Study Notes for OACIQ exam Latest Update 2025-2026 Exam 80 Questions with 100% Verified Correct Answers Guaranteed A+
"Sold" sign advertising: - CORRECT ANSWER: -Advertising an immovable as "SOLD" until the signing of deed of sale is allowed, even if the brokerage contract is expired (Promise to Purchase) Make sure advertisements are kept to date by indicating immovable is sold -Do not put listing price on it
- 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
- conditions that have to be met when acquiring a property through acquisition
prescription: - CORRECT ANSWER: -Peaceful: must be done in a non-threatful / non- violent manner towards the real owner
-Continual: property must be occupied for at least 10 years
-Public: possession must exist in eyes of third parties
-Unequivocal: no doubt, ambiguity, or uncertainty exists regarding the possessor's situation
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4 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)
5 registers (ledgers)... - CORRECT ANSWER: -Brokerage contracts
-Transactions -Accountings on accounts held in trust -Disclosures notices -Accounting of broker/agency
A real estate broker, restricted to to residential brokerage, authorizes its holder to act as an intermediary for the purchase, sale or exchange of... - CORRECT ANSWER: -Part or all of a chiefly residential immovable comprising less than 5 dwellings -A fraction of a residential immovable that is the subject of an agreement (condos) -vacant residential lots -chiefly residential immovable (commercial area must be less sq. ft than residential) -leasing of dwellings -mobile homes -referrals
act of servitude is a.. - CORRECT ANSWER: -a charge imposed on an immovable (the servient land) in favor of another immovable land (the dominant land) -under this act, the owner of servient land is required to tolerate certain acts of use by the dominant land owner
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ex of servitudes: non-construction, view, tolerance, destination of properties
Advantages of having a broker - CORRECT ANSWER: 1. Access to market statistics
and proper tools that will allow them to properly value an immovable
- Understands legal documents and knows procedures
- Brokers will help to enhance, maximize your property's visibility through
advertisement (Centris) multiple offers = higher price
- Increased Security and Protection (FARCIQ, FICI, Regulator) (Code of
Ethics/Guidelines)
- Sellers will be accompanied at every stage of the transaction, will help speed up
process in order to get final signing at Notary
- Ensure the information about the property is accurate (ensures all measurements,
descriptions stay accurate and issues)
- Save time, effort and energy (broker will manage all calls, visits with serious buyers
and recommend prof. if needed)
8.Negotiating skills and confidentiality (brokers will negotiate the best offer for their client)
- Tips and tricks to sell your home, home presentation (staging a house, inspections
and improvements that would add value to the property, and keep info confidential)
- Follow-up after sale (Brokers are there after sale for any Q's regarding moving,
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insurance, utilities, etc.