OACIQ REAL ESTATE EXAM PREP – COMPREHENSIVE FLASHCARDS & PRACTICE Q… EXAM
P R O F E S S I O N A L P R A C T I C E M AT E R I A L S
OACIQ Real Estate Exam
Prep – Comprehensive
Flashcards & Practice
Questions (2026)
Verified Answers Exam Ready With Rationales
35 QUESTIONS
DOCUMENT OVERVIEW
The "OACIQ Real Estate Exam Prep – Comprehensive Flashcards & Practice Questions (2026)" features 35
questions with their correct answers and detailed explanations. This resource encompasses essential real
estate principles, providing clarity on various scenarios brokers may encounter. It serves as an effective tool
for students to study, review key concepts, and prepare for certification exams in real estate.
CONTENTS
01 Client Relations Q1–Q8
02 Real Estate Knowledge Q9–Q15
03 Property Transactions Q16–Q21
04 Legal and Compliance Q22–Q28
Page 1
, 05 Market Analysis Q29–Q31
06 Additional Questions Q32–Q35
E XA M Q U EST I O N S
Q1 QUESTION 1 OF 35
1 ) Your client is in a conflict with the building Inspector , your client wants advice on how to file a complaint .
CORRECT ANSWER
-Inspector is not a licensed broker , therefore FICI and FARCIQ cannot help
RATIONALE
Licensing requirements dictate that only individuals with the appropriate credentials can seek assistance from
regulatory bodies like FICI and FARCIQ; since the inspector lacks broker licensing, the client has no recourse through
these organizations. This highlights the importance of regulatory compliance in resolving disputes within real estate
transactions.
Q2 QUESTION 2 OF 35
2 ) You receive a call from one of your clients who recently purchased an Immovable with you , a week after
moving in , the heat pump stopped working and calls you to complain . As a broker , how do you act responsibly
?
CORRECT ANSWER
-Call FARQIC and notify the director of your agency
RATIONALE
Notifying the agency director ensures that the situation is documented, allowing for appropriate action regarding
potential warranty issues or repairs under agency policy. This fulfills the broker's duty to provide support and maintain
communication with both the client and relevant parties.
Q3 QUESTION 3 OF 35
Page 2
, 5 ) You are a new broker who was given a list of random names and phone numbers to start cold calling
potential clients ( telephone solicitation ) , as a broker , what are your first obligations in this scenario ?
CORRECT ANSWER
-Check / verify the National Do Not Call list , and update the list .
RATIONALE
Verifying the National Do Not Call list is necessary to ensure compliance with telemarketing regulations and to avoid
potential legal penalties for contacting individuals who have opted out of solicitation. This obligation reflects the
ethical responsibility of brokers to respect consumer privacy and adhere to federal laws governing telephone
solicitations.
Q4 QUESTION 4 OF 35
6 ) Your client contacts you and wants to purchase a condo . He owns a cat which will be living with him and is
also looking for an office . He states that he dislikes financial surprises and wants to be aware of the upcoming
expenses . As an acting broker , which documents should you verity ?
CORRECT ANSWER
-Declaration of co - ownership -By laws -Minutes of the meetings -Budget forecast / financial statements
RATIONALE
Verifying the declaration of co-ownership, by-laws, meeting minutes, and budget forecasts ensures the client
understands the financial structure and governance of the condo association, which directly impacts ongoing costs
and responsibilities. This aligns with the principle of transparency in real estate transactions, particularly for buyers
concerned about unexpected expenses.
Q5 QUESTION 5 OF 35
10 ) You receive a call from someone who is representing his friend ( his mandatory ) . He says he's representing
his friend and his friend is out of town . He wants to purchase an immovable on behalf of his friend and knows
exactly what he wants . As an acting broker , what are your responsibilities ?
