Humber/Ontario Real Estate Course 4 Exam Practice

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How long does a seller's brokerage need to retain a summary document or offer for an unsuccessful offer?

Three months
One year
Six months
Two years
No retention needed
Five months minimum

The correct answer is: One year

The correct answer is that a seller's brokerage is required to retain a summary document or offer for an unsuccessful offer for a period of one year. This requirement is in place to ensure that there is a record of all offers, successful or not, which can be crucial for compliance, accountability, and potential disputes that may arise from the transaction process. Retention for a year allows for sufficient time to resolve any possible inquiries or issues related to the offer or negotiation process, maintaining transparency in real estate transactions. Other durations mentioned in the options, such as three months, six months, two years, and five months, do not align with the regulatory requirements, as they either fall short of the necessary time to ensure adequate record-keeping or exceed it unnecessarily. Retaining documentation for one year strikes a balance between operational efficiency and legal obligation in the real estate sector.