How long must real estate brokers keep records in Oregon?
Question & Answer
Review the question and all answer choices
One Year
A one-year retention period would be wholly inadequate for real estate transaction records, as many disputes, defect discoveries, and legal claims arise well beyond one year after closing, leaving brokers unable to defend themselves and consumers unable to obtain documentation needed for legal action.
Two Years
Two years is a common retention requirement in other industries and some other states, and test-takers may select it as a 'reasonable' middle ground, but Oregon's specific rule requires six years — significantly longer than two — to align with the state's contract statute of limitations.
Three Years
Three years is another plausible-sounding option that matches retention requirements in some states and some federal regulations, but Oregon's OAR 863-015-0130 specifically mandates six years, making three years a non-compliant and incorrect answer for Oregon-licensed brokers.
Six Years
Why is this correct?
Oregon Administrative Rules under OAR 863-015-0130 require that licensed real estate brokers and principal brokers retain all transaction records, including contracts, agency disclosure forms, closing documents, and trust account records, for a minimum of six years. This six-year period is not arbitrary — it mirrors the statute of limitations for written contract claims in Oregon (ORS § 12.080), meaning records must be available for the entire period during which a harmed party could file a lawsuit. The Oregon Real Estate Agency conducts audits and investigations and relies on these records to adjudicate complaints, making the retention requirement both a consumer protection tool and a professional accountability mechanism.
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