Which statement about how long an Ontario brokerage must keep its trust records is correct under TRESA's regulations?
Correct Answer
A) At least six years, unless the registrar specifies another period
O. Reg. 579/05 s. 19 requires a brokerage to retain all documents and records it must make under TRESA and its regulations, including trust records, for the period the registrar specifies or, if none is specified, for at least six years. Six years is a minimum, not a maximum, and the Act's current name is the Trust in Real Estate Services Act, 2002.
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RECO's discipline committee finds that an Ontario salesperson breached the trust account rules for the first time. Under TRESA s. 21, which statement about suspension is correct?
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