Final answer:
The length of time a broker must retain records after an agency agreement is terminated varies by state, typically ranging from three to seven years. Brokers need to be aware of their state's specific requirements to ensure compliance.
Step-by-step explanation:
When an agency agreement is terminated, the duration for which a broker must retain records can vary based on the regulations set forth by the specific state's real estate commission. Generally, the requirement is to keep these records for a period that may range from three to seven years after the termination of the agency relationship. It is essential for brokers to be well-informed about the specific laws and regulations of their state to ensure compliance.
In the case of a lease agreement, the information provided pertains to the termination of the lease and does not directly address record retention by brokers. Brokers are responsible for not only terminating agreements in accordance with legal requirements but also maintaining records of such transactions for the legally required duration.