Final answer:
Under REBBA rules, a real estate brokerage in Ontario is required to keep records of accepted offers for at least six years for accountability, traceability, and regulatory compliance.
Step-by-step explanation:
The Real Estate and Business Brokers Act (REBBA), which governs real estate brokerages in Ontario, Canada, stipulates that a brokerage must keep records of all accepted offers for a certain period.
According to REBBA rules, records of accepted offers, which includes copies of all signed offers to purchase and any other relevant documents relating to the offer, must be retained for at least six years. This requirement is essential for both accountability and traceability within real estate transactions.
It is important for brokerages to maintain these records systematically, as they may be subject to audits by regulatory bodies. Proper documentation practices also enhance client confidence in the integrity of real estate transactions and support the resolution of any disputes that may arise.