Final answer:
It is true that brokers in Oregon are legally required to keep and produce records of their real estate transactions when requested by the Oregon Real Estate Agency. They must maintain these records for a specified period to ensure compliance with the law and the integrity of the real estate profession.
Step-by-step explanation:
The statement that a broker must keep records as required by law, and must produce those records when asked by the Oregon Real Estate Agency (OREA) is true. In the state of Oregon, it is mandated by law that real estate brokers maintain accurate and complete records of all their real estate transactions. These records are critical as they ensure compliance with the governing laws, provide transparency, and maintain public trust.
According to the OREA, brokers are required to keep these records for a minimum period, often several years, to allow for potential audits or investigations. The types of records maintained can include property listings, sales agreements, financial transactions, and client communications. If the OREA requests access to these records, brokers must comply and present the required documentation promptly. Failure to maintain proper records or to produce them when requested can result in disciplinary actions, including fines and the possible revocation of the broker's license.
Maintaining proper documentation is not only a legal requirement but also a professional responsibility that ensures brokers act with integrity and trustworthiness in their dealings within the real estate sector.