Final answer:
A qualifying broker is typically required to maintain transaction records at their place of business for three to five years, but the exact duration can vary by state.
Step-by-step explanation:
A qualifying broker must maintain transaction records at the place of business for a specified period according to state laws and regulatory bodies that govern real estate and brokerage operations.
In many places, the requirement is to maintain these records for a minimum of three to five years, though it can vary by state.
These records include but are not limited to contracts, agreements, client communications, financial documents, and brokerage service records.
It's imperative for compliance and legal purposes that brokers adhere to these regulations to protect themselves and their clients.