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Practice Of Real EstateLicense LawMEDIUM

A closing-file reviewer in Huntersville is preparing an exam-prep note on record retention, transaction files, and trust records. Which statement best applies under current North Carolina law?

Correct Answer

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

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Related Topics & Key Terms

Key Terms:

record retentionconsumer protectionauditabilityNCREC oversightregulatory compliance
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