OACIQ EXAM Questions AND Correct Answers
1 ) Your client is in a conflict with the building Inspector , your client wants advice on how to file a
complaint . - ✔✔-Inspector is not a licensed broker , therefore FICI and FARCIQ cannot help
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 ? - ✔✔-
Verity Mandate with the notary ( BEFORE ANYTHING )
-IV Form
-Fill out PP ( do NOT attach IV Form to PP , as It contains confidential Information
12 ) What is the role of the OACIQ ? - ✔✔-Protect the public . consumers , buyers and sellers . Make
sure all agencies and brokers are following the rules and regulations
13 ) Difference between " Term " and " Amortization " ? - ✔✔-Term : Is 6 months to 5 years ( shorter ) -
Amortization : Is 10 years to 25 years ( longer )
14 ) You receive a call from a potential buyer , who already visited a property alone . The seller of the
Immovable happens to not be represented by anyone , can you still represent the buyer - ✔✔-Yes you
can represent the buyer , you need to sign a BCP with the buyer and negotiate your commission since
the seller is not being represented
15 ) You are with a buyer and went to go visit a duplex . The buyer wants to occupy the 1st unit and
wants her daughter to occupy the 2nd unit . The problem is , in the 2nd unit there is a tenant who no b
has as b been living there for 10 years , who also recently signed a renewal contract for 1 more year .
The buyer still really wants to move forward with the transaction but asks for your advice , what do you
tell the buyer ? - ✔✔-To contact TAL ( Tribunal Administratif du Logement )
-Could also send a 6 month notice to the tenant who lives there . Considering It is a FAMILY member
who will be occupying the unit . Your client
16 ) You are with a client who wants to rent a condo . While drafting up the Promise to Lease he gives
you a deposit of $ 100 to show he is serious . He wants to know when the $ 100 will be taken from his
account . What do you tell him ? - ✔✔-The moment the promise to lease is accepted
, 17 ) You are visiting a single family home that has a wood fireplace . Your client is ready to proceed with
the transaction but has concerns about the fireplace . As an acting broker , what do you tell your client ?
- ✔✔-Advise client to contact fire department -Hire 2 building inspectors -Call Insurance company and
advice Insurance they are moving into a new immovable with a wood fireplace
18 ) You , as a broker , are working for an agency ( ex : remax ) with many years of experience . One time
while working with a potential buyer , you started looking at properties and went to visit a few over the
past couple months . A few weeks followed and you discovered that the same potential buyer ended up
purchasing a home with another broker at your agency . What must you do to avoid this from happening
again ? - ✔✔-Sign a BCP with the purchaser -Always be with your client during open visits
19 ) You are a residential real estate broker and are going to calculate your clients GDSR and TDSR ratio .
You have 2 options with banks and 2 different rates to follow for the GDSR TDSR calculations . Bank of
Canada has a 5.75 % rate while BMO has a 4 % rate . Which bank will you choose and why ? - ✔✔-I
would always choose the highest rate , in this case being BMO because when NOT using the " Bank of
Canada " you ALWAYS add another 2 % -stress test - on top of whatever the banks % is . ( 4 % + 2 % = 6
% higher than 5.75 % )
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 ? - ✔✔-Call FARQIC and notify the director of your agency
20 ) Acting as a real estate broker , you need to verify if a mortgage on an immovable is radiated ( fully
paid off ) . What is the name of the document you need to proceed with doing so ? - ✔✔-The Index of
Immovable
21 ) You are visiting a property with a client who wants to purchase the immovable without legal
warranty of quality . Although , your client is not fully sure what purchasing a property without legal
warranty of quality means , how do you explain this to them ? - ✔✔-Legal warranty of quality means the
seller guarantees the property is free from defects that make it unfit for its intended use or decrease its
value . -Without the legal warranty of quality , the seller is not responsible for any defects in the
property , even if they were present at the time of the sale . * MOST IMPORTANT Buyers should have a
thorough inspection of the property done by an expert building Inspector WHO : -has professional
liability insurance covering fault , errors and omission -Uses a recognized inspection service agreement -
Performs inspections according to recognized building Inspection standards -Submits a written report to
the party that requested the inspection services to identify potential defects before purchasing ,
especially if there is no legal warranty of quality .
