A real estate brokerage maintains all its trade records electronically. According to RECA Rules, for how long must these records be retained, and in what format?

Question: A real estate brokerage maintains all its trade records electronically. According to RECA Rules, for how long must these records be retained, and in what format?

Answer options: ✅ For a minimum of seven years, in an easily accessible and readable format.

• For a minimum of two years, as long as they are stored securely.
• Until the transaction is completed, then they can be deleted.
• For a minimum of ten years, requiring special archiving protocols.

Correct answer: For a minimum of seven years, in an easily accessible and readable format.

Explanation: RECA Rules Section 50(a) and 50(d) stipulate that a brokerage must retain all trade records, whether paper or electronic, for a minimum of seven years following the date the trade was concluded or the service was provided, and they must be readily accessible.