BC Real Estate Trading Services Licensing Exam Practice · Question
A real estate licensee must maintain records of all transactions for a minimum period of:
Under RESA and related regulations, real estate brokerages and licensees are required to retain transaction records for a minimum of seven years.
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Question: A real estate licensee must maintain records of all transactions for a minimum period of:
Answer options:
- 3 years.
- 5 years. ✅ 7 years.
- 10 years.
Correct answer: 7 years.
Explanation: Under RESA and related regulations, real estate brokerages and licensees are required to retain transaction records for a minimum of seven years.
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Question explanations
- A developer, Grandview Developments Ltd., plans to build a new condominium project in Kelowna. They register a
- Michael, a real estate licensee, is assisting his client Jane in purchasing a commercial property at 123 Main
- A buyer, David, has entered into a Contract of Purchase and Sale for a vacant lot in Tofino. David's lawyer di
- Maria is purchasing a unit in a newly constructed strata building in Squamish. Her real estate licensee, Ken,
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