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Study Notes for OACIQ exam.pdf
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Study Notes for OACIQ
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Study Notes for OACIQ exam4 Records (files where we keep documents)’’’ - correct answer -Brokerage
contract
-Each transaction
-All transaction proposals not accepted (for buyers agency)
-All Disclosure notices
(hold onto records for 6 years)
OACIQ sole mission is to’’’’’’ - correct answer protect the public
examples of those who can legally conduct brokerage contracts without a license
- correct answer Notaries, lawyers, engineers, 5 other instances
In the scope of REBA, a "real estate brokerage contract" can mean these three
things - correct answer 1- The person is engaging in a brokerage transaction
(visits, open houses)
2-The person is doing a transaction for another (intermediary)
3-The person is doing it for remuneration (monetary or not monetary)
,32’ OACIQ protects the public in real estate and mortgage brokerage dealings
by’’’’’ - correct answer -Enforcing the rules of prof’ conduct
-Inspecting the affairs of license holders
-Ensure all transactions are compliant with the law
-By dispensing training courses for future license holders
33’ Minister may ask the Organization to’’ - correct answer Take specified
guidelines and objectives, to give its opinion on on any question the minister
submits and to amend its internal by-laws as directed by the Minister
Public Assistance Department helps with’’ - correct answer -to report a problem
or violation
-can help resolve disputes that are in the court of transaction
Syndic helps with’’’ - correct answer -role to investigate alleged contraventions
-police of the industry (can conduct a search a collect evidence if no
collaboration by broker/agency)
Discipline Committee helps with’’ - correct answer -Hears complaints on ethical
faults
-Imposes penalties
, APCIQ helps with’’’ - correct answer -Association of 3+ real estate boards
-Role to protect the brokers interests and help them thrive through tools
Assistance Service helps with’’ - correct answer -Is the only entry door to all
requests at the OACIQ
-Its role is to filter and dispatch calls to the appropriate department
-It must notify the Syndic immediately if it believes that an offense has occurred
under this Act
Inspection Committee helps with’’ - correct answer -Has preventative role
-Oversees the activities of brokers and agencies
-Audits their records, accounts, books and registers
-Makes recommendations to brokers or agencies (ex: your offer was not
-Notifies the Syndic if any offense was committed
Insurance: FARCIQ and FICI difference - correct answer FARCIQ: insurance fraud,
it ensures real estate agencies and brokers against liability’ financial protections
of the public’
FICI (ou COMIN): compensates victims of fraud or misappropriation of funds and
dishonesty tactics (intentional fraud)
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