C-73.1, r. 1 - Regulation respecting the application of the Real Estate Brokerage Act

Updated to 1 September 2012

This document has official status.

chapter C-73.1, r. 1

Regulation respecting the application of the Real Estate Brokerage Act

Real Estate Brokerage Act

(chapter C-73.1, ss. 155 and 184).

The Act was replaced by the Real Estate Brokerage Act (chapter C-73.2) except that the rules in sections 26 and 27 of this Regulation continue to apply until 30 June 2012 (O.C. 414-2011, 2011-04-13).

CHAPTER I QUALIFICATIONS REQUIRED OF A NATURAL PERSON APPLYING FOR A REAL ESTATE BROKER’S OR AGENT’S CERTIFICATE

DIVISION I TRAINING

§ 1 . — Affiliated real estate agent

1. A natural person applying for an affiliated real estate agent’s certificate before 1 August 1994 shall furnish

(1)  an attestation, a diploma or a transcript from a college-level educational institution, indicating the successful completion of the following 5 courses:

    Code                Course title                           Duration 

(a) 415-771-87          Real Estate Evaluation I               45 hours;
(b) 415-772-87          Real Estate Law I                      45 hours;
(c) 415-773-87          Real Estate Sales I                    45 hours;
(d) 415-774-87          Real Estate Mathematics I              45 hours;
(e) 415-775-85          Real Estate Communications I           30 hours;

(2)  an attestation, a diploma or a transcript from a college-level or university-level educational institution indicating the successful completion of 375 hours of courses, comprising

(a)  285 hours in the field of real estate, including at least 45 hours on Québec law; and

(b)  90 hours in a field related to administration, accounting, economics or corporate law;

(3)  an attestation that he has been awarded the title of “Fellow” by the Real Estate Institute of Canada, and proof that he has successfully completed the real estate law courses prescribed for Québec by that institute; or

(4)  an attestation that he has successfully completed all the courses prescribed for Québec by the Real Estate Institute of Canada for the awarding of the title of “Fellow”.

O.C. 1863-93, s. 1.

§ 2 . — Chartered real estate agent

2. A natural person applying for a chartered real estate agent’s certificate before 1 August 1994 shall have the training of a chartered real estate broker, as provided for in section 4.

O.C. 1863-93, s. 2.

§ 3 . — Affiliated real estate broker

3. A natural person who is referred to in the second paragraph of section 15 of the Act, who is not referred to in section 182 of the Act and who applies for an affiliated real estate broker’s certificat before 1 August 1994 shall have the training of a chartered real estate broker, as provided for in section 4.

O.C. 1863-93, s. 3.

§ 4 . — Chartered real estate broker

4. A natural person applying for a chartered real estate broker’s certificate before 1 August 1994 shall

(1)  have acted, for at least 3 of the 5 years preceding the date of his application, as a real estate agent or have carried on an occupation related to real estate transactions provided for in the Real Estate Brokerage Act (chapter C-73) or an occupation related to brokerage transactions provided for in section 1 of the Real Estate Brokerage Act (chapter C-73.1); and

(2)  furnish

(a)  an attestation, a diploma or a transcript from a college-level or university-level educational institution, indicating the successful completion of 180 hours of courses other than those provided for in paragraph 1 of section 1. The courses shall comprise

i.  90 hours in the field of real estate, including at least 45 hours on Québec law; and

ii.  90 hours in a field related to administration, accounting, economics or corporate law;

(b)  an attestation that he has been awarded the title of “Fellow” by the Real Estate Institute of Canada and proof that he has successfully completed the real estate law courses prescribed for Québec by that institute; or

(c)  an attestation that he has successfully completed all the courses prescribed for Québec by the Real Estate Institute of Canada for the awarding of the title of “Fellow”.

O.C. 1863-93, s. 4.

