Every broker retains for a period of at least five years true
copies of all business books; accounts, including voided checks; records;
contracts; closing statements; disclosures; signed documents; the listing; any
offers to purchase; and all correspondence relating to each real estate
transaction that the broker has handled and each property managed. The records
are made available for reproduction and inspection by the commission, staff,
and commission-authorized representatives at all times during usual business
hours at the broker's regular place of business. If the brokerage closes, the
records are made available for reproduction and inspection by the commission,
staff, and commission-authorized representatives upon request.
(1) Contracts and other documents that have
been changed or altered to the point where the language is unreadable and faxed
contracts and documents in which the language is unreadable are not acceptable
records and are redrafted and signed by the parties.
(2) Copies of unreadable documents are not
acceptable as true copies of the originals regardless of the medium.
(3) Electronic records. The files, records,
and other documents mandated by this chapter may be stored in electronic format
for convenience and efficiency in a system for electronic record storage,
analysis, and retrieval.
a. A record obligated
by this chapter may be retained as an electronic record only if the record
storage medium can be easily accessed and the records can be readily retrieved
and transferred to a legible printed form upon request.
b. The scanning or electronic generation of a
record is monitored to ensure that the copy is clear, legible and true before
the original is shredded.
c. Once
the original record is transferred to the appropriate electronic storage medium
consistent with this rule, the commission will no longer need the retention of
the record in its original medium. For the purposes of this chapter, electronic
records are considered the same as originals.
Notes
Iowa Code r.
193E-13.5
ARC 7775C, IAB
4/17/24, effective 5/22/24
Adopted by
IAB
April 17, 2024/Volume XLVI, Number 21, effective
5/22/2024
