Under Alberta regulation, what records must a brokerage maintain for each real estate transaction, and for how long?
Correct Answer
B) Complete transaction files, including offers, disclosures and trust records, kept for the prescribed minimum period
Alberta brokerages must maintain comprehensive transaction records including all offers, counteroffers, signed agreements, disclosure documents, correspondence, and trust account records. These must be retained for the minimum period prescribed by regulation (typically at least 3 years after the transaction). These records must be available for RECA audit and review.
Why This Is the Correct Answer
Under Alberta regulation and RECA rules, brokerages must maintain complete transaction files including all offers, counteroffers, agreements, disclosures, correspondence, and trust account records. These must be retained for the minimum period prescribed by regulation (typically at least 3 years after the transaction). Records must be accessible for RECA audit and review at any time.
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