OACIQ PREP Exam Questions and Answers -
Latest Update
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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
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
3 ) You receive a call from a potential client who wants to know the net area of
a condo before making an offer on the property . Which documents should you
consult ?
-Cadastral Plan
4 ) You are representing your mom , and are about to draft the PP , which form
should you fill out first ?
- Notice of disclosure ; to ensure it is known that you are representing a family
member
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 ?
-Check / verify the National Do Not Call list , and update the list .
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 ?
, -Declaration of co - ownership -By laws -Minutes of the meetings -Budget forecast
/ financial statements
7 ) You are visiting a detached single family Immovable with your client . Your
client wants to know if he could have a clothing line in the backyard to leave his
clothes to dry . As a broker you can tell your client to contact ;
-Urbanism
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
-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 ?
Latest Update
___________________________________________________________________
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
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
3 ) You receive a call from a potential client who wants to know the net area of
a condo before making an offer on the property . Which documents should you
consult ?
-Cadastral Plan
4 ) You are representing your mom , and are about to draft the PP , which form
should you fill out first ?
- Notice of disclosure ; to ensure it is known that you are representing a family
member
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 ?
-Check / verify the National Do Not Call list , and update the list .
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 ?
, -Declaration of co - ownership -By laws -Minutes of the meetings -Budget forecast
/ financial statements
7 ) You are visiting a detached single family Immovable with your client . Your
client wants to know if he could have a clothing line in the backyard to leave his
clothes to dry . As a broker you can tell your client to contact ;
-Urbanism
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
-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 ?
