How long must a BC real estate brokerage retain transaction records under RESA and BCFSA rules?
Correct Answer
B) 7 years from when the record was created or the transaction completed
Under BCFSA rules and RESA regulations, brokerages must retain all records related to real estate transactions for a minimum of 7 years. This includes contracts, trust account records, correspondence, and disclosure documents. FINTRAC also requires a minimum 5-year retention, but the RESA 7-year requirement is the longer standard.
Why This Is the Correct Answer
Option B is correct because under BCFSA rules and RESA regulations, brokerages must retain all records related to real estate transactions for a minimum of 7 years from the date the record was created or the transaction was completed. This includes contracts, trust account records, correspondence, disclosure documents, and all related files. The 7-year requirement exceeds FINTRAC's 5-year minimum, making RESA the governing standard.
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