for more than 16 years. Since last December,
she has been involved with the claims and pre-
vention committee of the Fonds d'assurance
responsabilité professionnel du courtage im-
mobilier du Québec (FARCIQ), to represent
the interests of some 450 mortgage brokers
and agencies in Quebec*. (
where changes are frequent and numerous, and where competitive-
ness plays a major part", explains Ms. Lemieux.
constantly adapt themselves to the new measures taken particularly
by the government and accredited lenders in order to properly
advise their clients and help them get the best mortgage product.
tion against mistakes, errors and omissions, and has been manda-
tory for all real estate brokerage licence holders in Quebec since
2006. The role of the FARCIQ is fundamental in providing an ade-
quate insurance coverage and an effective service to protect the in-
sured brokers in the performance of their duties.
mortgage brokers adequately, the committee of claims and preven-
tion is constantly working to improve real estate professional prac-
tices related to insurance, prevention, communication and training.
professional liability claim risks. Here are three examples of com-
mon errors and the good practice to adopt to avoid a lawsuit.
mortgage brokers
Assistant Vice-President of Sales at
Three golden rules to put into practice
claim risks
when refinancing a
property
clients that they must contact a qualified profes-
sional to answer questions that are beyond your
field of competence.
regarding Home
Buyers' Plan (HBP)
of real facts or written decisions. Avoid confirming
an approval or refusal for the client before an offi-
cial confirmation. You must always validate infor-
mation and carry out the necessary verifications
with the financial institutions concerned.
concerning the
processing times
of applications
processing times should they exceed what was ini-
tially indicated in the Promise to purchase.
identity, which reflects the Organization's vision. The new corporate
image comes as a result of a strategic reflection and a communication
plan aimed at bringing us closer to our clientele and to the reality of real
estate professionals.
towards prevention, which is at the core of the Organization's communi-
cation actions.
exists between the FARCIQ and the OACIQ. The letter "I" represents the
individual while the umbrella-shaped curve refers to the protection offe-
red by the FARCIQ.
practice both real estate and mortgage brokerage.
it comes to area. The net living area
is very different from the gross total
area, which includes common spaces
and outside walls and partitions.
In the majority of cases, you
must always validate and use
the dimensions on the up-to-date
certificate of location before
indicating the net living area in the
description sheet of the property.
once but twice. To do so, make
sure you check and fully understand
the certificate of location in order
in your documents. Pay a particular
attention when converting square
meters (m
major consequences.
has consequences for the broker.
If you are held responsible and
compensation is paid to claimant,
you must pay a deductible. Also note
that a lawsuit filed with courts has
an impact on your personal credit
report for as long as the dispute lasts,
without taking into account the
waste of time that this entails.
In all cases, prevention is better
than cure.