Under Minnesota Statute Chapter 82, a real estate broker is required to keep trust account records for a minimum period of time. Which of the following correctly states the record-keeping requirement for trust account records in Minnesota?
Correct Answer
B) Trust account records must be retained for at least six years from the date of the transaction
Under Minn. Stat. § 82.72, subd. 3, Minnesota real estate brokers must retain trust account and transaction records for a minimum of six years from the date of the transaction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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