My broker’s ethical duties and obligations

The duties and obligations of professionals authorized to act by the Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ) are set out in the Real Estate Brokerage Act (RAB). By entrusting the OACIQ with the role of enforcing this law, the government is ensuring that all real estate and mortgage brokers in Quebec comply with a strict code of ethics that sets out their duties and obligations.

Here's what you can expect from your OACIQ-authorized professional throughout your transaction, under the Real Estate Brokerage Act .

Transparency

Your OACIQ-authorized professional must constantly act with complete transparency and integrity. For example, the seller's broker must indicate in writing, to the party he represents, the conditions for sharing compensation that he offers to other brokers involved in the transaction and representing the buyers.

He is also required to inform all parties to the transaction of any factor he is aware of that could adversely affect your transaction. Let's take an example: neighbors claim that the coveted building was used for growing cannabis. Your broker, aware of the situation, must then notify you.

Information and verification

Your real estate or mortgage broker is required to demonstrate the accuracy of the information he provides you with through relevant documentation and is responsible for all information he disseminates. For example, your broker must perform the usual checks, including the amount of municipal and school taxes, as well as any other data contained in the property description sheet (year of construction, dimensions and surface area of the land, etc.). For his part, the mortgage broker must ensure, when transmitting the loan application to the lender, the accuracy of the information provided with the supporting documents, particularly with regard to employment or income.

Certain situations must also be disclosed without delay and in writing to all parties involved in the transaction. For example, does your broker have an interest in the property you are interested in? Is he buying or selling for himself or for a family member? Or is he gaining an advantage by directing you to a particular banking institution? He must mention this to you in writing without delay, in accordance with the terms set out in the regulations on real estate brokerage.

In addition, to ensure the protection of all parties to the transaction, your broker must ensure that their rights and obligations are recorded in writing and adequately reflect their wishes. To do this, he must reasonably inform all parties to a transaction of the rights and obligations arising from the documents he has them sign. He must also verify the identity of any party, which includes the signatory of a brokerage contract or a transaction proposal, whether he signs in his own name or as a representative of an estate, a legal entity, a financial institution, etc.

Loyalty and representation

The broker is bound by an obligation of loyalty to his client. He is required to promote your interests and protect your rights. Thus, the Real Estate Brokerage Act requires him, for example, to present to you all the properties available on the market that correspond to your requirements, or to explain to you why he chose not to present certain ones to you.

Duty to advise

Your OACIQ-authorized professional also has a duty to advise and inform you objectively by providing the explanations necessary to understand and evaluate the services he provides. In practice, your broker has an obligation to explain to you and ensure that you understand all the clauses of the forms he has you sign.

Availability

The Real Estate Brokerage Act that the OACIQ applies to authorized professionals imposes several obligations on them. One of them is availability. When the broker cannot ensure reasonable availability, he must designate another permit holder to replace him. In order for you to obtain the services to which you are entitled, he must also take the necessary measures to ensure that all communications addressed to him are processed in his absence and that follow-up is carried out. When the broker cannot meet these obligations, the agency manager takes over and ensures that the broker is replaced.

Do you feel that your broker is not fulfilling his duties and obligations?

The OACIQ's mission is to protect you. Do not hesitate to contact the Info OACIQ information centre by email at info@oaciq.com , or by phone at 450 462-9800 or 1 800 440-7170. One of its information agents will be able to guide you on the duties and obligations of your broker and will direct you to the appropriate resource.

You can also consult all the protection mechanisms made available to you in accordance with the Real Estate Brokerage Act .

Source: https://www.oaciq.com/fr/articles/devoirs-et-obligations-deontologique-de-mon-courtier.