Final answer:
Arizona's real estate code requires brokers to keep records of transactions for five years to comply with legal, tax, or regulatory requirements.
Step-by-step explanation:
The real estate code in Arizona mandates that brokers should retain records of all real estate transactions involving them for a specified duration. The correct duration for the retention of these records is five years, as item c suggests. It is essential for real estate brokers in Arizona to comply with this regulation to ensure that they can provide necessary documentation for past transactions, should they be required for any legal, tax, or regulatory purposes.