Alberta Real Estate Licensing Exam Practice · Question
According to RECA Rules, for how long must a brokerage retain its trade records?
RECA Rules, Section 65(3) mandates that a brokerage must retain its trade records for at least seven years from the date the trade was completed or the listing
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Question: According to RECA Rules, for how long must a brokerage retain its trade records?
Answer options:
- At least 3 years from the date of the transaction.
- At least 5 years from the date of the transaction. ✅ At least 7 years from the date of the transaction.
- Until the industry member retires or their license expires.
Correct answer: At least 7 years from the date of the transaction.
Explanation: RECA Rules, Section 65(3) mandates that a brokerage must retain its trade records for at least seven years from the date the trade was completed or the listing or buyer representation agreement expired, whichever is later.
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