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)).
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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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