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Fraud Prevention Month: Once again the OACIQ undertakes to closely monitor illegal brokerage schemes
Brossard, March 7, 2019 – In this fraud prevention month, the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) reiterates its commitment to closely monitor real estate fraudulent practices, especially illegal brokerage activities, and invites consumers to take some precautions during real estate or mortgage transactions.
Checking the OACIQ’s Register of licence holders
The OACIQ, which is responsible for enforcing the Real Estate Brokerage Act, overseeing brokers and issuing brokerage licences, advises consumers who enlist the services of a broker to first check whether the broker has a valid brokerage licence by consulting the Register of licence holders available on the Organization’s website.The Register does not only indicate whether the broker has the right to carry on his activities, but also his licence history and training courses completed over time.
Knowing how to identify and report an illegal brokerage transaction
Illegal brokerage is committed when an individual leads others to believe that he or she is authorized to act as a real estate or mortgage broker, while he or she does not hold a valid licence issued by the OACIQ, that he or she is acting as an intermediary between the buyer and seller and receiving compensation in exchange.
The OACIQ may investigate to determine if an individual or a company is carrying out brokerage activities illegally or leading others to believe that they are authorized to do so. “If consumers think they are facing such a situation, it is important to notify the OACIQ. The best way to prevent illegal brokerage is to report suspicious situations as soon as possible,” says Caroline Champagne, Vice-President, Enforcement of Practices at the OACIQ.
In recent years, the OACIQ, through consumer interventions, has been able to effectively fulfil its mission of protecting the public and curbing illegal brokerage. “The more consumers are aware of what an illegal brokerage activity is and how the OACIQ can intervene to protect them, the more efficient we will be in our role,” adds Caroline Champagne.
Attachment: List of convictions for illegal brokerage since 2012
About the OACIQ
The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) ensures the protection of members of the public who enlist the services of real estate and mortgage brokerage professionals governed by the Real Estate Brokerage Act. The OACIQ is also a member of the Fraud Prevention Forum.
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For interviews or information : medias@oaciq.com