CORRECT ANSWER
-Verity Mandate with the notary ( BEFORE ANYTHING )
-IV Form
-Fill out PP ( do NOT attach IV Form to PP , as It contains confidential Information
Page 3
P R O F E S S I O N A L P R A C T I C E M AT E R I A L S
OACIQ Real Estate Exam
Prep – Comprehensive
Flashcards & Practice
Questions (2026)
Verified Answers Exam Ready With Rationales
35 QUESTIONS
DOCUMENT OVERVIEW
The "OACIQ Real Estate Exam Prep – Comprehensive Flashcards & Practice Questions (2026)" features 35
questions with their correct answers and detailed explanations. This resource encompasses essential real
estate principles, providing clarity on various scenarios brokers may encounter. It serves as an effective tool
for students to study, review key concepts, and prepare for certification exams in real estate.
CONTENTS
01 Client Relations Q1–Q8
02 Real Estate Knowledge Q9–Q15
03 Property Transactions Q16–Q21
04 Legal and Compliance Q22–Q28
Page 1
, 05 Market Analysis Q29–Q31
06 Additional Questions Q32–Q35
E XA M Q U EST I O N S
Q1 QUESTION 1 OF 35
1 ) Your client is in a conflict with the building Inspector , your client wants advice on how to file a complaint .
CORRECT ANSWER
-Inspector is not a licensed broker , therefore FICI and FARCIQ cannot help
RATIONALE
Licensing requirements dictate that only individuals with the appropriate credentials can seek assistance from
regulatory bodies like FICI and FARCIQ; since the inspector lacks broker licensing, the client has no recourse through
these organizations. This highlights the importance of regulatory compliance in resolving disputes within real estate
transactions.
Q2 QUESTION 2 OF 35
2 ) You receive a call from one of your clients who recently purchased an Immovable with you , a week after
moving in , the heat pump stopped working and calls you to complain . As a broker , how do you act responsibly
?
CORRECT ANSWER
-Call FARQIC and notify the director of your agency
RATIONALE
Notifying the agency director ensures that the situation is documented, allowing for appropriate action regarding
potential warranty issues or repairs under agency policy. This fulfills the broker's duty to provide support and maintain
communication with both the client and relevant parties.
Q3 QUESTION 3 OF 35
Page 2
, 5 ) You are a new broker who was given a list of random names and phone numbers to start cold calling
potential clients ( telephone solicitation ) , as a broker , what are your first obligations in this scenario ?
CORRECT ANSWER
-Check / verify the National Do Not Call list , and update the list .
RATIONALE
Verifying the National Do Not Call list is necessary to ensure compliance with telemarketing regulations and to avoid
potential legal penalties for contacting individuals who have opted out of solicitation. This obligation reflects the
ethical responsibility of brokers to respect consumer privacy and adhere to federal laws governing telephone
solicitations.
Q4 QUESTION 4 OF 35
6 ) Your client contacts you and wants to purchase a condo . He owns a cat which will be living with him and is
also looking for an office . He states that he dislikes financial surprises and wants to be aware of the upcoming
expenses . As an acting broker , which documents should you verity ?
CORRECT ANSWER
-Declaration of co - ownership -By laws -Minutes of the meetings -Budget forecast / financial statements
RATIONALE
Verifying the declaration of co-ownership, by-laws, meeting minutes, and budget forecasts ensures the client
understands the financial structure and governance of the condo association, which directly impacts ongoing costs
and responsibilities. This aligns with the principle of transparency in real estate transactions, particularly for buyers
concerned about unexpected expenses.
Q5 QUESTION 5 OF 35
10 ) You receive a call from someone who is representing his friend ( his mandatory ) . He says he's representing
his friend and his friend is out of town . He wants to purchase an immovable on behalf of his friend and knows
exactly what he wants . As an acting broker , what are your responsibilities ?
CORRECT ANSWER
-Verity Mandate with the notary ( BEFORE ANYTHING )
-IV Form
-Fill out PP ( do NOT attach IV Form to PP , as It contains confidential Information
Page 3
