26 April How long am I required to maintain records of transactions? April 26, 2017By Cindy Sellers License Law 0 The law requires a real estate licensee to retain copies of listings and documents pertaining to the provision of real estate brokerage services for five years after the closing of a real estate transaction, or five years after the listing expires if the transaction is not closed. A licensee who provides property management services must keep records for five years following the termination of a management agreement. Records may be retained in electronic form if specified criteria are met. A licensee must allow a representative of the State Real Estate Commission to inspect these records if the commission provides reasonable notice. Upon request, paper copies of a document must be provided to the commission at the licensee’s expense. On demand of the Commission, the licensee must display all records, books, and accounts of any money held in trust. A record may be stored electronically if: the stored record cannot be erased or edited; the stored record is made or preserved as part of, and in the regular course of, the broker’s licensee’s business; the original record from which the stored record was copied was made or prepared by the broker licensee or the Broker’s licensee’s employees at or near the time of the activity described in the record; the custodian of the record is able to identify the stored record, the mode of its preparation, and the mode of storage; and the electronic storage system contains a reliable indexing system that provides convenient access to the document or record, appropriate quality control of the storage process, and chronological arrangement of stored documents or records. Related Posts Is MAR’s Maryland Lead Poisoning Prevention Program Disclosure Form required on the sale of homes built pre 1979 even if they have never been rentals? Is MAR’s Maryland Lead Poisoning Prevention Program Disclosure Form required on the sale of homes built pre 1979 even if they have never been rentals? As a real estate licensee, am I required to advise potential purchasers of the property as to the occurrence of the suicide upon the premises? As a real estate licensee, am I required to advise potential purchasers of the property as to the occurrence of the suicide upon the premises? When is a licensee required to provide the Understanding Whom Real Estate Agents Represent form? When is a licensee required to provide the Understanding Whom Real Estate Agents Represent form? How is the “Date of Contract Acceptance” in the MAR Residential Contract established? How is the “Date of Contract Acceptance” in the MAR Residential Contract established? Is it the date on which the contract is actually formed and enforceable? I list REO properties. In many cases, I am contacted after the foreclosure sale, but before the sale is approved (ratified) by the court. Other times, I am informed that the seller has a deed, which is unrecorded. In this case, the tax records indicate the former owner is still the owner of record. This situation is very confusing to listing agents as well as buyers and buyer’s agents. What is my obligation concerning disclosure of the status of the title of an REO listing? I know that there have been a lot of laws passed regarding the rights of tenants after a foreclosure. I also understand that I cannot provide legal advice to my clients; however, I would like to have a basic understanding of the rights of a purchaser at a foreclosure sale and the rights of tenants occupying the foreclosed upon property. Comments are closed.