21 NCAC 58A .0108         RETENTION OF RECORDS

(a)  Brokers shall retain records of all sales, rental, and other transactions conducted in such capacity, whether the transaction is pending, completed, or terminated. The broker shall retain records for three years after all funds held by the broker in connection with the transaction have been disbursed to the proper party or parties or the conclusion of the transaction, whichever occurs later. If the broker's agency agreement is terminated prior to the conclusion of the transaction, the broker shall retain such records for three years after the termination of the agency agreement or the disbursement of all funds held by or paid to the broker in connection with the transaction, whichever occurs later.

(b)  Records shall include copies of the following:

(1)           contracts of sale;

(2)           written leases;

(3)           agency contracts;

(4)           options;

(5)           offers to purchase;

(6)           trust or escrow records;

(7)           earnest money receipts;

(8)           disclosure documents;

(9)           closing statements;

(10)         brokerage cooperation agreements;

(11)         declarations of affiliation;

(12)         broker price opinions and comparative market analyses prepared pursuant to G.S. 93A, Article 6, including any notes and supporting documentation;

(13)         sketches, calculations, photos, and other documentation used or relied upon to determine square footage;

(14)         advertising used to market a property; and

(15)         any other records pertaining to real estate transactions.

(c)  All records shall be made available for inspection and reproduction by the Commission or its authorized representatives without prior notice.

(d)  Brokers shall provide a copy of the written agency disclosure and acknowledgement thereof when applicable, written agency agreement, contract, offer, lease, rental agreement, option, or other related transaction document to the firm or sole proprietorship with which they are affiliated within three days of receipt.

History Note:        Authority G.S. 93A-3(c);

Eff. February 1, 1976;

Readopted Eff. September 30, 1977;

Amended Eff. July 1, 2004; September 1, 2002; August 1, 1998; February 1, 1989; February 1, 1998;

Temporary Amendment Eff. October 1, 2012;

Amended Eff. July 1, 2018; July 1, 2016; April 1, 2013;

Readopted Eff. July 1, 2019.