A Utah brokerage is handling a principal broker is deciding how long to keep transaction and trust-account records after a sale closes or fails. Which office-procedure rule applies?
Correct Answer
D) The broker must maintain and safeguard required brokerage records for at least three calendar years after the applicable offer, transaction, or lease event
R162-2f-401k requires principal brokers to maintain required brokerage records for at least three calendar years after the relevant rejection, closing, failed transaction, or lease termination event. Source basis: Utah Administrative Code R162-2f-102(7) and R162-2f-401k, checked 2026-04-30: brokerage records include transaction, licensing, banking, trust account, and contractual obligation records; the principal broker must maintain and safeguard required records physically at the principal business location or branch office, or electronically, for at least three calendar years after the relevant offer, transaction, or lease event.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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