Final answer:
The designated broker must retain rejected offers and counteroffers for 5 years to ensure transparency, accountability, and compliance with legal and ethical standards in the real estate industry.
Step-by-step explanation:
The designated broker must retain rejected offers and counteroffers for 5 years.
This requirement is in place to ensure transparency, accountability, and compliance with legal and ethical standards in the real estate industry.
During this period, the designated broker may be required to produce these records for audit purposes or in the event of a legal dispute.