Which of the following is NOT correct regarding the broker of record?

The assertion that a broker of record signs the financial statements that must be provided annually to the Real Estate Council of Ontario (RECO) is not accurate. While the broker of record does hold significant responsibilities within the brokerage, their role does not typically include the direct signing of financial statements. That function may fall under the purview of various individuals within the organization, including those focused specifically on financial operations or accounting.

The other responsibilities outlined, such as ensuring that both the brokerage and its salespersons adhere to the standards set out in the Real Estate and Business Brokers Act (REBBA), being registered and employed with the brokerage, managing day-to-day operations, and ensuring compliance with regulatory standards, are all accurate descriptors of the role of the broker of record. This demonstrates the crucial function they serve in maintaining professionalism and regulatory adherence in real estate transactions.