If licensee D works out of a home office, for how long is she required to maintain records of closed transactions?
A. 1 year
B. 3 years
C. 7 years
D. Affiliated licensees are not required to maintain records of closed transactions
Answer: D. Affiliated licensees are not required to maintain records of closed transactions
Real Estate firms ( as opposed to its individual affiliated licensees) must maintain records of closed transactions for at least three years. The firm is responsible for the custody and accuracy of the required records, and they should be kept at a main office or branch office.
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