Humber/Ontario Real Estate Course 4 Exam Practice

For how long must a brokerage retain accepted offers?

1. Accepted offers must be retained for three years by selling brokerages.

2. Both accepted and unsuccessful offers must be kept for six years.

3. Accepted offers must be kept for six years.

4. Summary documents for accepted offers must be stored for six years.

5. There is no retention requirement for offers.

6. Seller's agent must keep offers for three years only.

The correct answer is: Accepted offers must be kept for six years.

Brokers are required to retain accepted offers for six years for their own records. This ensures that they have proper documentation of accepted offers and can provide evidence if needed in the future. The other options are incorrect because they either specify a shorter time period (three years) or only apply to certain documents related to accepted offers (e.g. summary documents). Option B is also incorrect because it includes unsuccessful offers, which are not required to be retained. Option E is incorrect as it states that there is no retention requirement, which is not the case for accepted offers. Option F is incorrect because it only applies to the seller's agent, not the brokerage as a whole. As such, option C is the only correct answer that specifies the correct retention period for accepted offers.