The Fonds d'assurance responsabilité professionnelle du courtage immobilier du Québec (FARCIQ)

FARCIQ is responsible, among other things, for compensating consumers for the loss resulting from the fault, error or omission of a real estate broker or agency, where their professional liability is demonstrated.

FARCIQ is the insurer of real estate brokers and agencies. If you encountered a problem during your transaction and believe that an unintentional fault, error, or omission was committed by a broker or agency, you can submit a claim.

To determine whether professional liability can be incurred, the following three criteria must be met:

• Fault: an unintentional fault, error or omission was committed by a broker or agency; and
• Damage: a financial loss was sustained by the claimant; and
• Causal link: the financial loss was caused by the broker’s or agency’s fault, error or omission.

There are various factors, including defences, that may influence the professional liability assessment and the possibility of being compensated. In addition, note that professional liability and ethics are quite distinct. Therefore, violating ethical rules does not necessarily result in monetary compensation from FARCIQ.

Brokers and agencies must pay a professional liability insurance premium to FARCIQ every year. For more information about the Fund, visit the FARCIQ’s website.