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Practice Of Real EstateLicense LawHARD

A Mooresville broker is updating the policy manual on record retention, transaction files, and trust records. Which statement best applies under current North Carolina law?

Correct Answer

D) A broker who cannot produce requested records to the Commission risks disciplinary consequences independent of the underlying transaction issue.

A broker who cannot produce requested records to the Commission risks disciplinary consequences independent of the underlying transaction issue.

Answer Options
A
A broker may refuse records requests whenever a complaint seems meritless.
B
Failure to produce records matters only if client money is missing under current North Carolina rules
C
The Commission must subpoena records before a broker has any duty to provide them.
D
A broker who cannot produce requested records to the Commission risks disciplinary consequences independent of the underlying transaction issue.

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Related Topics & Key Terms

Key Terms:

record retentionNCREC disciplinary actionbroker duty to produce recordstrust account complianceindependent violation
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