Quebec Real Estate Licensing Exam Practice · Question
A client suffered a financial loss due to a real estate broker's fraudulent misrepresentation during a transaction. The OACIQ's Real Estate Indemnity Fund might intervene to compensate the client. What is the maximum amount of compensation per claim that a client can typically receive from the Fund, as per current regulations?
Section 151 of the Real Estate Brokerage Act states that the Real Estate Indemnity Fund provides compensation up to a maximum of $100,000 per claim for losses d
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Question: A client suffered a financial loss due to a real estate broker's fraudulent misrepresentation during a transaction. The OACIQ's Real Estate Indemnity Fund might intervene to compensate the client. What is the maximum amount of compensation per claim that a client can typically receive from the Fund, as per current regulations?
Answer options:
- $50,000 ✅ $100,000
- $200,000
- $300,000
Correct answer: $100,000
Explanation: Section 151 of the Real Estate Brokerage Act states that the Real Estate Indemnity Fund provides compensation up to a maximum of $100,000 per claim for losses due to fraud, fraudulent tactics, or misappropriation of funds by a broker.
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