OACIQ Exam preparation set
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1. Successions with No liquidator = all legatees
a Will - Who W/ a liquidator = full admin liquidator or simple admin liquidator with authoriza-
signs? tion 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 liquidator?
*If seller dies during brokerage contract, you would complete 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? Legatees?
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.
, OACIQ Exam preparation set
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Company sells -the name of the seller is the name of the company
immovable? Who -the name of the representative is the person authorized to sell and is listed in the
signs? Resolution of the Company.
6. BCS and DS Always complete the DS first!
- Which should You then Annex the DS to BCS.
you complete
first?
7. Importance of -Mandatory form
a Declaration of -Seller must declare everything he knows about the property or he could become
the Seller? responsible/liable for damages/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 notarized copy that the
firm the owner- Seller provides you.
ship of a Seller?
Advise client to get one if he doesn't have one.
, OACIQ Exam preparation set
Study online at https://quizlet.com/_8kqy0g
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 con- Contract for Services: brokerage contracts
tracts 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, legatees or legal heirs
there? 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 representative
15. Object + term Usually 60 days (2mo)
of contract? How -Can make contract irrevocable (include clause in 11.1 of BCS)
long? -Client has 3 days to cancel BCS and only after receivterm-5ing a copy of signed
contract.
3 Day retraction rules:
-Date of signature never counts
-following 2 days count
Study online at https://quizlet.com/_8kqy0g
1. Successions with No liquidator = all legatees
a Will - Who W/ a liquidator = full admin liquidator or simple admin liquidator with authoriza-
signs? tion 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 liquidator?
*If seller dies during brokerage contract, you would complete 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? Legatees?
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.
, OACIQ Exam preparation set
Study online at https://quizlet.com/_8kqy0g
Company sells -the name of the seller is the name of the company
immovable? Who -the name of the representative is the person authorized to sell and is listed in the
signs? Resolution of the Company.
6. BCS and DS Always complete the DS first!
- Which should You then Annex the DS to BCS.
you complete
first?
7. Importance of -Mandatory form
a Declaration of -Seller must declare everything he knows about the property or he could become
the Seller? responsible/liable for damages/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 notarized copy that the
firm the owner- Seller provides you.
ship of a Seller?
Advise client to get one if he doesn't have one.
, OACIQ Exam preparation set
Study online at https://quizlet.com/_8kqy0g
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 con- Contract for Services: brokerage contracts
tracts 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, legatees or legal heirs
there? 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 representative
15. Object + term Usually 60 days (2mo)
of contract? How -Can make contract irrevocable (include clause in 11.1 of BCS)
long? -Client has 3 days to cancel BCS and only after receivterm-5ing a copy of signed
contract.
3 Day retraction rules:
-Date of signature never counts
-following 2 days count