§ 5 . — Exemptions

5. A person who applies for an affiliated real estate agent’s certificate before 1 August 1994 is exempted from the obligations provided for in section 1 where he applies for such certificate within 2 years following

(1)  the expiry or relinquishment of his real estate agent’s permit or of his affiliated real estate agent’s certificate; or

(2)  the suspension, by operation of law, of his real estate agent’s permit pursuant to section 7.2 of the Real Estate Brokerage Act (chapter C-73) or of his affiliated real estate agent’s certificate pursuant to section 17 of the Real Estate Brokerage Act (chapter C-73.1).

O.C. 1863-93, s. 5.

6. A natural person who, before 1 August 1994, applies for a chartered real estate broker’s or agent’s certificate, who is designated under section 7 of the Act to represent a partnership or legal person referred to in that section or who becomes the manager or assistant manager of a place of business in accordance with section 13 of the Act is exempted from the obligations provided for in sections 2 to 4 as the case may be, where he applies for such certificate within 2 years following

(1)  the expiry or relinquishment of his real estate broker’s permit or registration certificate, or of his chartered or affiliated real estate broker’s certificate or of his chartered real estate agent’s certificate;

(2)  the expiry or relinquishment of the real estate agent’s permit, chartered real estate broker’s certificate or registration certificate of a partnership or legal person for which he acted as representative, manager or assistant manager;

(3)  the time when he ceased to act as the representative of a partnership or legal person, or as the manager or assistant manager of a natural person, partnership or legal person; or

(4)  where applicable, the suspension, by operation of law, of his chartered real estate agent’s or affiliated real estate broker’s certificate pursuant to section 17 of the Real Estate Brokerage Act (chapter C-73.1).

O.C. 1863-93, s. 6.

7. Before 1 August 1994, a natural person applying for a certificate or a natural person acting as the representative of a partnership or legal person applying for a certificate shall not benefit from the exemptions provided for in sections 5 and 6 where the permit or registration certificate of that natural person or of the partnership or legal person for which he acts as representative has been revoked or has not been renewed because that natural person no longer has the competence or sufficient knowledge required under subparagraphs c and d of the first paragraph of section 2 of the Regulation respecting the application of the Real Estate Brokerage Act (chapter C-73, r. 1), or where the natural person has ceased to act as the representative of a partnership or legal person for the same reasons.

O.C. 1863-93, s. 7.

§ 6 . — Transitional provision

8. From 1 August 1994, a natural person who is a real estate broker or agent referred to in section 182 or 183 of the Real Estate Brokerage Act (chapter C-73.1) or who was issued a certificate by the Association des courtiers et agents immobiliers du Québec after applying therefor before 1 August 1994 shall, before 1 September 1996, take, at a college-level educational institution and for the minimum number of hours indicated below, courses in the following subjects:

(1)  the Real Estate Brokerage Act and the regulations thereunder, 45 hours;

(2)  the drafting of contracts and documents related to real estate, 45 hours.

A person referred to in section 1 or 2 of the Regulation to enact transitional measures for the carrying out of the Real Estate Brokerage Act (O.C. 1863-93, 93-12-15) shall, before 1 September 1996, take, at a college-level educational institution and for the minimum number of hours indicated in subparagraphs 1 and 2 of the first paragraph, courses in the subjects specified in those subparagraphs.

O.C. 1863-93, s. 8; O.C. 1588-95, s. 1.

§ 7 . — Affiliated real estate agent

9. From 1 August 1994, a natural person applying for an affiliated real estate agent’s certificate shall

(1)  hold a secondary school diploma or an attestation of equivalence recognized by the Minister of Education; and

(2)  hold an attestation of college studies issued by a college-level educational institution for a program authorized by the Minister of Education under the College Education Regulations (chapter C-29, r. 4), and consisting of courses in the following subjects, for the minimum number of hours indicated below:

(a)  real estate evaluation; 45 hours;

(b)  real estate law, 60 hours;

(c)  real estate mathematics, 45 hours;

(d)  the Real Estate Brokerage Act and the regulations thereunder, 45 hours;

(e)  the drafting of contracts and documents related to real estate, 45 hours.

