INFO OACIQ, an outstanding resource
- Your brokers ask you questions that you have difficulty answering?
- Want to validate the best practice to adopt in a specific transaction?
- You are wondering how to respond to a consumer complaint?
For answers to these and many other questions, the Info OACIQ line for agency executive officers is the solution. Information agents can help you better play your supervisory and advisory role with your brokers, and thus ensure compliance with the Real Estate Brokerage Act and its regulations.
Here are the top five questions that are most frequently asked by brokers and the resources to answer them.
1. Basic principles of collaboration
Rules and principles to be respected when collaborating with colleagues or other professionals
- I am the seller’s broker:
- A broker requests a visit that will take place in two days. If a promise to purchase from another person is presented the next day, do I have to notify the broker who requested the visit immediately?
- Can a buyer’s broker ask me to inform him if there is any activity on the immovable? Under what circumstances and how?
- I am the buyer’s broker:
- Can the seller’s broker refuse the fact that I represent my client’s promise to purchase?
- What shall I do to facilitate the smooth running of a transaction if a broker fails to collaborate?
- Can the seller's broker provide short time slots for visits and the presentation of promises to purchase?
Resources
- Basic principles of collaboration between real estate brokerage professionals
- The buyer’s broker's right to take part in the presentation of a promise to purchase
- The broker’s obligations with respect to sellers’ specific requirements
- Special requirements on the part of the seller and obligation to present any promise to purchase as soon as possible
- The buyer’s broker and his representation duty
- For a smooth running of transactions
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2. Clauses, timelines and consequences related to building inspection in the Promise to purchase
- Am I required to recommend more than one building inspector?
- After a building inspection, the buyer wants to withdraw. Who should send the notice, to whom, how and when?
- My selling client has a previous inspection report, what are my responsibilities and obligations? Is the seller required to submit a copy of the report?
- Am I required to be present during the building inspection?
Resources
- Building inspection guide: broker’s responsibilities
- Cancelling a promise to purchase following an inspection
- Existing inspection report: What is the proper procedure for the real estate broker?
- Inspection report: brokers’ duties and obligations
- Obligation to recommend a building inspector who has professional liability insurance
- Clarifications about financing and inspection deadlines
Training activities
3. Contexts of use of forms
- Is it possible to reactivate a Promise to purchase that has expired or become null and void by a Counter-proposal?
- Shall I have an acknowledgement of receipt of a Promise to purchase or Counter-proposal signed?
- Can the Notice and follow-up on fulfilment of conditions (NF) be used to amend the Promise to purchase, for example to provide for work to be done after building inspection?
- What forms to use for the sale or purchase of a vacant lot?
- What are the differences between the clause R2.3 and R2.4 of Annex R?
- How to properly use clause R2.2 of Annex R?
- Which form should be used when making a cash purchase?
Resources
- Using the ''Counter-Proposal to a Promise to Purchase'' to respond to a Promise to Purchase or a Counter-Proposal
- Promise to purchase: signing the acknowledgement of receipt
- Making good use of forms
- Providing proper advice regarding the use of forms
- Buying or selling a vacant lot?
- Professional Practices Guide - Main residential real estate brokerage forms
- The difference between the clause R2.3 and R2.4 of Annex R – Residential immovable
- Understanding first refusal clause R2.2 of the mandatory form Annex R - Residential immovable
- The importance of Annex F during a cash purchase
Training activities
4. Right to remuneration
- I am the buyer’s broker:
- Can I ask the notary to pay my share of remuneration directly to my agency?
- I had showed my buying client a property listed by another broker. Since then, the BCS has expired. The buyer I represent would now like to make a PP. Can I negotiate directly with the seller and have him sign a BCS for this buyer?
- What are the requirements to be met for the broker’s right to compensation after the expiry of the Brokerage contract?
- I have signed a BCP with my buying client and he wants to finance the compensation due to me, how do I proceed?
Resources
- Instructions to the notary regarding remuneration sharing - Who can do what?
- The 180-day clause - Questions and answers
- Remuneration payable by the seller
- The real estate broker’s right to compensation after the expiry of the brokerage contract
- Resolutory clause or 180-day clause
- Instructions to the notary regarding remuneration: A specific clause on this subject
- Billing in cases where clause R2.5 is used
Training activity
- The Brokerage contract – Sale
- Purchase brokerage - Brokers working in residential real estate brokerage
5. The rights and obligations to be respected for advertising and telephone solicitation
- What information should be indicated on my business card and signs and what are the differences to consider if I am acting through a business corporation?
- Can I place my sign on the lot of a property as soon as a Brokerage contract is taken up?
- Can I promote the giveaway of a gift or any other promotion? If so, how?
- What are the rules for telephone solicitation?
- How should I proceed if I wish to pay certain professional fees to enhance my service offer?
Resources
- Publication of sold price
- Promoting one’s services: Reminder of rules to follow
- Be mindful of solicitation rules
- Can a real estate agency or broker offer to cover some of their clients’ professional fees?
- Advertising: Identification of brokers and agencies (mandatory stipulations)
- Listing on an information dissemination service or a similar service must be done ''without delay''
- Advertising guide for real estate agencies and brokers
Training activity
Note that it is important to educate your brokers on the fact that the OACIQ does not intervene in remuneration disputes between brokers or agencies, regardless of whether they are members of the Association professionnelle des courtiers immobiliers du Québec (APCIQ) or not. The rules of conduct and procedures relating to the actual cause of the sale to determine who actually contributed to the sale of the immovable are applied in disputes between brokers or agencies before the Arbitration Council of the APCIQ.
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