OACIQ Exam preparation with correct
answers
Successions with a Will - Who signs? | | | | | |
No liquidator = all legatees
| | | |
W/ a liquidator = full admin liquidator or simple admin liquidator with
| | | | | | | | | | | |
authorization from legatees and legal heirs. | | | | |
Successions w/o a Will - Who signs? | | | | | |
No liquidator = All legal heirs
| | | | |
W/ a liquidator = liquidator authorized by legal heirs
| | | | | | | |
Successions - What documents do you need? | | | | | |
During liquidation of the succession?
| | | |
-Declaration of transmission (w/ or w/o a Will) | | | | | | |
-If no Will and there's a liquidator, an Act of Nomination authorizing liquidator by
| | | | | | | | | | | | |
|all legal heirs.
| |
After liquidation of the succession?
| | | |
-The Delivery of legacy, similar to a Deed of Sale (lists the legatees/legal heirs
| | | | | | | | | | | | | |
that inherited property)
| |
Successions - What to think about? | | | | |
Declaration of Transmission | |
Notarized Will, holograph Will (written)?
| | | |
Liquidator - Full or simple administration
| | | | |
,Delivery of legacy - if property already transferred into legatees/legal heirs names
| | | | | | | | | | |
(post liquidation of an estate)
| | | | |
Act of nomination - legal heirs authorize who as liquidator?
| | | | | | | | |
*If seller dies during brokerage contract, you would complete an AM form, place
| | | | | | | | | | | | |
immovable off market temporarily until a liquidator is assigned/authorized to sell
| | | | | | | | | | |
immovable. Must verify if Will exists or not, ask family to seek a notary, get
| | | | | | | | | | | | | | |
declaration of transmission. Who are the heirs? Legatees?
| | | | | | |
Use another AM form to put immovable back on the market. Make sure to use IV
| | | | | | | | | | | | | | | |
form to identify liquidator, obtain his address and information.
| | | | | | | |
Company sells immovable? Who signs? | | | |
-the name of the seller is the name of the company
| | | | | | | | | |
-the name of the representative is the person authorized to sell and is listed in
| | | | | | | | | | | | | | |
the Resolution of the Company.
| | | |
BCS and DS - Which should you complete first?
| | | | | | | |
Always complete the DS first!
| | | |
You then Annex the DS to BCS.
| | | | | |
Importance of a Declaration of the Seller? | | | | | |
-Mandatory form |
-Seller must declare everything he knows about the property or he could become
| | | | | | | | | | | |
|responsible/liable for damages/defects found. | | |
-Protects seller from hidden defect accusations
| | | | |
-Protects buyer in buying process and pricing decisions
| | | | | | |
-Protects broker by disclosing all proper information, due diligence, must verify
| | | | | | | | | | |
everything!
-
DS - Clause D 2.6. - What to include in D14 section?
| | | | | | | | | | |
Immovable affected by: | |
, -hypothecs : include bank info and hypothec registry # | | | | | | | |
-servitudes: include registry # and description | | | | |
-other real rights: right of way, cultural property, etc.
| | | | | | | |
*Servitudes only count if published and have a #. | | | | | | | |
-verify deed of sale, deed of loan, certificate of location
| | | | | | | | |
Declarations in D.14 must be explained and all related documents attached.
| | | | | | | | | |
How do you confirm the ownership of a Seller?
| | | | | | | |
You need to verify the Deed of Sale, which should be a notarized copy that the
| | | | | | | | | | | | | | | |
Seller provides you. | | |
Advise client to get one if he doesn't have one.
| | | | | | | | |
Where can you find information about the Owner?
| | | | | | |
1. Deed of Sale
| | |
2. Land Register:
| |
-Index of Immovables (need cadastral #)
| | | | |
-Municipal tax bills | |
Two types of contracts
| | |
Contract for Services: brokerage contracts | | | |
Consumer Contract: contracts if seller is a natural person selling on behalf of a
| | | | | | | | | | | | | |
company.
