California Real Estate Practice Exam

Question: 1 / 740

If a broker fails to keep records of a transaction three years after its closing, has the broker violated the law?

No, if the property didn't close

Yes, regardless of the property's closing status

Yes, because records must be kept for three years from the closing date

This is because regardless of whether the property has closed or not, it is required by law for brokers to keep records of transactions for at least three years. Option A and D are incorrect because they are not dependent on the closing date. Option B is incorrect because the violation of law is dependent on not keeping records within the specified time frame.

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No, as long as the broker has digital backups

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