Under Alberta's Real Estate Act, for how long must a licensee keep the records and books of account of the licensee's business, unless the executive director directs a longer period?
Correct Answer
A) 3 years after the records came into existence
Section 25(9) of the Real Estate Act requires a licensee to keep in Alberta the records and books of account of its business, and its accounting records, for a period of 3 years after they came into existence. The executive director may direct a longer period in a particular case for the purposes of an investigation or prosecution under the Act.
Why This Is the Correct Answer
Section 25(9) of the Real Estate Act says a licensee shall keep its records and books of account in Alberta for 3 years after they came into existence, or for any longer period the executive director directs in a particular case for an investigation or prosecution. Three years is therefore the baseline minimum.
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