OACIQ Exam preparation set
1. Successions
with a Will - Who
signs?
2. Successions w/o
a Will - Who
signs?
3. Successions -
What documents
do you need?
4. Successions -
What to think
about?
5. Company sells
immovable? Who
signs?
No liquidator = all legatees
W/ a liquidator = full ad...
OACIQ Exam preparation set
1. Successions No liquidator = all legatees
with a Will - Who W/ a liquidator = full admin liquidator or simple admin
signs? liquidator with authorization from legatees and legal heirs.
2. Successions w/o No liquidator = All legal heirs
a Will - Who W/ a liquidator = liquidator authorized by legal heirs
signs?
3. Successions - During liquidation of the succession?
What documents -Declaration of transmission (w/ or w/o a Will)
do you need? -If no Will and there's a liquidator, an Act of Nomination
authorizing liquidator by all legal heirs.
After liquidation of the succession?
-The Delivery of legacy, similar to a Deed of Sale (lists the
legatees/legal heirs that inherited property)
4. Successions - Declaration of Transmission
What to think Notarized Will, holograph Will (written)?
about? Liquidator - Full or simple administration
Delivery of legacy - if property already transferred into
legatees/legal heirs names (post liquidation of an estate)
Act of nomination - legal heirs authorize who as liquida-
tor?
*If seller dies during brokerage contract, you would com-
plete an AM form, place immovable off market temporarily
until a liquidator is assigned/authorized to sell immovable.
Must verify if Will exists or not, ask family to seek a notary,
get declaration of transmission. Who are the heirs? Lega-
tees?
Use another AM form to put immovable back on the
market. Make sure to use IV form to identify liquidator,
obtain his address and information.
5. Company sells -the name of the seller is the name of the company
immovable? Who -the name of the representative is the person authorized
signs? to sell and is listed in the Resolution of the Company.
, OACIQ Exam preparation set
6. BCS and DS Always complete the DS first!
- Which should You then Annex the DS to BCS.
you complete
first?
7. Importance of a -Mandatory form
Declaration of -Seller must declare everything he knows about the
the Seller? property or he could become responsible/liable for dam-
ages/defects found.
-Protects seller from hidden defect accusations
-Protects buyer in buying process and pricing decisions
-Protects broker by disclosing all proper information, due
diligence, must verify everything!
-
8. DS - Clause D 2.6. Immovable affected by:
- What to include -hypothecs : include bank info and hypothec registry #
in D14 section? -servitudes: include registry # and description
-other real rights: right of way, cultural property, etc.
*Servitudes only count if published and have a #.
-verify deed of sale, deed of loan, certificate of location
Declarations in D.14 must be explained and all related
documents attached.
9. How do you con- You need to verify the Deed of Sale, which should be a
firm the owner- notarized copy that the Seller provides you.
ship of a Seller?
Advise client to get one if he doesn't have one.
10. Where can you 1. Deed of Sale
find information 2. Land Register:
about the Own- -Index of Immovables (need cadastral #)
er? -Municipal tax bills
11. Two types of Contract for Services: brokerage contracts
contracts Consumer Contract: contracts if seller is a natural person
selling on behalf of a company.
, 12. If a seller is rep- 1. Natural person (co-owner)
resented, what 2. Mandatary - Need power of attorney/mandate
4 options are 3. Succession - Declaration of transmission, liquidator,
there? legatees or legal heirs
4. Corporation/Company - Resolution of the Company
13. Terms to use in Agency
brokerage con- Broker
tracts and claus- Seller
es? Buyer
14. What address to Single seller - principal address
use for each case Co-owners - principal residence of both
scenario? Mandatary - address of both mandator + mandatary
Succession - address of liquidator
Legal person - place of business + address of represen-
tative
15. Object + term Usually 60 days (2mo)
of contract? How -Can make contract irrevocable (include clause in 11.1 of
long? BCS)
-Client has 3 days to cancel BCS and only after re-
ceivterm-5ing a copy of signed contract.
3 Day retraction rules:
-Date of signature never counts
-following 2 days count
-3rd day counts unless falls on: weekend (sat, sun) or
stat holiday
16. What do you -Deed of sale
need to describe -Certificate of location/dimensions/need cadastral #
an immovable? -Municipal tax bills
-Declaration of co-ownership if condo
-Minutes of meeting (condo)
-Contingency fund report (condo)
17. -Renumeration to the broker
-Mortgage loan repayment penalty fee
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