Question

Brokers prepare a broker file that has all of the documents that may have a material effect upon the rights or obligations of a party to the transaction. The retention period is:

Answer 1

Answer:

One year from the date of the listing if the transaction is not consummated.

Explanation:

Retention period is the number of years as enforced by the law that a certain records must be kept compulsorily before it is eligible for destruction. The retention period shall be 1 one year from the date of the from the date of listing or closing of the transaction if the transaction is not consummated. Retention period is generally in many cases is 1 year and not more than that.