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OACIQ > REBA > Flashcards

REBA Flashcards

1
Q

[Regulation Respecting] The issue of broker’s and agency licenses ***

A

Provides rules concerning the issuance of licenses, including the documents and information to be provided upon application, license fees to be paid and causes of suspension and revocation

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2
Q

[…] Records and registers, trust accounting and inspection of brokers and agencies ***

A

Provides rules concerning the keeping, books and registers, trust accounting and inspection rule

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3
Q

[…] brokerage requirements, professional conduct of brokers, advertising and additional training ***

A

Provides rules for brokers and agency activities, including specific brokerage transactions relating to loans secured by immovable hypothec, rules of professional ethics, and rules for advertising and information on immovables

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4
Q

[…] disciplinary proceedings of the OACIQ

A

Provides rules concerning the syndics, the syndic decision review committee, and the discipline committee

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5
Q

[…] the RE indemnity fund and determination of the professional liability insurance premium

A

Provides rules for indemnity committee, claims and indemnities, and the indemnity fund fee and professional liability insurance premium

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6
Q

[…] contracts and forms

A

Provides terms and conditions of use for contract and forms, and the mandatory designations that must be specified within

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7
Q

[…] transitional measures for the application of the act

A

provides for amendments between old and new legislation

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8
Q

Professionals not required to hold a license from OACIQ to engage in brokerage transactions

A
  • Advocates and notaries (in the exercise of their functions)
  • Liquidators, sequestrators, syndics and bailiffs (in the exercise of their functions)
  • Tutors, curators, liquidators of a succession, fiduciaries and trustees (in the exercise of their functions)
  • Forest engineers (if the contract concerns a forest property)
  • Chartered appraisers who exercise a function referred to in paragraph J of section 37 of the professional code

In addition to the following exceptions, the act applies to any person engaged in a brokerage transaction as an intermediary in return for remuneration

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9
Q

Missions of OACIQ

A

Primary is to protect the public in RE brokerage dealings

Dispense training courses to brokers or agency execs, with the exception of basic training for the purpose of obtaining a license

Advise Quebec Finance Minister, who is responsible for the administration of the REBA. Minister may require OACIQ to provide advice on any matter within their jurisdiction

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10
Q

Powers of the OACIQ

A

Act as a conciliator or mediator

Stop an advertisement

Make a search

Refuse to issue a license or suspend or revoke a license

Regulate

Determine specialist titles

Establish an insurance fund

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11
Q

Assistance department

A

Individuals who believe they have been wronged in the course of a brokerage transaction may seek assistance from OACIQ by contacting the Assistance Department

Roles are to:
- Analyze any requests submitted to the OACIQ
- Decide on the appropriate treatment for a given request
- Assist anyone in submitting a request

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12
Q

License Issue and Maintenance Committee (LIMC)

A

Responsible for everything relating to brokerage and agency licenses

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13
Q

Inspection Committee

A

Responsible for overseeing activities of brokers and agencies and for auditing their records, understandings, books and registers

Inspection may be conducted at OACIQ’s request, or on the Inspection Committee’s initiative

Potential inspector requests:
- Require any docs or info related to the application of the REBA
- Have access, at any reasonable hour, to the establishment of the broker or agency under inspection
- Examine records, accounts, books, registers, and any documents relating to the agency’s activities

Once the inspection is complete, Inspection Committee may make any recommendations it deems appropriate, notify the syndic ot the offence, or require a broker or agency exec to successfully complete a course or other training

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14
Q

Syndic

A

Appointed by OACIQ

Role of Syndic is to investigate, on the advice of the assistance department, any allegation of a breach of the REBA, or investigate if they have grounds to believe that an offence has been committed and, if warranted, file a complaint with the discipline committee

When investigating, syndic may question a license holder, interview any witness, issue a warrant against a witness who oes not wish to appear, conduct searches

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15
Q

Syndic Decision Review Committee (SDRC)

A

Any person who is not satisfied with the Syndic’s decision not to file a complaint following their request may request a ruling from the SDRC within a certain period of time. The request must be made in writing

Review process of the SDRC
- Review the entire file and all documents
- Hear the syndic
- Hear the person who requested the investigation
- Issue a decision

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16
Q

Possible opinions the review committee may issue

A
  • Find that there is no cause for a complaint with the discipline committee and close the file
  • Suggest that the Syndic complete the investigation and subsequently make a new ruling
  • Find that there is cause to file a complaint and suggest that the syndic refer the case to the inspection committee to review certain points in greater depth
  • Find that there is cause for complaint and suggest that an ad hoc syndic be appointed to the case
17
Q

Discipline Committee

A

Act as a disciplinary court

Must deal with any complaint filed by syndic

Has power to hear or punish any license holder if found guilty

18
Q

Disciplinary process

A

File a claim with the assistance department, which will examine the request and decide whether to forward claim to syndic