A person may be exempted from taking and successfully completing courses in a subject referred to in subparagraph 2 of the first paragraph where a general and vocational college offering those courses grants him an equivalence.

O.C. 1863-93, s. 9; S.Q. 1994, c. 16, s. 52.

§ 8 . — Real estate agent restricted to loans secured by immovable hypothec

10. From 1 August 1994, a natural person applying for a certificate for a real estate agent restricted to loans secured by immovable hypothec shall

(1)  hold a secondary school certificate or an attestation of equivalence recognized by the Minister of Education; and

(2)  have taken and successfully completed, at a college-level educational institution and for the minimum number of hours indicated below, courses in the following subjects:

(a)  hypothecary credit, 45 hours;

(b)  the Real Estate Brokerage Act and the regulations thereunder, 45 hours.

O.C. 1863-93, s. 10; S.Q., 1994, c. 16, s. 52.

§ 9 . — Chartered real estate agent

11. From 1 August 1994, a natural person applying for a chartered real estate agent’s certificate shall have the training of a chartered real estate broker, as provided for in section 13.

O.C. 1863-93, s. 11.

§ 10 . — Affiliated real estate broker

12. From 1 August 1994, a natural person who is referred to in the second paragraph of section 15 of the Act, who is not referred to in section 182 of the Act and who applies for an affiliated real estate broker’s certificate shall have the training of a chartered real estate broker, as provided for in section 13.

O.C. 1863-93, s. 12.

§ 11 . — Chartered real estate broker

13. From 1 August 1994, a natural person applying for a chartered real estate broker’s certificate shall

(1)  hold a secondary school diploma or an attestation of equivalence recognized by the Minister of Education, except where the person already holds a real estate agent’s certificate;

(2)  for at least 3 of the 5 years preceding the date of his application for a certificate,

(a)  have held a real estate agent’s permit issued by the Superintendent of Real Estate Brokerage under the Real Estate Brokerage Act (chapter C-73), or a chartered or affiliated real estate agent’s certificate issued by the Association des courtiers et agents immobiliers du Québec under the Real Estate Brokerage Act (chapter C-73.1); or

(b)  have carried on an occupation related to the real estate transactions provided for in the Real Estate Brokerage Act (chapter C-73) or to the brokerage transactions provided for in section 1 of the Real Estate Brokerage Act (chapter C-73.1); and

(3)  hold an attestation of college studies issued by a college-level educational institution for a program authorized by the Minister of Education under the College Education Regulations (chapter C-29, r. 4), and consisting of courses in the following subjects, for the minimum number of hours indicated below:

(a)  real estate law, with content differing from that provided for in clause b of subparagraph 2 of the first paragraph of section 9, 45 hours;

(b)  commercial law, 60 hours;

(c)  accounting, 45 hours;

(d)  plus one of the following subjects:

i.  real estate management, 60 hours;

ii.  real estate taxation, 60 hours;

(e)  plus one of the following subjects:

i.  real estate assets, 45 hours;

ii.  introduction to revenue property, 45 hours;

iii.  evaluation and commercial brokerage, 45 hours.

A person may be exempted from taking and successfully completing any of the courses in a subject referred to in subparagraph 3 of the first paragraph where a general and vocational college offering those courses grants him an equivalence.

O.C. 1863-93, s. 13; S.Q. 1994, c. 16, s. 52.

§ 12 . — Real estate broker restricted to loans secured by immovable hypothec

14. From 1 August 1994, a natural person applying for a certificate for a real estate broker restricted to loans secured by immovable hypothec shall

(1)  hold a secondary school diploma or an attestation of equivalence recognized by the Minister of Education; and

(2)  have taken and successfully completed, at a college-level educational institution and for the minimum number of hours indicated below, courses in the following subjects:

(a)  hypothecary credit, 45 hours;

(b)  the Real Estate Brokerage Act and the regulations thereunder, 45 hours.

