Final answer:
Illinois real estate offices are required to keep all transaction records for three years, and these records must be stored onsite. They should be available for inspection to comply with state regulations.
Step-by-step explanation:
Regarding Illinois real estate transaction records, it is imperative that every office keeps a comprehensive record of all transactions. The statement that offices must keep records for a total of three years and must be kept onsite is accurate. This requirement is part of the regulatory framework designed to ensure transparency and accountability in real estate transactions. Maintaining these records allows for the resolution of any disputes and serves as evidence of proper business conduct.
Furthermore, these records must be readily accessible for inspection by the licensing authority in Illinois. It ensures that the office adheres to the legal stipulations governing real estate transactions within the state. Failure to maintain these records in the prescribed manner could result in regulatory action against the real estate business.