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OACIQ FINAL EXAM WITH ALL QUESTIONS AND ANSWERS
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OACIQ FINAL EXAM WITH ALL QUESTIONS ANDANSWERS
What is Self-Management?
Self-management indicates that the co-owners administer the property, but it is also
feasible to employ an external company to manage the co-ownership.
Immovable property is classified into four subcategories.
immovable property by nature.
via attachment or jointer.
By the item to which they are attached.
by determining the law
What is the protocol for gathering all of the information on a property that a client
desires to sell?
First, review the line register, which records all transactions relating to the property
in question. Then there's some information that only the owner knows. You must
therefore ask your client an elaborate list of questions in order to complete both the
seller's Declaration and the cell sheet.
What are the seven Reba regulations?
1. Regulation regarding the issuance of broker and agency licenses.
2. Respecting documents and registers, performing trust accounting, and inspecting
brokers and agencies.
3. Respecting the disciplinary processes of the OACIQ
,4. Concerning the real estate indemnity fund and the establishment of professional
liability insurance premium.
5. Respecting brokerage standards, professional conduct by brokers, advertising,
and extra training
6. Respecting contracts and paperwork.
7. Respect any interim measures put in place to implement the act.
Which professions can engage in brokerage contracts without a license, and under
what conditions?
Advocates, notaries, tutors, liquidators, bailiffs, etc. Only under the circumstances
that they function as mediators and that they are not acting through any other
profession and are solely acting according to the rules and regulations of REBA.
1. What is a brokerage contract?
1. A client enters into an agreement to sell, purchase, or lease an immovable
property and pays a real estate broker to act as their mediator.
What is an act, and what is its purpose?
What is a regulation, and what is its purpose?
1. Expression of a community's will to control a specific business sector.
2. Clarifies the practical aspects of the law, including specifics, and demonstrates
how it should be executed.
We draw the legislation from four locations.
1. The Law and Regulations
,2. Jurisprudence (case law) describes what happened in similar situations.
3. Doctrine (legal text written by a legal professional).
4. Customs
What are the requirements for an individual or organization to be subject to the
Real Estate Brokerage Act?
REBA applies to any individual or organization that conducts a brokerage
transaction for others in exchange for a fee.
If Kiki, a licensed broker, wanted to rent out her best friend's condo units 1,2,3,4,5
but didn't have to utilize her license, could she negotiate the lease in her personal
capacity? Can Kiki accept any offers?
No, because every single license holder is subject to the REBA's regulations.
Leasing is a brokerage act that must be executed in accordance with brokerage
agreements. And, sure, Kikic can accept offers as long as her lease agreements are
executed using a Real Estate brokerage license and the OACIQ brokerage contract.
List the seven powers that OACIQ has.
1. Act as conciliators, mediators, and arbitrators.
2. Stop advertising.
3. Make a search
4. refuse, suspend, or revoke a license.
5. Regulate Reba.
6. Determine the specialist title.
7. Establish an insurance fund.
, What are the OACIQ and ancillary missions?
Their primary objective is to protect the public in real estate brokerage transactions.
Their ancillary missions are to distribute training courses and to assist the Quebec
fiance minister, who is responsible for REBA.
What is FARCIQ?
Quebec real estate agents' liability insurance fund
- Organization that provides professional liability coverage for all real estate
agencies and mortgage brokers in Quebec.
- Truly honest mistakes
What are brokers' annual fees based on, and when do you pay them?
Each year on May 1st, based on the rate of increase in the general consumer price
index for Canada
What is the order process for making a complaint?
- File a complaint (dismiss or).
- Refers to the help department (initial review and decision on complaint) (dismiss
or proceed).
- Syndic (can undertake an investigation - inspection committee) (choose whether
to refer to a disciplinary committee or dismiss)
- Syndic review committee (examine what syndic rejects and perhaps submit it to
DC or dismiss it)
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