O.C. 1863-93, s. 14; S.Q., 1994, c. 16, s. 52.

§ 13 . — Exemptions

15. From 1 August 1994, a natural person applying for an affiliated real estate agent’s certificate is exempted from the obligations provided for in sections 9 and 20, where he applies for such certificate within 2 years following

(1)  the expiry or relinquishment of his real estate agent’s permit or his affiliated real estate agent’s certificate;

(2)  the suspension, by operation of law, of his real estate agent’s permit pursuant to section 7.2 of the Real Estate Brokerage Act (chapter C-73) or of his affiliated real estate agent’s certificate pursuant to section 17 of the Real Estate Brokerage Act (chapter C-73.1); or

(3)  where applicable, the end of his term as syndic or assistant syndic if, at the time of his appointment to such office under section 119 of the Real Estate Broker’s Act (chapter C-73.1), he held an affiliated real estate agent’s certificate.

O.C. 1863-93, s. 15.

16. From 1 August 1994, a natural person applying for a chartered real estate agent’s certificate is exempted from the obligations provided for in sections 11 and 20, where he applies for such certificate within 2 years following

(1)  the expiry or relinquishment of his real estate broker’s permit, his registration certificate, or his chartered real estate agent’s certificate or chartered or affiliated real estate broker’s certificate;

(2)  the suspension, by operation of law, of his chartered real estate agent’s certificate or affiliated real estate broker’s certificate pursuant to section 17 of the Real Estate Brokerage Act (chapter C-73.1);

(3)  the time when he ceased to act as the representative of a partnership or legal person, or as the manager or assistant manager of a natural person, partnership or legal person; or

(4)  where applicable, the end of his term as syndic or assistant syndic if, at the time of his appointment to such office under section 119 of the Real Estate Broker’s Act (chapter C-73.1), he held a chartered real estate agent’s certificate or chartered or affiliated real estate broker’s certificate.

O.C. 1863-93, s. 16.

17. From 1 August 1994, a natural person applying for a chartered real estate broker’s certificate is exempted from the obligations provided for in sections 13 and 20, where he applies for such certificate within 2 years following

(1)  the expiry or relinquishment of his real estate agent’s permit, his registration certificate, or his chartered or affiliated real estate broker’s certificate or chartered real estate agent’s certificate;

(2)  the time when he ceased to act as the representative of a partnership or legal person, or as the manager or assistant manager of a natural person, partnership or legal person;

(3)  where applicable, the end of his term as syndic or assistant syndic if, at the time of his appointment to such office under section 119 of the Real Estate Broker’s Act, he held a chartered or affiliated real estate broker’s certificate or a chartered real estate agent’s certificate.

O.C. 1863-93, s. 17.

18. From 1 August 1994, a natural person applying for a certificate for a real estate broker or agent restricted to loans secured by immovable hypothec is exempted from the obligations provided for in sections 10, 14 and 20, where he applies for such certiticate within 2 years following

(1)  the expiry or relinquishment of his certificate for a real estate broker or agent restricted to loans secured by immovable hypothec;

(2)  where applicable, the time when he ceased to act as the representative of a partnership or legal person;

(3)  where applicable, the end of his term as syndic or assistant syndic if, at the time of his appointment to such office under section 119 of the Real Estate Broker’s Act, he held a certificate for a real estate broker or agent restricted to loans secured by immovable hypothec.

O.C. 1863-93, s. 18.

19. A natural person applying for the renewal or reinstatement of his certificate is exempted from the obligations provided for in sections 1 to 4, 9 to 14 and 20, as applicable.

A natural person acting as the representative of a partnership or legal person, as the manager or assistant manager of a natural person, partnership or legal person and applying for the renewal or reinstatement of his certificate is also exempted from the obligations provided for in section 4 or sections 13 and 20.

