A PA broker wants to know what records must be maintained and for how long. Under RELA and SREC regulations, how long must a broker retain transaction records?
Correct Answer
A) 3 years after the transaction closes or listing expires
Under RELA and SREC regulations, brokers must maintain transaction records for at least 3 years after the transaction closes or the listing expires. This includes agreements of sale, listing agreements, closing statements, and other transaction documents.
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The SREC receives information that a licensee may be mentally incapacitated and unable to practice safely. Under RELA, what action can the SREC take?
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A salesperson in PA completes their CE online but cannot locate the completion certificate when it's time to renew. What should the salesperson do?