Alice, a new salesperson, is preparing to facilitate her first residential lease agreement in London, Ontario. She has several important documents to manage, including the lease agreement, tenant application, and landlord’s property information. According to RECO's record-keeping requirements, how long must Alice's brokerage retain these records?

Question: Alice, a new salesperson, is preparing to facilitate her first residential lease agreement in London, Ontario. She has several important documents to manage, including the lease agreement, tenant application, and landlord’s property information. According to RECO's record-keeping requirements, how long must Alice's brokerage retain these records?

Answer options:

• All transaction records, including lease agreements and related documents, must be kept for a minimum of two years. ✅ The brokerage must retain all records related to a trade in real estate or a real estate-related service for at least six years.
• Lease agreements are considered less critical and only need to be retained for one year after the lease term ends.
• Records only need to be kept for as long as the salesperson is registered with the brokerage.

Correct answer: The brokerage must retain all records related to a trade in real estate or a real estate-related service for at least six years.

Explanation: RECO's record-keeping requirements stipulate that brokerages must retain all records relating to a trade in real estate or a real estate-related service for a minimum of six years from the date of the trade or service.