Five helpful facts about buying and selling real estate in Quebec
When buying or selling a home in Quebec with a real estate or a mortgage broker, members of the public are protected by the Real Estate Brokerage Act. This law is enforced by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ), whose only mandate is to advocate for the public at every stage of a real estate transaction involving a broker.
While the OACIQ’s mission may seem straightforward, you might be surprised to learn just how detailed and comprehensive the services it provides actually are.
HOW THE OACIQ PROTECTS THE PUBLIC
Its mission is accomplished in two ways: by supervising the work of brokers to ensure they’re fulfilling their legal and ethical obligations, notably by training and supervising them, and by informing the public about the existence of the Real Estate Brokerage Act and its protections, as well as a broker’s obligations.
HOW THE OACIQ WORKS WITH BROKERS
The organization regulates and oversees the training and continuing education received by real estate and mortgage brokers in Quebec. Having these programs run by a centralized organization helps ensure uniformity across the board, which results in more consistent services for the public.
Moreover, thanks to its breadth of resources for brokers, OACIQ ensures that all real estate professionals understand and respect the law, as well as their professional obligations.
TRAINING TO BE A REAL ESTATE BROKER TAKES A LONG TIME
It’s definitely not easy to become a broker; it entails a substantial amount of personal and professional investment. In fact, to obtain a brokerage permit, aspiring brokers must complete an average of 500 hours of basic training accredited by the OACIQ.
Once the training is completed, brokers must pass an OACIQ examination that lasts an average of six hours and entails being able to produce the paperwork for an entire real estate transaction, among other things.
When the exam is over, future brokers must apply for a permit from the OACIQ. This request is then considered by the licensing committee, which runs a check on the applicant’s background.
Once the license is obtained, brokers must respect their duties and obligations under the Real Estate Brokerage Act and participate in a continuing education program to ensure their knowledge is up-todate.
Members of the public can actually consult the OACIQ’s online database to check if their broker holds a valid licence and has met all of the obligations related to continuing education.
FORMS FOR ALL REAL ESTATE BROKERS
The OACIQ produces all of the forms that brokers must use during the various stages of a real estate transaction. The forms, like all the tools produced by the OACIQ, are made with the sole purpose of reducing the risks inherent in a real estate transaction and thus help to protect the public while ensuring brokers are working with sound documentation at all times.
THE RESOURCES AVAILABLE TO THE PUBLIC
The OACIQ website is a gold mine of information related to every aspect of real estate transactions. The site is updated regularly with new information, and a slew of educational articles on a huge range of real estate topics. Two especially helpful documents are the comprehensive buyers’ and sellers’ guides, which are both available for download. The organization also has a presence at several annual events for the general public, such as the Salon de l’habitation.
In addition to its online resources, the organization runs a substantial support centre as well. Through the OACIQ information centre, specially trained agents receive more than 50,000 calls each year and deal with everything from common questions about buying and selling homes to complex situations regarding the Real Estate Brokerage Act.
Members of the public are encouraged to contact the OACIQ information centre for any questions or concerns before, during and after their real estate transaction.
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