1 ) Your client is in a conflict with the building Inspector , your client wants advice on how to file a
complaint . - ✔✔-Inspector is not a licensed broker , therefore FICI and FARCIQ cannot help
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 ? - ✔✔-
Verity Mandate with the notary ( BEFORE ANYTHING )
-IV Form
-Fill out PP ( do NOT attach IV Form to PP , as It contains confidential Information
12 ) What is the role of the OACIQ ? - ✔✔-Protect the public . consumers , buyers and sellers . Make
sure all agencies and brokers are following the rules and regulations
13 ) Difference between " Term " and " Amortization " ? - ✔✔-Term : Is 6 months to 5 years ( shorter ) -
Amortization : Is 10 years to 25 years ( longer )
14 ) You receive a call from a potential buyer , who already visited a property alone . The seller of the
Immovable happens to not be represented by anyone , can you still represent the buyer - ✔✔-Yes you
can represent the buyer , you need to sign a BCP with the buyer and negotiate your commission since
the seller is not being represented
15 ) You are with a buyer and went to go visit a duplex . The buyer wants to occupy the 1st unit and
wants her daughter to occupy the 2nd unit . The problem is , in the 2nd unit there is a tenant who no b
has as b been living there for 10 years , who also recently signed a renewal contract for 1 more year .
The buyer still really wants to move forward with the transaction but asks for your advice , what do you
tell the buyer ? - ✔✔-To contact TAL ( Tribunal Administratif du Logement )
-Could also send a 6 month notice to the tenant who lives there . Considering It is a FAMILY member
who will be occupying the unit . Your client
16 ) You are with a client who wants to rent a condo . While drafting up the Promise to Lease he gives
you a deposit of $ 100 to show he is serious . He wants to know when the $ 100 will be taken from his
account . What do you tell him ? - ✔✔-The moment the promise to lease is accepted
, 17 ) You are visiting a single family home that has a wood fireplace . Your client is ready to proceed with
the transaction but has concerns about the fireplace . As an acting broker , what do you tell your client ?
- ✔✔-Advise client to contact fire department -Hire 2 building inspectors -Call Insurance company and
advice Insurance they are moving into a new immovable with a wood fireplace
18 ) You , as a broker , are working for an agency ( ex : remax ) with many years of experience . One time
while working with a potential buyer , you started looking at properties and went to visit a few over the
past couple months . A few weeks followed and you discovered that the same potential buyer ended up
purchasing a home with another broker at your agency . What must you do to avoid this from happening
again ? - ✔✔-Sign a BCP with the purchaser -Always be with your client during open visits
19 ) You are a residential real estate broker and are going to calculate your clients GDSR and TDSR ratio .
You have 2 options with banks and 2 different rates to follow for the GDSR TDSR calculations . Bank of
Canada has a 5.75 % rate while BMO has a 4 % rate . Which bank will you choose and why ? - ✔✔-I
would always choose the highest rate , in this case being BMO because when NOT using the " Bank of
Canada " you ALWAYS add another 2 % -stress test - on top of whatever the banks % is . ( 4 % + 2 % = 6
% higher than 5.75 % )
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 ? - ✔✔-Call FARQIC and notify the director of your agency
20 ) Acting as a real estate broker , you need to verify if a mortgage on an immovable is radiated ( fully
paid off ) . What is the name of the document you need to proceed with doing so ? - ✔✔-The Index of
Immovable
21 ) You are visiting a property with a client who wants to purchase the immovable without legal
warranty of quality . Although , your client is not fully sure what purchasing a property without legal
warranty of quality means , how do you explain this to them ? - ✔✔-Legal warranty of quality means the
seller guarantees the property is free from defects that make it unfit for its intended use or decrease its
value . -Without the legal warranty of quality , the seller is not responsible for any defects in the
property , even if they were present at the time of the sale . * MOST IMPORTANT Buyers should have a
thorough inspection of the property done by an expert building Inspector WHO : -has professional
liability insurance covering fault , errors and omission -Uses a recognized inspection service agreement -
Performs inspections according to recognized building Inspection standards -Submits a written report to
the party that requested the inspection services to identify potential defects before purchasing ,
especially if there is no legal warranty of quality .
