Doing business with a real estate broker means that you are protected by the law. The Real Estate Brokerage Act and various other organizations regulate the real estate broker profession so that consumers can expect fair and competent services. So, you know that you’ll be served by a highly qualified and well-trained professional.
Real Estate Brokerage Act
The main goal of the Real Estate Brokerage Act is to protect the public. To enforce this, the Act sets out specific rules relating to the brokerage contract for the sale of a house. They are similar to several of the regulations found in the Consumer Protection Act.
Organisme d’autoréglementation du courtage immobilier du Québec
Created by the Real Estate Brokerage Act, the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) is mandated to protect the public by regulating the professional activities of all real estate brokers. It is responsible for administering the exam that leads to the practice certificate and it ensures that its members carry out their activities in compliance with current laws and regulations. For more information, visit www.oaciq.com.
Fonds d’indemnisation du courtage immobilier
Each broker contributes to the Fonds d’indemnisation du courtage immobilier. The Fonds d’indemnisation du courtage immobilier has the authority to compensate a consumer in the event that a problem arises during a transaction whether it relates to fraud, a dishonest transaction or the misappropriation of funds or other property. For more information, go to www.oaciq.com.
Professional Liability Insurance
Real estate brokers must hold professional liability insurance, which ensures that consumers have additional financial protection in cases of fault, error, negligence or omission. This insurance covers civil claims and civil proceedings.