O.C. 1863-93, s. 19.

DIVISION II EXAMINATION

20. A natural person applying for a real estate broker’s or agent’s certificate shall take and pass, with a mark of at least 70%, the examination prepared by the Association pursuant to section 79 of the Real Estate Brokerage Act (chapterC-73.1) for the category of certificate applied for.

A person referred to in section 7 of the Real Estate Brokerage Act (chapterC-73.1) shall take and pass, with a mark of at least 70%, the examination prepared by the Association pursuant to section 79 of the Act for the category of real estate broker’s certificate applied for or held by the partnership or legal person to be represented by that person for the purposes of the Real Estate Brokerage Act (chapterC-73.1).

A person referred to in section 13 of the Real Estate Brokerage Act (chapterC-73.1) shall take and pass, with a mark of at least 70%, the examination prepared by the Association pursuant to section 79 of the Act for the category of chartered real estate broker’s certificate.

O.C. 1863-93, s. 20.

DIVISION III OTHER QUALIFICATIONS

21. In addition, to qualify for a real estate broker’s or agent’s certificate, a natural person shall

(1)  before 15 January 1994, not, in the 5 years preceding the date of his application for a certificate, his appointment as the representative referred to in section 7 of the Act or his appointment as the manager or assistant manager referred to in section 13 of the Act, have been found guilty of, by final judgment, or pleaded guilty to a criminal offence related to the activity of real estate broker, real estate agent or registered builder that gave rise to the revocation of his permit or registration certificate by the Superintendent of Real Estate Brokerage, unless he has been granted a pardon;

(2)  from 15 January 1994, not, in the 5 years preceding the date of his application for a certificate, his appointment as the representative referred to in section 7 of the Act or his appointment as the manager or assistant manager referred to in section 13 of the Act, have been found guilty of, by final judgment, or pleaded guilty to a criminal offence related to the activity of real estate broker, unless he has been granted a pardon;

(3)  not be under protective supervision for persons of full age;

(4)  before 15 January 1994, not, in the 5 years preceding the date of his application, have had a permit or registration certificate revoked by the Superintendent of Real Estate Brokerage pursuant to the Real Estate Brokerage Act (chapter C-73), because of his having been found guilty of or pleaded guilty to an offence provided for in that Act in connection with failure to deposit or to keep in a trust account all the sums received on behalf of others in the course of his activities;

(5)  not, in the 5 years preceding the date of his application for a certificate, his appointment as the representative referred to in section 7 of the Act or his appointment as the manager or assistant manager referred to in section 13 of the Act, have been found guilty of or pleaded guilty to an offence against the Real Estate Brokerage Act (chapter C-73) or an act governing real estate brokerage outside Québec in connection with failure to deposit or to keep in a trust account all the sums received on behalf of others in the course of his activities;

(6)  from 15 January 1994, not, in the 5 years preceding the date of his application for a certificate, his appointment as the representative referred to in section 7 of the Act or his appointment as the manager or assistant manager referred to in section 13 of the Act, have had a certificate issued by the Association cancelled because of failure to deposit or to keep in a trust account all the sums received on behalf of others in the course of his activities; and

(7)  have refunded the amount of principal, interest and costs resulting from any final judgment rendered against him because of his liability for any of the causes referred to in section 55 of the Act.

O.C. 1863-93, s. 21.

CHAPTER II MARKET INTERMEDIARIES IN INSURANCE HOLDING A CERTIFICATE FOR A REAL ESTATE AGENT OR BROKER RESTRICTED TO LOANS SECURED BY IMMOVABLE HYPOTHEC

DIVISION I CONDITIONS TO BE MET TO QUALIFY FOR A CERTIFICATE FOR A REAL ESTATE AGENT RESTRICTED TO LOANS SECURED BY IMMOVABLE HYPOTHEC

22. To quality for a certificate for a real estate agent restricted to loans secured by immovable hypothec, a natural person shall

