Frequently Asked Questions

Legal Hotline FAQ

a blog of the most frequently asked questions to the MAR legal hotline.


Cindy Sellers
Cindy Sellers
Cindy Sellers's Blog

How long am I required to maintain records of transactions?

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.


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