Syndic must investigate. If they do not find a complaint, must send its ruling to the complainant, who may request a review

Complaint is filed with the discipline committee. The accused must then provide their version of the facts in writing

Parties summoned before a hearing

Discipline committee decision and penalty

Possible appeal to the court of Quebec

19
Q

3 Categories of penal offenses

A

Person uses the title of broker or agency but does not have the license to do so

Person practices the activity of a broker/agency but does not hold license to do so

Person hinders the work of an OACIQ inspector

20
Q

Indemnity Committee

A

Responsible for receiving indemnity claims from the public and deciding on their admissibility

21
Q

Real Estate Indemnity Fund (FICI)

A

Dedicated to payment of indemnities to victims of fraud, fraudulent tactics or misappropriation of funds for which a license holder is responsible (intentional/bad faith)

Managed by OACIQ

Prescription 2 years from knowledge of fraud

22
Q

Suspension related to agency

A

License is suspended if agency’s license is suspended

23
Q

Suspension/revocation reasons related to broker

A

Failed to pay any sum owing to the Insurance fund other than the premium

Failed to successfully complete any courses or training program required by any committee of the Organization

Failed to setup and maintain a trust (independent broker)

Failed to update info required under REBA

Failed to meet a requirement for the issue or maintenance of the license

Ceased to carry on activities for a license

24
Q

Suspension of the agency license

A

Failed to pay any sum owing to the insurance fund

Exec officer failed to complete courses/training required by any committee of the Org

Failed to set up/maintain trust account

Agency failed to update any info/document required under REBA

Failed to meet qualifications required to head an agency

Failed to meet a requirement for the issue or maintenance of the license

25
Q

Consequences of suspension

A

Cannot engage in brokerage transactions

Cannot use title of broker

Cannot engage in advertising, client solicitation, representation in relation to Real Estate brokerage services

26
Q

Brokerage license revocation (Agency or broker)

A

Failed to pay required annual license fees or annual fees to RE indemnity fund or professional liability insurance premium

No longer has an establishment in Quebec

Failed to repay prn, int and costs of any amount imposed by a judgment that the RE indemnity fund was required to pay or failed to comply with an order made by a committee

Failed to pay or repay any amount of money owed to a party following a commitment made during mediation or conciliation

Through misrepresentation, obtained the issue or maintenance of a license or modification/lifting of a license suspension

Is no longer a Canadian citizen, no longer has perm. res. or no longer has a work permit (broker only)

In the event of default by the license holder, partners (in the case of a partnership) or directors (in the case of a legal person) (agency only)

Natural person holding an agency license no longer holds a brokerage license (agency only)

27
Q

For brokerage activities engaged in occasionally, a person or partnership engaged in RE brokerage activities outside of Quebec may request special auth for a period of 12 months. Name the conditions

A

Must file an application specifying the reasons and prove that they are authorized to engage in brokerage transactions outside of QC

Enumerating specific purposes

Paying required fees

Paying fee to RE indemnity fund

Paying civil liability insurance premium

Person must be assisted by a holder licensed by OACIQ and comply with REBA

28
Q

General requirements

A

Disclosure of professional status to clients

If conflict of interest cannot be avoided, must be disclosed without delay in writing

Must not neglect brokerage work to pursue other work

Must not discriminate

License holders must verify all information provided to the public or to another license holder and be able to prove its accuracy

License holder may not elude or avoid their professional civil liability (e.g. insert a clause in a contract of professional services that excludes that liability)

May never lend your name to anyone whose license is suspended, revoked, or never held a license

Every disclosure statement required under REBA must be written in plain language that is simple, clear and concise

Remuneration must be determined at the time of the signing of the BC, either in % or $

May not use or lend property placed in holder’s care by a party you represent or another party to a transaction

As soon as updated forms or new forms are available, license holder must stop using the old forms

29
Q

Registers

A

Register of brokerage contracts

Register of transactions
- Transaction = accepted proposal

Accounting register of sums held in trust

Register of disclosure notices

Register of accounting of the broker or agency

Register of brokers acting on behalf of the agency

30
Q

Records

A

Record for each brokerage contract

Record for all transaction proposals not accepted

Record for each transaction

Record for all disclosure notices

Record for all corporations within which brokers acting on behalf of the agency carry out their activities

31
Q

Claim to indemnity fund admissibility

A

Request made in writing

Amount claimed is specified

Request identifies the license holder

Person/agency named in claim must be a broker/agency who held an OACIQ license at the time of the events

Request filed within a year of the date on which claimant became aware of act(s) in question

Request must include details, persons involved, witnesses and relevant supporting docs that can be used as evidence

32
Q

Who can remuneration be shared with

A

Other license holders or person/partnership authorized to engage in Brokerage transactions outside of QC

Authorized person/partnership under section 3 of REBA

Independent representative or partnership within the meaning of the Derivatives Act

OACIQ (8 decks)

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