(1)  hold a certificate for a market intermediary in insurance issued under the Act respecting market intermediaries (chapter I-15.1);

(2)  have the qualifications provided for in sections 10, 20 and 21, and required of an applicant for a certificate for a real estate agent restricted to loans secured by immovable hypothec;

(3)  file an application for the issue, renewal or reinstatement of a certificate with the Association des courtiers et agents immobiliers du Québec in accordance with sections 22, 23 and 40 to 44 of the By-law of the Association des courtiers et agents immobiliers du Québec (chapter C-73.1, r. 2);

(4)  pay the fees for the issue, renewal or reinstatement of such a certificate, provided for in Chapter I of the By-law respecting chargeable fees payable and specialist titles of the Association des courtiers et agents immobiliers du Québec (O.C. 1866-93, 93-12-15);

(5)  pay to the Fonds d’indemnisation du courtage immobilier the contribution or contributions provided for in sections 28 and 30;

(6)  have paid, with interest accrued at the rate set under section 28 of the Tax Administration Act (chapter A-6.002), any outstanding fines or costs imposed on him by a disciplinary body provided for in the Act;

(7)  indicate the identity and certificate number of the real estate broker holding a certificate for a real estate broker restricted to loans secured by immovable hypothec, or the identity and certificate number of the multidisciplinary firm that holds a certificate provided for in any of paragraphs 5 to 16 of section 1 of the Regulation respecting multidisciplinary firms (O.C. 1020-91, 91-07-17), and that will be employing him or for which he will be authorized to act; and

(8)  undertake to work at an establishment in Québec.

O.C. 1863-93, s. 22.

DIVISION II CONDITIONS TO BE MET TO QUALIFY FOR A CERTIFICATE FOR A REAL ESTATE BROKER RESTRICTED TO LOANS SECURED BY IMMOVABLE HYPOTHEC

23. To qualify for a certificate for a real estate broker restricted to loans secured by immovable hypothec, a natural person shall

(1)  hold a certificate for a market intermediary in insurance issued under the Act respecting market intermediaries;

(2)  have the qualifications provided for in sections 14, 20 and 21, and required of the holder of a certificate for a real estate broker restricted to loans secured by immovable hypothec;

(3)  file an application for the issue, renewal or reinstatement of a certificate with the Association des courtiers et agents immobiliers du Québec in accordance with sections 16, 17 and 40 to 44 of the By-law of the Association des courtiers et agents immobiliers du Québec (chapter C-73.1, r. 2);

(4)  pay the fees for the issue, renewal or reinstatement of such a certificate, provided for in section Chapter I of the By-law respecting chargeable fees and specialist titles of the Association des courtiers et agents immobiliers du Québec;

(5)  pay to the Fonds d’indemnisation du courtage immobilier the contribution or contributions provided for in section 28 and 30;

(6)  have paid, with interest accrued at the rate set under section 28 of the Tax Administration Act (chapter A-6.002), any outstanding fines or costs imposed on him by a disciplinary body provided for in the Act;

(7)  not be an undischarged bankrupt; and

(8)  have at least one establishment in Québec.

O.C. 1863-93, s. 23.

DIVISION III PROVISIONS OF THE ACT NOT APPLICABLE TO A MARKET INTERMEDIARY IN INSURANCE HOLDING A CERTIFICATE FOR A REAL ESTATE AGENT OR BROKER RESTRICTED TO LOANS SECURED BY IMMOVABLE HYPOTHEC

§ 1 . — Real estate agent restricted to loans secured by immovable hypothec

24. A market intermediary in insurance holding a certificate for a real estate agent restricted to loans secured by immovable hypothec is not subject to sections 18, 22 and 23 of the Real Estate Brokerage Act (chapter C-73.1).

A person referred to in the first paragraph is not subject to the regulations made under the sections referred to therein.

O.C. 1863-93, s. 24.

