Question

Oregon brokers must keep real estate records for 6 years. Real estate records include:

A. Listing agreements
B. Closing statements
C. Both A and B
D. None of the above

Answer 1

Step-by-step explanation:

Oregon brokers are required to keep real estate records for 6 years, and these records include:

C. Both A and B.

The correct answer is C. Real estate records that Oregon brokers must keep for 6 years include listing agreements and closing statements. Listing agreements document the agreement between the property owner and the broker to list the property for sale. Closing statements, also known as settlement statements, outline the financial details of a real estate transaction, including the final costs and distributions of funds. These records are important for maintaining a record of past transactions, ensuring compliance with regulations, and providing documentation in case of any legal or financial disputes.

Answer 2

Oregon brokers are required to keep real estate records, including listing agreements and closing statements, for 6 years. These documents are essential for various legal and administrative purposes.

The correct answer to the student's question is C. Both A and B.

Step-by-step explanation:

Oregon real estate brokers are required to retain real estate records for a period of 6 years. This retention policy ensures that important documents are available in the case of audits, legal disputes, or other situations where historical data might be crucial. The types of records that must be kept include:

• Listing agreements: These are contracts between a seller and a real estate broker that give the broker the authority to act as an agent in the sale of the property.
• Closing statements: Also known as a HUD-1 settlement statement or just settlement statement, this is a document that outlines the final financial details and costs of a real estate transaction.

So, the correct answer to the question would be C. Both A and B. Oregon brokers must retain both listing agreements and closing statements as part of their real estate records for the specified duration.