A Virginia broker keeps the settlement statement from a 2026 file and discards its own fee contract. Must the original compensation contract also be retained?
Correct Answer
D) Deficient: the original compensation contract is kept 3 years
Each licensed broker must retain, for at least three years after a mortgage loan is made, the original contract for compensation, a copy of the settlement statement, an account of fees received in connection with the loan, and other records required by regulation. Other choices: the settlement statement is a separate item on the same list; a file note is not the original contract; and the period is three years. Source: Va. Code § 6.2-1609(C)
Why This Is the Correct Answer
Each licensed broker must retain, for at least three years after a mortgage loan is made, the original contract for compensation, a copy of the settlement statement, an account of fees received in connection with the loan, and other records required by regulation. Other choices: the settlement statement is a separate item on the same list; a file note is not the original contract; and the period is three years. Source: Va. Code § 6.2-1609(C)
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