Broker Williams maintains an escrow account with an average monthly balance of $75,000 in client funds. The account earns 2.5% annual interest. If Florida law requires the broker to maintain detailed escrow records, how long must these records be retained after the transaction closes?
Correct Answer
A) 5 years
Florida law requires escrow records to be maintained for 5 years after the transaction closes. A and B are too short for escrow records. D exceeds the required retention period. The interest calculation information is irrelevant to the record retention requirement.
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