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OACIQ FINAL EXAM / LATEST QUESTIONS AND
100% CORRECT ANSWERS
What is self management - Correct Answer self management means the co- owners manage the property, although it is also possible to hire an external company to manage the co-ownership Immovable property is divided into four subcategories what are they? - Correct Answer immovable property by Nature By attachment or by jointer By the object to which they are attached By determination of law What is the procedure for obtaining all the details on a property that a client wishes to sell? - Correct Answer First, consult the line register where all transactions related to the property in questions are recorded. Then there is certain information that only the owner knows. You must therefore ask your client and exhaustive list of questions so you can complete the Declaration by the seller as well as the cell sheet
What are the 7 regulations of Reba - Correct Answer 1. Regulation respecting the issue of brokers and agency licenses.
- Respecting records and registers, trust accounting, and inspection of brokers and agencies.
- Respecting disciplinary proceedings of the OACIQ
- Respecting real estate indemnity fund and determination of the professional liability insurance premium.
- Respecting brokerage requirements, professional conduct of brokers, advertising, and additional training
- Repecting contracts and forms.
- Respect transitional measures for the application of the act. Which professions are allowed to engage in brokerage contracts without a license and under what conditions? - Correct Answer Advocates, Notaries, Tutors, Liquidator, Bailiffs etc.. And under the circumstances that they act as intermediaries and that they are not acting through any other profession and only acting with rules and regulations of REBA
- What is a brokerage contract? - Correct Answer 1. A client entering and agreement to sell purchase or lease an immovable and charges a real estate broker to be their intermediary.
the REBA and its regulation. Leasing is an act of the brokerage and must be carried out with brokerage contracts. And yes Kikic can accept offers provided her lease agreements are executed with a Real Estate brokerage license, and have to use the OACIQ brokerage contract. List 7 power of that OACIQ has - Correct Answer 1. Act as conciliators, mediator and Arbitrate
- Stop advertisement
- Make a search
- Refuse, suspends or revoke a license
- Regulate Reba
- Determine specialist title
- Establish an insurance fund What are the OACIQ missions and ancillary missions - Correct Answer Their main missions is too protect the public in real easte brokerage transactions. Their ancilary missions are to disoense training courses and to advise the quebec fiance minister who is responsible fore REBA What is the FARCIQ - Correct Answer Fond d'assurance responsabilite des courtiers immobilier du quebec
- Organization that offers professional liability coverage for all real estate agencies, and real estate and mortgage brokers in Quebec
- Honest mistakes What are the annual fees for brokers based on and when do you pay them? - Correct Answer May 1st each year based on rate increase in the general consumer price index for Canada What is the order process to making a complaint - Correct Answer - Make a complaint ( dismiss or )
- Goes to assistance department ( first review and decision on complaint ) ( dismiss or proceed )
- Syndic( can conduct investigation - inspection committee ) ( decide whether to forward to a disciplinary committee or dismiss )
- Syndic review committee ( review what syndic dismisses and maybe send it to DC or dismiss it )
- DC ( Administration housing tribunal, act as court )
- DC process - decisions include
- A fine of not less than 2000$
- Surrender of any documents or information
- Obligation to delete or destroy or update or any documents What are the requirements for a brokers license - Correct Answer -Be at least 18 years old -Have Canadian citizenship -Proven that you can speak French -Having completed training program recognized by OACIQ -Paid any required fees What are a brokers obligation - Correct Answer Brokers to OACIQ is immediately forward any change, update or document concerning them, as required Reba Under what conditions can a person or company outside of Quebec engage in brokerage activities - Correct Answer With a request of special authorization for a peridot of 12 moths. Mut file application specifying their name and contract info of the application reason, provide certificate attesting that applicant is authorized to engage in brokerage contract outside Quebec
Can a license holder engage in other professional activities in addition to their RE activities - Correct Answer Yes as long as they are not ating a RE brokers at the same time What obligations does a license holder have to the party not represented in a transaction - Correct Answer The broker must notify the unrepresented party that they are obligated to protect and promote the interest of the party they represent while treating them fairly, and that the unrepresented party may do business with another broker of their choice What are obligation to the seller and buyer if you are bound to both by a brokerage contract - Correct Answer - Terminate BCP
- Inform buyer that he does not represent them, only represents the interest of his client the seller -recommend to the buyer that he get represented by another broker and if not give fair and equitable treatment What is direct interest - Correct Answer When broker, agency or legal person is sole owner or one of the share holders of immovable and is part of the transaction What is indirect interest - Correct Answer - Their spouse
- Declaration of transmission ( liquidator )
- Resolution of board od directors Describe 2 situations where you must use IV form - Correct Answer 1. Unrepresented party
- ldentify in transactions What conditions must a license holder acting on behalf of an agency Me to allow to carry out activities within a business corporation? What condition - Correct Answer Definition broker acting on behalf of an agency is authorized to carry out within an incorporation. However, they must hold at least 90% of the corporation shares, to be president of the corporation and have provided the OS stick with all information and documents pertaining to their application. List the general requirements of the regulations respecting brokerage requirements, professional conduct of broker and advertising - Correct Answer Disclosure of professional status Disclosure of conflict of interest To not discriminate Verifying information and its accuracy Eluding liability Do not lend your name
