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Practice Of Real EstateLicense LawMEDIUM

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

Correct Answer

A) Record retention serves consumer protection and auditability, not just tax bookkeeping.

Record retention serves consumer protection and auditability, not just tax bookkeeping.

Answer Options
A
Record retention serves consumer protection and auditability, not just tax bookkeeping.
B
Records are kept only for IRS purposes and not for Commission oversight.
C
If the parties are satisfied, the Commission never needs records.
D
Electronic records are automatically exempt from retention rules.

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Related Topics & Key Terms

Key Terms:

record retentionNCREC oversightconsumer protectionaudit trailRule 58A .0108
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