O.A.C.I.Q.

Duty to inform clients of the existence and mission of the OACIQ

1 April 2023

Informing Customers about the Importance of the OACIQ in Real Estate Brokerage in Quebec When embarking on a real estate transaction to purchase a property, it’s essential to understand the protection mechanisms in place for us as consumers. That’s where the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) comes in, a fundamental entity in the province’s real estate landscape. Since 2019, the OACIQ has undertaken an initiative to raise awareness among real estate brokerage professionals of the importance of informing their clients of its mission and the protections it offers. This approach aims to strengthen transparency and trust in the real estate brokerage process, by highlighting crucial elements such as the assistance service, professional liability insurance and the disciplinary process.

One notable step in this direction has been the inclusion of a special box in the mandatory forms since June 2022. This box concisely describes the mission of the OACIQ, ensuring that this essential information is communicated to all consumers involved in a real estate transaction. An important new feature has also been introduced: licensees acting as intermediaries are now required to provide their clients with a document describing the OACIQ’s mission. This measure is designed to ensure that all parties involved in a real estate transaction are fully informed of the existence and role of the OACIQ.

This obligation, defined by the new article 16.2 of the Règlement sur les conditions d’exercice d’une opération de courtage, sur la déontologie des courtiers et sur la publicité, applies to all licensees, whether they work in residential or commercial real estate brokerage. As consumers, it is your right to benefit from a safe and regulated real estate brokerage environment. The OACIQ plays a crucial role in protecting your interests and ensuring that real estate transactions are conducted ethically and in compliance with the law. So, as a stakeholder in a real estate transaction, we should welcome these measures to better inform and protect consumers. Transparency and clarity in the real estate brokerage process are essential elements in establishing a relationship of trust between all parties involved.

In conclusion, the obligation to inform customers of the existence and mission of the OACIQ represents a significant step forward in the real estate brokerage industry in Québec. It strengthens consumer protection and helps promote a fair and transparent real estate environment for all.

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