For how long must records required by Delaware Regulation 2401 be maintained?
Correct Answer
A) 5 years
Delaware Regulation 2401 requires all records required by the records-and-reports section to be maintained for 5 years.
Why This Is the Correct Answer
Delaware Regulation 2401 requires all records required by the records-and-reports section to be maintained for 5 years.
Why the Other Options Are Wrong
Option B: 1 year
One year is shorter than the Delaware 5-year retention requirement.
Option C: 2 years
Two years is shorter than the Delaware 5-year retention requirement.
Option D: 10 years
Ten years is longer than the Delaware requirement stated in Regulation 2401.
Memory Technique
DE-C015 -> Delaware-records-reports-and-identifiers
Exam Tip
Delaware MLO records-and-reports retention: 5 years.
Common Mistakes to Avoid
- -Importing another state requirement into Delaware
- -Confusing NMLS baseline requirements with Delaware-specific rules
- -Treating operational assumptions as legal authority
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