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OACIQ EXAM PREP 2026 QUESTIONS AND ANSWERS TEST BANK
GRADED A+ SCORE SOLUTION REVIEW
8 ) Which benefit's from the home buyers plan are applicable ?
-1st time home buyers
-Adults
-Canadian the age of 18 and over Residents ( not just Quebec , exam
might trick u and put Quebec , always choose Canadian ) -Purchaser
w / the intent to use as primary / principal residence ( need to live
inside )
-Up to $ 35.000 per person
- Need to reimburse 35k over 15 years ( monthly )
-RRSP Account that has been open for more than 90 days
9 ) Who must you use / purchase CMHC Insurance ?
-People trying to purchase an Immovable with LESS than 20 % of a
downpayment
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
, 2
-Fill out PP ( do NOT attach IV Form to PP , as It contains confidential
Information
What are your responsibilities ? 11 ) A client calls you and wants to
go visit a condo . At the condo he says he really likes the place but
wants to make sure he's allowed to have his BBQ on the balcony . As
an acting broker
-Check and verify the by laws
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
OACIQ EXAM PREP 2026 QUESTIONS AND ANSWERS TEST BANK
GRADED A+ SCORE SOLUTION REVIEW
8 ) Which benefit's from the home buyers plan are applicable ?
-1st time home buyers
-Adults
-Canadian the age of 18 and over Residents ( not just Quebec , exam
might trick u and put Quebec , always choose Canadian ) -Purchaser
w / the intent to use as primary / principal residence ( need to live
inside )
-Up to $ 35.000 per person
- Need to reimburse 35k over 15 years ( monthly )
-RRSP Account that has been open for more than 90 days
9 ) Who must you use / purchase CMHC Insurance ?
-People trying to purchase an Immovable with LESS than 20 % of a
downpayment
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
, 2
-Fill out PP ( do NOT attach IV Form to PP , as It contains confidential
Information
What are your responsibilities ? 11 ) A client calls you and wants to
go visit a condo . At the condo he says he really likes the place but
wants to make sure he's allowed to have his BBQ on the balcony . As
an acting broker
-Check and verify the by laws
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
