Alberta Real Estate Licensing Exam Practice · Question
Which of the following documents MUST be retained by a brokerage as a trade record for a completed residential purchase and sale transaction?
RECA Rules Section 50(a) mandates that a brokerage must retain records of all trades, which includes all offers, counter-offers, contracts, waivers, and any rec
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Question: Which of the following documents MUST be retained by a brokerage as a trade record for a completed residential purchase and sale transaction?
Answer options: ✅ Signed Offer to Purchase, unconditional waiver, and copies of all trust account transaction records related to the deal.
- Only the final Purchase Contract, as other documents are considered drafts.
- Correspondence related to potential future deals with the same client, but not the current one.
- Personal notes taken by the associate during property showings.
Correct answer: Signed Offer to Purchase, unconditional waiver, and copies of all trust account transaction records related to the deal.
Explanation: RECA Rules Section 50(a) mandates that a brokerage must retain records of all trades, which includes all offers, counter-offers, contracts, waivers, and any records related to funds received and disbursed for the transaction, such as trust account records.
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