Real estate brokers are highly-trained, well-regulated professionals. They must adhere to a code of conduct and professional standards of practice.
For the right to practice in Québec, all real estate brokers in Québec must follow a basic training course offered by a certified institution. During their career, brokers must also follow a rigorous, ongoing professional development program to upgrade their skills and knowledge.
In addition, Québec real estate professionals must successfully complete an exam administered by OACIQ before obtaining a certificate of practice. This six-hour (minimum) exam is rigorous, comprehensive and tests students on a wide range of subjects.
After successfully completing the training courses and exam, brokers are recognized as having the necessary skills to:
- Make use of general and special rules of law for brokerage transactions;
- Assess the quality and various construction elements of a building;
- Determine a property’s market value;
- Understand the basic principles of mortgage credit;
- Carry out brokerage transactions pertaining to the sale, lease and exchange of property;
- Carry out brokerage practices in an ethical and responsible manner;
- Manage professional real estate activities.
Thanks to their extensive knowledge, real estate brokers can provide you with sound advice and help you take several critical aspects into account so that your purchase or sale is a success.
They will recommend other professionals as required for the transaction. Their large network of contacts ranges from building inspectors to notaries, from financial institutions to mortgage brokers, etc. In fact, your full-service broker is like a one-stop shop!
Finally, your broker will take care of completing all the legal forms. No more fear of making costly errors!
By using the services of a real estate broker, you will be able to carry out one of the most important transactions of your life with few worries. And remember, they only get paid if they get results, since brokers must successfully sell your property before receiving any compensation.
In fact, the amount that the broker receives for a real estate transaction is set when the brokerage contract with a client is signed. However, the broker only receives the compensation when the transaction is official, i.e. when the notarial deed is signed.
Commonly referred to as a “commission”, the compensation does not go directly into the pockets of the real estate broker. The listing broker (who represents the seller) must share the compensation with a collaborating broker (who represents the buyer) who participates in the sale.
Also, as a self-employed worker, the listing broker incurs many expenses even before receiving compensation, such as advertising, liability insurance, transportation, office expenses, etc.