environment;
- uses the most recent version of the required forms.
Real Estate Brokerage Act
The main objective of the Real Estate Brokerage Act is to protect the public. To this end, it provides a number of mechanisms and tools, as well as rules governing the brokerage contract between the broker and the client wishing to sell his or her property. These rules are similar to some of those found in the Consumer Protection Act.
Organisme d'autoréglementation du courtage immobilier du Québec
Created by the Real Estate Brokerage Act, the mission of the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) is to protect the public by overseeing the practice of all real estate professionals. It ensures that brokers comply with the law and regulations in force within the scope of their activities.
It is also responsible for administering the licensing examination and the mandatory continuing education program. The OACIQ also offers a public assistance service to help consumers lodge complaints or report ethical misconduct when a transaction has gone badly wrong.
Real Estate Brokerage Indemnity Fund
Every real estate broker contributes to the Fonds d’indemnisation du courtage immobilier. The Fund has the power to compensate consumers when a problem arises in a real estate transaction, whether it involves fraud, dishonest dealing or misappropriation of funds or property.
Professional liability insurance
Professional liability insurance, which real estate brokers are required to carry, offers consumers additional financial protection in the event of fault, error, negligence or omission. This insurance covers civil claims and lawsuits. For more information, visit the Fonds d’assurance responsabilité professionnelle du courtage immobilier du Québec website.