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Real estate and mortgage brokerage: More generous compensation in case of fraud

Consumers who are victims of fraud in a transaction involving a real estate broker or mortgage broker are now better protected. The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) is pleased to announce the increase of the compensation paid by the Organization’s Real Estate Indemnity Fund (FICI) in case of fraud, fraudulent tactics or misappropriation of funds. The maximum compensation goes from $35,000 to $100,000 per claim, an increase of 186%. The Government of Québec agreed with the recommendation of the OACIQ, whose mission is to protect consumers who enlist the services of real estate and mortgage brokerage professionals.

 

Increased protection

The OACIQ makes every effort to ensure that cases of fraud, fraudulent tactics or misappropriation of funds remain an exception, by constantly overseeing broker activities, including through mandatory continuing education and regular inspections. However, should this happen, this increase of the maximum compensation will allow aggrieved consumers to be even better protected by the Real Estate Brokerage Act that the OACIQ has the mandate to enforce. 

 

FICI

This fund offers free protection to consumers who deal with a broker or agency and who are victims of fraud, dishonest tactics or misappropriation of funds in the course of a transaction. Although the OACIQ manages the FICI, the Fund’s assets are completely separate from those of the Organization and used exclusively to pursue the Fund’s mission. The OACIQ is responsible for compensating victims from the sums contained in the Fund, in accordance with the decisions of the Indemnity Committee.

 

To learn more on how the OACIQ: