20 CSR 2250-8.160 - Retention of Records
(1)
Every broker shall retain for a period of at least three (3) years true copies
of all business books; accounts, including voided checks; records; contracts;
brokerage relationship agreements; closing statements and correspondence
relating to each real estate transaction that the broker has handled. The
records shall be made available for inspection by the commission and its
authorized agents at all times during usual business hours at the broker's
regular place of business. No broker shall charge a separate fee relating to
retention of records.
(2) Every
broker shall retain for a period of at least three (3) years true copies of all
property management agreements, correspondence or other written authorization
relating to each real estate transaction relating to leases, rentals or
management activities the broker has handled. The broker must also retain all
business books, accounts and records unless these records are released to the
owner(s) or transferred to another broker by written detailed receipt or
transmittal letter agreed to in writing by all parties to the
transaction.
Notes
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