Remuneration based on price difference Do not lend or use property Do not delay over property Always use the most recent version of forms What obligations does the license holder have to the party not represented in a transaction? - Correct Answer Broker must promptly notify any other unrepresented party, that they are obligated to protect and promote the interest of the party, that they do represent while treating the unrepresented party, fairly, and that the unrepresented party made do business with another broker of their choosing Can a license hold the represent both parties into a transaction - Correct Answer no, this is double representation, which is prohibited since June 10, 2022, but there are two exceptions: When the broker of the seller and the broker of the buyer are different, but work for the same real estate agency Or When there is not another broker in 50 km radius from a property that can represent the buyer
-Notify the seller they wish to purchase their removable without disclosing the contents of their offer -Cancel the brokerage contract, terminate the role as in intermediaries -Fill out a purchase sale exchange notice of disclosure, stating that they would like to buy the moveable and make the declaration required in the form -Advise the seller that they are unable to represent them, and they have the right to be represented by another broker of their choice, failing which the transaction will not be covered by FARCIQ -Ask her to sign an initial the notice of disclosure -They must present their promised to purchase What professional actions must the real estate broker take if they want to stop acting on behalf of one agency to act on behalf of another agency or their own - Correct Answer Notify the agency executive office Immediately informed the parties that they represent of their options and writing of what to do Notify DOACIQ of departure from the agency, whether suspension or leave Notify the OACIQ of the new contact information
What options are available to client whose broker is no longer working on their own account because they have ceased their brokerage - Correct Answer None because a brokerage contract that has been entered in two is deemed to be cancelled upon cessation of the broker conductivity How do you verify for verification of legal capacity? - Correct Answer The license holder must consult the law register of Quebec and verify the names of the owner mentioned in the deed of sale. If the client involved are not the legal owners of the license sold, or must obtain a document attesting to the legal capacity of the representatives. What document can a license holder use to verify clients capacity to a party in a brokerage - Correct Answer The deed sale matrimonial regimes ( married, common law, etc. ) A notarized power of attorney ( mandatary ) A declaration of transmission ( liquidator ) A resolution of board ( corporation )
shares, be the president of the corporation and have provided the OACIQ with all the information and documents their application Can a broker acting under their own account operate within a business corporation - Correct Answer no. Talk to dirty do not permit an independent broker to operate within a business corporation to practice real estate brokerage. Can a license holder reduce the remuneration - Correct Answer A license told her we offered discount to promote their services. License told me waive all our part of the remuneration so long as it does not disadvantage the other parties to the transaction or another license holder. Which of the following professional actions must be carried out first, when putting in immovable immovable on the Verification of identity Verification of legal capacity Publication of the removals description sheet On Centris Preparation of advertising
Publication of your new listing on social media - Correct Answer publication of the moveables description sheet On Centris -The license holder must immediately listed property on central platform and provide them with a copy of the property properties description sheet. The listing must be published before any other marketing effort can be made. The broker must not share property information with anyone before publishing the description Sheet on Centris The license holder has duties and obligation to the public. Where are they? - Correct Answer Act with prudence, diligence and competence and demonstrate integrity, courtesy, and spirit of cooperation Adhere to sound practices. The con conduct must be characterized by objectivity discretion and moderation. Support all measures in protecting the public Refrain from practising under conditions or estate, that may impair quality of the services
Answer You fulfilled your duty of collaboration by informing them that there is a promise to purchase for the immovable of which the collaborating broker has asked to meet with you. However, you are prohibited from discovering the content in the document, including the name of the buyer, the purchase price The conditions attached to the promised purchase, the time frames Etc.. In case of multiple promised to purchase, what professional actions do you need to carry out as the sellers broker - Correct Answer Each offer must be presented without biased regarding the chronological order of receipt, the identity of the license holder, who Who made the offer or the circumstances surrounding the offer. They must not disclose the content of the offer to collaborating broker. Following the presentation of the the office of the broker will have to analyze them, objectively with the seller, without taking advantage of their own knowledge of each offer relative to their personal preference. The broker must always serve the interest of the person they Represent In addition to your obligation to collaborate with other license holders, you have other duties of collaboration What are they? - Correct Answer Collaborate during inspection, and investigation by syndic and request for information, made by assistant department by disclosing all the facts of which they are aware by producing all relevant documents. They must not exaggerate, conceal or miss represent information, journey, inspection, or investigation conducted
As a broker in training, you can mention on your Facebook page when you'll become a real estate broker and then if someone wants to contact you then you'll be able to help them? - Correct Answer It is prohibited to suggest in any advertisement that a broker engage in real estate broker transaction if they're not authorized to do so at the time, these are representation and advertisement are made What information is required on your business card if you work for an agency - Correct Answer Name of agency Real estate Agency Name a broker Title and field of practice All descriptions she intended for the public must contain certain information. What are they? - Correct Answer The existence of declaration by the seller, any any other documents, referring to them We are applicable that is to be sold without legal warranty at the buyers own risk ( Possession or sale of the removal of succession )
