Question

Individual real estate brokers shall retain, readily available and properly indexed, for a period of _____ the bank statements, copies of deposit slips, and canceled checks on all escrow or trust accounts and copies of all documents which in any way pertain to real estate transactions wherein they or licensees sponsored by them have appeared in a licensing capacity.

A)Four Years
B)Five Years
C)Three Years
D)Two Years

Answer 1

Real estate brokers are typically required to retain records related to escrow or trust accounts and real estate transactions for three years, ensuring compliance with regulatory standards.

Step-by-step explanation:

The duration for which individual real estate brokers must retain records pertaining to their escrow or trust accounts and related real estate transactions is mandated by regulatory law which varies by jurisdiction. However, a common period that is often required is three years.

Brokers are expected to keep bank statements, copies of deposit slips, canceled checks, and all documentation related to real estate transactions in which they've acted in a licensing capacity. These records must be kept readily available and properly indexed to ensure compliance with regulatory standards and to facilitate any potential audits or investigations.