OACIQ UPDATED Exam Questions and
CORRECT Answers
1 ) Your client is in a conflict with the building Inspector , your client wants advice on how to
file a complaint . - Correct Answer- -Inspector is not a licensed broker , therefore FICI and
FARCIQ cannot help
2 ) You receive a call from one...
1 ) Your client is in a conflict with the building Inspector , your client wants advice on how to
file a complaint . - Correct Answer- -Inspector is not a licensed broker , therefore FICI and
FARCIQ cannot help
2 ) You receive a call from one of your clients who recently purchased an Immovable with
you , a week after moving in , the heat pump stopped working and calls you to complain . As
a broker , how do you act responsibly ? - Correct Answer- -Call FARQIC and notify the
director of your agency
3 ) You receive a call from a potential client who wants to know the net area of a condo
before making an offer on the property . Which documents should you consult ? - Correct
Answer- -Cadastral Plan
4 ) You are representing your mom , and are about to draft the PP , which form should you fill
out first ? - Correct Answer- - Notice of disclosure ; to ensure it is known that you are
representing a family member
5 ) You are a new broker who was given a list of random names and phone numbers to start
cold calling potential clients ( telephone solicitation ) , as a broker , what are your first
obligations in this scenario ? - Correct Answer- -Check / verify the National Do Not Call list ,
and update the list .
6 ) Your client contacts you and wants to purchase a condo . He owns a cat which will be
living with him and is also looking for an office . He states that he dislikes financial surprises
and wants to be aware of the upcoming expenses . As an acting broker , which documents
should you verity ? - Correct Answer- -Declaration of co - ownership -By laws -Minutes of
the meetings -Budget forecast / financial statements
7 ) You are visiting a detached single family Immovable with your client . Your client wants
to know if he could have a clothing line in the backyard to leave his clothes to dry . As a
broker you can tell your client to contact ; - Correct Answer- -Urbanism
, 8 ) Which benefit's from the home buyers plan are applicable ? - Correct Answer- -1st time
home buyers
-Adults
-Canadian the age of 18 and over Residents ( not just Quebec , exam might trick u and put
Quebec , always choose Canadian ) -Purchaser w / the intent to use as primary / principal
residence ( need to live inside )
-Up to $ 35.000 per person
- Need to reimburse 35k over 15 years ( monthly )
-RRSP Account that has been open for more than 90 days
9 ) Who must you use / purchase CMHC Insurance ? - Correct Answer- -People trying to
purchase an Immovable with LESS than 20 % of a downpayment
10 ) You receive a call from someone who is representing his friend ( his mandatory ) . He
says he's representing his friend and his friend is out of town . He wants to purchase an
immovable on behalf of his friend and knows exactly what he wants . As an acting broker ,
what are your responsibilities ? - Correct Answer- -Verity Mandate with the notary (
BEFORE ANYTHING )
-IV Form
-Fill out PP ( do NOT attach IV Form to PP , as It contains confidential Information
what are your responsibilities ? 11 ) A client calls you and wants to go visit a condo . At the
condo he says he really likes the place but wants to make sure he's allowed to have his BBQ
on the balcony . As an acting broker - Correct Answer- -Check and verify the by laws
12 ) What is the role of the OACIQ ? - Correct Answer- -Protect the public . consumers ,
buyers and sellers . Make sure all agencies and brokers are following the rules and
regulations
13 ) Difference between " Term " and " Amortization " ? - Correct Answer- -Term : Is 6
months to 5 years ( shorter ) -Amortization : Is 10 years to 25 years ( longer )
14 ) You receive a call from a potential buyer , who already visited a property alone . The
seller of the Immovable happens to not be represented by anyone , can you still represent the
buyer - Correct Answer- -Yes you can represent the buyer , you need to sign a BCP with the
buyer and negotiate your commission since the seller is not being represented
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
