California Real Estate Practice Exam

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A broker must maintain records of a transaction for how many years from the date of closing?

  1. 1

  2. 2

  3. 3

  4. 5

The correct answer is: 3

A broker is responsible for keeping accurate records of their transactions for a specific amount of time. It's essential for them to have access to this information in case it's needed for auditing or legal purposes. Option A is incorrect because one year is not enough time to keep the records of a transaction. Similarly, option B and D are incorrect because two and five years respectively, are still considered a relatively short period for maintaining records of transactions. Option C, three years, is the correct answer as it aligns with the industry standard of keeping records for at least three years from the date of closing.

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