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A closing-file reviewer in Concord is answering a client question about record retention, transaction files, and trust records. Which statement best applies under current North Carolina law?

Correct Answer

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

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Related Topics & Key Terms

Key Terms:

record retentionconsumer protectionNCREC auditelectronic recordstransaction files
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