Exam (elaborations)
Study Notes for OACIQ exam Questions With Complete Solutions
- Course
- Institution
Study Notes for OACIQ exam Questions With Complete Solutions
[Show more]
Content preview
Study Notes for OACIQ exam Questions With CompleteSolutions
"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
32. 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
4 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
,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
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
2. Understands legal documents and knows procedures
3. Brokers will help to enhance, maximize your property's
visibility through advertisement (Centris) multiple offers =
higher price
4. Increased Security and Protection (FARCIQ, FICI, Regulator)
(Code of Ethics/Guidelines)
5. Sellers will be accompanied at every stage of the transaction,
will help speed up process in order to get final signing at Notary
6. Ensure the information about the property is accurate (ensures
all measurements, descriptions stay accurate and issues)
7. 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)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now