Final answer:
When a broker sells their own property, the records of that transaction must be stored in accordance with regulations set by the governing licensing authority. In the US, each state may have specific requirements for record-keeping.
Step-by-step explanation:
When a broker sells their own property, the records of that transaction must be stored in accordance with the regulations and rules set by the governing licensing authority. In the United States, for example, each state may have specific requirements for record-keeping. The records may need to be maintained for a certain period of time, typically several years, and must be made available for inspection if requested.
For instance, in California, the California Bureau of Real Estate mandates that brokers keep records of listings, transactions, deposit trust accounts, and other related documents for at least three years. These records can be stored electronically or in physical form, such as paper files or microfilm.
It is essential for brokers to maintain accurate and up-to-date records to ensure compliance with regulations and for reference purposes in case of audits, disputes, or legal matters.