Final Answer:
The statement "The records must be provided to the Commission upon request" is NOT true.
Step-by-step explanation:
Contrary to the statement, every broker is required to maintain all records as mandated by the Commission for a period of five years. However, the records are not automatically required to be provided to the Commission upon request; instead, the broker is obligated to make these records available for inspection by the Commission upon request.
Maintaining accurate and up-to-date records is a fundamental regulatory requirement to ensure transparency and accountability in real estate transactions. Brokers must retain documents such as transaction files, agreements, and financial records for the specified period. While the Commission has the authority to request these records for examination, it is not an automatic provision but rather a measure in place to verify compliance with regulatory standards.
This distinction emphasizes the importance of clarity in understanding regulatory obligations. Brokers need to be aware of the specific requirements related to record-keeping and the circumstances under which they are obligated to provide records to the Commission upon request.