Retention of Records

PURPOSE: This rule mandates that all records relating to each real estate transaction handled by the broker be retained for three (3) years and the broker make them available for commission inspection at all times. (1) Every broker shall retain for a period of at least three (3) years true copies of all business books; accounts, including voided checks; records; contracts; brokerage relationship agreements; closing statements and correspondence relating to each real estate transaction that the broker has handled. The records shall be made available for inspection by the commission and its authorized agents at all times during usual business hours at the broker’s regular place of business. No broker shall charge a separate fee relating to retention of records. (2) Every broker shall retain for a period of at least three (3) years true copies of all property management agreements, correspondence or other written authorization relating to each real estate transaction relating to leases, rentals or management activities the broker has handled. The broker must also retain all business books, accounts and records unless these records are released to the owner(s) or transferred to another broker by written detailed receipt or transmittal letter agreed to in writing by all parties to the transaction. AUTHORITY: sections 339.120, RSMo 2000 and 339.770, RSMo Supp. 2003.* This rule originally filed as 4 CSR 250-8.160. Original rule filed Nov. 14, 1978, effective Feb. 11, 1979. Amended: Filed March 16, 1988, effective July 1, 1988. Amended: Filed Feb. 2, 1994, effective Aug. 28, 1994. Amended: Filed Dec. 1, 1997, effective Sept. 1, 1998. Amended: Filed Jan. 14, 2000, effective July 30, 2000. Amended: Filed Sept. 8, 2003, effective March 30, 2004. Moved to 20 CSR 2250-8.160, effective Aug. 28, 2006. *Original authority: 339.120, RSMo 1941, amended 1963, 1967, 1981, 1988, 1993, 1995, 1999 and 339.770, RSMo 1996, amended 1997, 1998, 2002.