California Real Estate Practice Exam

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What is the earliest date a broker can discard the records of a transaction, assuming it closes?

  1. One year from the closing date

  2. Two years from the closing date

  3. Three years from the closing date

  4. Five years from the closing date

The correct answer is: Three years from the closing date

This is because according to the Securities and Exchange Commission (SEC), brokers must keep records of all transactions for a minimum of three years from the closing date of the transaction. Options A, B, and D are incorrect because they do not meet this minimum requirement set by the SEC. Option A is only one year, option B is two years, and option D is five years, all of which are less than the required three years. Therefore, C is the earliest date a broker can discard records of a transaction.

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