Kovats Real Estate School Practice Test

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How long must a broker maintain records of all funds and property of others, with exceptions for unaccepted offers and expired listings?

Three years
Six years
Nine years
Five years

The correct answer is: Six years

The correct duration for a broker to maintain records of all funds and property of others is six years. This requirement helps ensure transparency and accountability in real estate transactions, providing a safeguard for both clients and the broker. Keeping these records for six years aligns with the statute of limitations for many legal claims related to real estate transactions. The exceptions for unaccepted offers and expired listings highlight that only active transactions require this level of documentation, reducing unnecessary administrative burden while ensuring that critical information is preserved for a significant period. This record-keeping practice is essential for brokers to protect themselves against potential disputes, audits, or investigations that may arise after the transaction has concluded.