If a seller is represented, what 4 options are there?
| | | | | | | | |
1. Natural person (co-owner)
| | |
2. Mandatary - Need power of attorney/mandate
| | | | | |
3. Succession - Declaration of transmission, liquidator, legatees or legal heirs
| | | | | | | | | |
4. Corporation/Company - Resolution of the Company
| | | | | |
Terms to use in brokerage contracts and clauses?
| | | | | | |
answers
Successions with a Will - Who signs? | | | | | |
No liquidator = all legatees
| | | |
W/ a liquidator = full admin liquidator or simple admin liquidator with
| | | | | | | | | | | |
authorization from legatees and legal heirs. | | | | |
Successions w/o a Will - Who signs? | | | | | |
No liquidator = All legal heirs
| | | | |
W/ a liquidator = liquidator authorized by legal heirs
| | | | | | | |
Successions - What documents do you need? | | | | | |
During liquidation of the succession?
| | | |
-Declaration of transmission (w/ or w/o a Will) | | | | | | |
-If no Will and there's a liquidator, an Act of Nomination authorizing liquidator by
| | | | | | | | | | | | |
|all legal heirs.
| |
After liquidation of the succession?
| | | |
-The Delivery of legacy, similar to a Deed of Sale (lists the legatees/legal heirs
| | | | | | | | | | | | | |
that inherited property)
| |
Successions - What to think about? | | | | |
Declaration of Transmission | |
Notarized Will, holograph Will (written)?
| | | |
Liquidator - Full or simple administration
| | | | |
,Delivery of legacy - if property already transferred into legatees/legal heirs names
| | | | | | | | | | |
(post liquidation of an estate)
| | | | |
Act of nomination - legal heirs authorize who as liquidator?
| | | | | | | | |
*If seller dies during brokerage contract, you would complete an AM form, place
| | | | | | | | | | | | |
immovable off market temporarily until a liquidator is assigned/authorized to sell
| | | | | | | | | | |
immovable. Must verify if Will exists or not, ask family to seek a notary, get
| | | | | | | | | | | | | | |
declaration of transmission. Who are the heirs? Legatees?
| | | | | | |
Use another AM form to put immovable back on the market. Make sure to use IV
| | | | | | | | | | | | | | | |
form to identify liquidator, obtain his address and information.
| | | | | | | |
Company sells immovable? Who signs? | | | |
-the name of the seller is the name of the company
| | | | | | | | | |
-the name of the representative is the person authorized to sell and is listed in
| | | | | | | | | | | | | | |
the Resolution of the Company.
| | | |
BCS and DS - Which should you complete first?
| | | | | | | |
Always complete the DS first!
| | | |
You then Annex the DS to BCS.
| | | | | |
Importance of a Declaration of the Seller? | | | | | |
-Mandatory form |
-Seller must declare everything he knows about the property or he could become
| | | | | | | | | | | |
|responsible/liable for damages/defects found. | | |
-Protects seller from hidden defect accusations
| | | | |
-Protects buyer in buying process and pricing decisions
| | | | | | |
-Protects broker by disclosing all proper information, due diligence, must verify
| | | | | | | | | | |
everything!
-
DS - Clause D 2.6. - What to include in D14 section?
| | | | | | | | | | |
Immovable affected by: | |
, -hypothecs : include bank info and hypothec registry # | | | | | | | |
-servitudes: include registry # and description | | | | |
-other real rights: right of way, cultural property, etc.
| | | | | | | |
*Servitudes only count if published and have a #. | | | | | | | |
-verify deed of sale, deed of loan, certificate of location
| | | | | | | | |
Declarations in D.14 must be explained and all related documents attached.
| | | | | | | | | |
How do you confirm the ownership of a Seller?
| | | | | | | |
You need to verify the Deed of Sale, which should be a notarized copy that the
| | | | | | | | | | | | | | | |
Seller provides you. | | |
Advise client to get one if he doesn't have one.
| | | | | | | | |
Where can you find information about the Owner?
| | | | | | |
1. Deed of Sale
| | |
2. Land Register:
| |
-Index of Immovables (need cadastral #)
| | | | |
-Municipal tax bills | |
Two types of contracts
| | |
Contract for Services: brokerage contracts | | | |
Consumer Contract: contracts if seller is a natural person selling on behalf of a
| | | | | | | | | | | | | |
company.
If a seller is represented, what 4 options are there?
| | | | | | | | |
1. Natural person (co-owner)
| | |
2. Mandatary - Need power of attorney/mandate
| | | | | |
3. Succession - Declaration of transmission, liquidator, legatees or legal heirs
| | | | | | | | | |
4. Corporation/Company - Resolution of the Company
| | | | | |
Terms to use in brokerage contracts and clauses?
| | | | | | |
