Fonds d’assurance responsabilité professionnelle du courtage immobilier du Québec
The Fonds d’assurance responsabilité professionnelle du courtage immobilier du Québec (FARCIQ) is responsible for insuring Québec real estate and mortgage agencies and brokers against the professional liability.
With the coming into force of the new Real Estate Brokerage Act on May 1, 2010, a natural person working on his or her own account or for an agency is now called a real estate broker or a mortgage broker and is primarily responsible to the consumer, both from a civil and an ethical perspective.
Prior to May 1, 2010, the brokerage firm was responsible for insuring itself and all real estate agents acting on its behalf. Under the new Act, it is the broker (natural person) who must pay the insurance premium. However, when a broker acts on behalf of an agency, the agency also has a responsibility to the parties with whom a relationship has been established.
Subscription to the FARCIQ is mandatory. All real estate agencies, their employees, representatives and persons authorized to act on their behalf must be insured against any fault, error, negligence or omission committed in their performance of their professional duties.