Salesperson Jordan wants to know how long Nevada requires real estate licensees to retain transaction records after the closing of a real estate transaction. Under NAC Chapter 645, what is the minimum record retention period?
Correct Answer
C) Five years after the closing of the transaction
Under NAC 645.675, Nevada real estate brokers are required to maintain all records related to real estate transactions for a minimum of five years after the closing of the transaction (or five years from the date of the last activity if the transaction did not close). This record retention requirement applies to transaction files, trust account records, and related documents, and is subject to inspection by NRED.
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Related Topics & Key Terms
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Related Concepts
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
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