Under the Real Estate Services Rules, how long must a BC brokerage generally keep its required financial and other records?
Correct Answer
B) At least 7 years after each record is created
Rules s. 92(1) requires a brokerage to retain the records required under the financial and other records divisions for at least 7 years after their creation, unless the superintendent authorizes a shorter period in writing. Rental property management records run for 7 years from the end of the tenancy or management agreement instead (s. 92(2)).
Why This Is the Correct Answer
This answer is correct. Section 92(1) requires records to be kept for at least 7 years after their creation, unless the superintendent authorizes a shorter period in writing.
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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?
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