Final answer:
The Designated Broker must retain records (other than rejected offers and counteroffers) for 5 years after the conclusion of a transaction.
Step-by-step explanation:
The Designated Broker must retain records (other than rejected offers and counteroffers) for a specific period of time after the conclusion of a transaction.
According to the National Association of Realtors (NAR), the typical time frame for record retention is 5 years. This includes documents such as agreements, contracts, disclosures, and financial records related to the transaction.
Maintaining these records is important for legal and regulatory compliance, resolving disputes, and providing evidence in case of any future issues or audit inquiries.