§ 2 . — Real estate broker restricted to loans secured by immovable hypothec

25. A market intermediary in insurance holding a certificate for a real estate broker restricted to loans secured by immovable hypothec is not subject to sections 13, 14, 22, 23 and 32 to 43 of the Real Estate Brokerage Act (chapter C-73.1).

A person referred to in the first paragraph is not subject to the regulations made under the sections referred to therein.

O.C. 1863-93, s. 25.

CHAPTER III MANDATORY FORMS

26. The forms whose form is mandatory are

(1)  the form entitled “Promise to Purchase” in respect of an immovable referred to in section 32 of the Act;

(2)  the form entitled “Exclusive Brokerage Contract — Sale of a Chiefly Residential Immovable” in respect of an immovable referred to in section 32 of the Act;

(3)  the form entitled “Non-Exclusive Brokerage Contract — Sale of a Chiefly Residential Immovable” in respect of an immovable referred to in section 32 of the Act;

(4)  the form entitled “Annex A — Immovable”, which may be used as an annex to the form provided for in paragraph 1;

(5)  the form entitled “Annex G — General”, which may be used as an annex to any of the forms provided for in paragraphs 1 to 3;

(6)  the form entitled “Counter-Proposal to a Promise to Purchase”, which may be used as an annex to the form provided for in paragraph 1; and

(7)  the form entitled “Amendments and Notice of Fulfilment of Conditions”, which may be used as an annex to any of the forms provided for in paragraphs 1 to 3.

O.C. 1863-93, s. 26.

CHAPTER IV PARTICULARS IN BROKERAGE CONTRACTS REFERRED TO IN CHAPTER III OF THE ACT

27. In addition to the particulars provided for in Chapter III of the Real Estate Brokerage Act (chapter C-73.1), an exclusive or non-exclusive brokerage contract between a natural person and a real estate broker under which the broker undertakes to act as an intermediary for the sale of an immovable referred to in section 32 of the Act shall

(1)  contain the declarations made by the seller;

(2)  state the obligations of the buyer; and

(3)  state the obligation of the real estate broker.

Such contract shall contain the text of section 40 of the Real Estate Brokerage Act (chapter C-73.1), above the signatures of the parties.

Such contract shall, at the end, bear the signature of the real estate broker or of his affiliated real estate agent or broker, as well as the signature of each owner of the immovable to be sold and, where applicable, an intervention by the spouse of each such owner to the effect that he or she agrees to or concurs in the contract.

O.C. 1863-93, s. 27.

CHAPTER V FONDS D’INDEMNISATION DU COURTAGE IMMOBILIER

DIVISION I CONTRIBUTIONS

28. The annual contribution to the Fonds d’indemnisation du courtage immobilier to be paid by a member of the Association when applying to the Association for the issue or renewal of a certificate is

(1)  for a chartered real estate broker’s certificate: $50;

(2)  for a certificate for a real estate broker restricted to loans secured by immovable hypothec: $50;

(3)  for an affiliated real estate broker’s certificate: $10;

(4)  for a chartered or affiliated real estate agent’s certificate or a certificate for a real estate agent restricted to loans secured by immovable hypothec: $10.

O.C. 1863-93, s. 28.

29. The annual contribution shall be sent to the Association at the same time as the fees provided for in the By-law respecting chargeable fees and specialist titles of the Association des courtiers and agents immobiliers du Québec, upon the filing of an application for the issue or renewal, of a certificate.

O.C. 1863-93, s. 29.

30. Where the working capital of the fund cannot be maintained at the minimum provided for in section 40 because of payments of compensation made or to be made, a special contribution shall immediately become exigible from every holder of a real estate broker’s or agent’s certificate, in accordance with the following terms and conditions:

(1)  the amount of the special contribution shall equal the result obtained by dividing the amount required to bring the working capital back up to the minimum provided for in section 40 by the number of holders of real estate broker’s or agent’s certificates; and

(2)  as soon as the fund becomes aware that its working capital cannot be maintained at the minimum provided for in section 40, it shall send to each holder of a real estate broker’s or agent’s certificate a notice stating that a special contribution is payable within 30 days following the date on which the notice is mailed.

