Under Minnesota Statute Chapter 82, a real estate broker is required to maintain trust account records for a minimum period after the transaction closes. Which of the following correctly states the Minnesota record retention requirement for trust account records?
Correct Answer
D) Six years from the date of the transaction
Under Minn. Stat. Ch. 82, Minnesota real estate brokers are required to maintain trust account records and transaction records for a minimum of six years from the date of the transaction. This retention period allows the MN DOC to audit records and investigate complaints within the applicable timeframe.
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Related Topics & Key Terms
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Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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