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OACIQ EXAM QUESTIONS AND ANSWERS
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OACIQ EXAM QUESTIONS AND ANSWERS...
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OACIQ EXAM QUESTIONS AND ANSWERS1) Your client conflicts with the building inspector and would like assistance on
how to register a complaint. - ANSWER -The Inspector is not a licensed broker,
thus FICI and FARCIQ cannot help.
2) You receive a call from one of your clients who recently acquired an immovable
with you. A week after moving in, the heat pump stops working and they contact
you to complain. As a broker, how do you demonstrate responsibility? - ANSWER:
Call FARQIC and tell the director of your agency.
3) You receive a call from a prospective client who wishes to know the net area of
a condo before placing an offer on the property. Which documents should you
consult? - ANSWER: Cadastral Plan
4) You are representing your mother and are about to draft the PP; which form
should you fill out first? - ANSWER - Notice of disclosure; to make it clear that
you are representing a family member.
5) You are a rookie broker who has been handed a list of random names and phone
numbers to begin cold-calling potential clients (telephone solicitation). As a broker,
what are your initial obligations in this scenario? - ANSWER - Check and verify
the National Do Not Call list, and update it.
6) A client reaches you and wishes to purchase a condominium. He owns a cat that
will live with him and is seeking for an office. He says he dislikes financial
surprises and prefers to be aware of potential expenses. As an acting broker, what
documents should you verify? - ANSWER: Declaration of co-ownership by law. -
Minutes of meetings -Budget forecast and financial statements
7) You and your customer are visiting a detached single-family immovable
property. Your client wants to know if he can hang a clothing line in the garden to
dry his garments. As a broker, you can direct your customer to contact: -
ANSWER: Urbanism.
, 8) Which benefits of the Home Buyers Plan are applicable? - ANSWER: First-time
home purchasers.
-Adults
-Canadian residents aged 18 and up (not simply Quebec; the exam may deceive you
into selecting Quebec; always choose Canadian). -Purchaser to use as
primary/major dwelling (must live inside).
-Up to $35,000 per person.
- Need to refund 35,000 over 15 years (monthly)
- RRSP account that has been open for more than 90 days.
9) Who is required to utilize / acquire CMHC insurance? - ANSWER -People
attempting to purchase an immovable property with less than 20% downpayment
10) You receive a call from someone representing a buddy (his mandatory). He
says he's representing a friend who is currently out of town. He wants to buy an
immovable property on behalf of a friend and is very specific about what he wants.
What duties do you have as an acting broker? - ANSWER: Verity Mandate with
the notary (before ANYTHING)
-IV Form
-Fill out PP (DO NOT attach IV Form to PP since it contains confidential
information).
What are your responsibilities? 11) A client calls and expresses a desire to tour a
condominium. At the unit, he says he likes it but wants to be sure he can have his
barbecue on the balcony. As an acting broker - ANSWER: Check and check the
bylaws.
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