Brokers are required to keep copies of rejected offers for a period of how long?

Brokers are required to keep copies of rejected offers for a period of how long?

• A. 1 year
• B. 3 years
• C. 5 years
• D. 10 years

Answer: (A)

Brokers are required to keep copies of rejected offers for a period of one year. This requirement is in place to ensure that there is a record of all transactions, including those that did not proceed, which can be important for compliance, auditing purposes, and in the event of disputes. Keeping these records for at least one year allows brokers to refer back to them if needed, maintaining transparency and professionalism in their dealings. While other options suggest longer retention periods, the specific regulation mandates only one year for rejected offers, thus making it the appropriate choice.

Brokers are required to keep copies of rejected offers for a period of one year. This requirement is in place to ensure that there is a record of all transactions, including those that did not proceed, which can be important for compliance, auditing purposes, and in the event of disputes. Keeping these records for at least one year allows brokers to refer back to them if needed, maintaining transparency and professionalism in their dealings.

While other options suggest longer retention periods, the specific regulation mandates only one year for rejected offers, thus making it the appropriate choice.