A special contribution shall be paid in cash, by certified cheque or by money order payable to the Association for deposit in the account of the fund and cashable within the period provided for in the first paragraph.

O.C. 1863-93, s. 30.

DIVISION II CLAIMS

31. Any claim filed with the fund and arising from fraud, a dishonest transaction or the misappropriation of funds or other property which, under the Act, must be deposited into a trust account shall

(1)  be submitted in writing;

(2)  state the facts on which it is based;

(3)  identify the real estate broker or agent concerned;

(4)  indicate the amount claimed;

(5)  be made under oath or by solemn affirmation; and

(6)  be addressed to the secretary of the fund or, if there is no secretary, to its chairman or vice-chairman.

O.C. 1863-93, s. 31.

32. Where the secretary or one of the directors of the fund so requests, the claimant, the broker or the real estate agent shall

(1)  provide the fund with all details and documents related to the claim; and

(2)  file any sworn witnesses’ evidence or documentary evidence.

O.C. 1863-93, s. 32.

33. The claimant shall file his claim within one year of becoming aware of the fraud, dishonest transaction or misappropriation of funds or other property referred to in section 55 of the Act.

O.C. 1863-93, s. 33.

34. A decision by the discipline committee that compensation be paid constitutes a claim within the meaning of section 31, as long as the application for an investigation under section 121 of the Act is filed within the period provided for in section 33.

O.C. 1863-93, s. 34.

35. A real estate agent, a real estate broker or a multidisciplinary firm authorized to carry on real estate brokerage activities is not, when acting in that capacity, entitled to file a claim with the fund.

O.C. 1863-93, s. 35.

DIVISION III COMPENSATION

36. The fund’s board of directors shall decide on the admissibility of a claim and shall set the amount of any compensation. Its decision is final.

O.C. 1863-93, s. 36.

37. The maximum amount of compensation payable by the fund to a claimant is $15,000 for each real estate brokerage transaction covered by the claim.

O.C. 1863-93, s. 37.

DIVISION IV ADMINISTRATION AND INVESTMENT OF THE SUM CONSTITUTING THE FUND

38. The sums constituting the fund, less the sums required for its operation, shall be invested by its board of directors in the following manner:

(1)  the portion of the sums that the fund’s board of directors foresees using in the short term shall be deposited with a financial institution whose deposits are guaranteed under the Deposit Insurance Act (chapter A-26) or insured under the Canada Deposit Insurance Corporation Act (R.S.C., 1985, c. C-3);

(2)  the remainder shall be invested in accordance with paragraphs 2 to 10 of article 1339 of the Civil Code of Québec.

O.C. 1863-93, s. 38.

DIVISION V USE OF INTEREST GENERATED BY SUMS CONSTITUTING THE FUND

39. The Minister may, on the following conditions, authorize the fund to use the interest generated by the sums constituting the fund for purposes related to the real estate brokerage sector and to further the protection of the public:

(1)  the fund’s most recent annual financial statements must show that it is in a position to meet its obligations; and

(2)  the fund’s board of directors must have filed with the Minister an application detailing the projects selected and the estimated cost of each.

O.C. 1863-93, s. 39.

DIVISION VI MINIMUM WORKING CAPITAL

40. From 15 January 1994, the fund shall maintain its working capital at a minimum of $500,000.

O.C. 1863-93, s. 40.

CHAPTER VI FINAL PROVISIONS

41. (Omitted).

O.C. 1863-93, s. 41.

42. (Omitted).

O.C. 1863-93, s. 42.

REFERENCES

O.C. 1863-93, 1993 G.O. 2, 7041

O.C. 1588-95, 1995 G.O. 2, 3571

S.Q. 2010, c. 31, s. 91