One of the most important tasks for a brokerage is to ensure that the appropriate accounting and financial systems are in place to ensure compliance will RESA and the Rules.
Section 25 of RESA requires that every brokerage maintains proper books, accounts and other records in accordance with the Rules. Section 25 of RESA also requires that the books and records are kept in British Columbia.
Every brokerage is required by the Rules to keep the financial records as necessary to ensure the appropriate and timely accounting of all transactions relating to real estate services provided by the brokerage and its related licensees. This includes where licensees are buying or selling real estate on their own account. Records must be kept in relation to the general account as well as in relation to all trust accounts maintained by the brokerage. The brokerage is also required to keep documents and other records related to the real estate services that the brokerage provides.
For the purposes of RECBC, books and ledgers include hard covered books, loose leaf books and collections of individual sheets or pages where the collections are kept together in a systematic manner.Additionally, record systems also include all forms of computer software used by the brokerage to collect and store information.