Quebec Real Estate Licensing Exam Practice · Question
What is the primary purpose of Errors and Omissions (E&O) insurance for real estate brokers in Québec?
Errors and Omissions insurance is mandated by the Real Estate Brokerage Act to protect both the public and brokers from financial damages caused by professional
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Question: What is the primary purpose of Errors and Omissions (E&O) insurance for real estate brokers in Québec?
Answer options:
- To cover personal property damage to the broker's office. ✅ To protect clients and brokers against financial losses resulting from professional negligence or errors.
- To provide health and life insurance benefits for brokers.
- To replace the OACIQ's Real Estate Indemnity Fund.
Correct answer: To protect clients and brokers against financial losses resulting from professional negligence or errors.
Explanation: Errors and Omissions insurance is mandated by the Real Estate Brokerage Act to protect both the public and brokers from financial damages caused by professional negligence, errors, or omissions committed by a broker during the exercise of their profession. It is not a replacement for the Real Estate Indemnity Fund but rather works alongside it.
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