What happens to the retention of records when real estate brokers or sales representatives, usually an independent contractor, changes brokerages?
This obligation does not apply to an individual who is an employee of a reporting entity, in which case the reporting entity has the obligations or to a real estate agent acting on behalf of a broker, in which case the broker has sole responsibility for everything except suspicious transaction reporting, which is the responsibility of both. It is the responsibility of the broker to obtain and keep the records that were retained for the broker by any employee or contractor who acted on their behalf. In other words, a sales agent who acted on behalf of a broker as an independent contractor has to leave all records kept in accordance with the PCMLTFA with the broker he is leaving. The agent is not be required to keep those records after the end of his relationship with the broker. • When a real estate broker or sales representative sells a home, and both parties are represented by a real estate broker or sales representatives, but the deposit goes directly to the seller (i.e. the buyers a
Related Questions
- What happens to the retention of records when real estate brokers or sales representatives, usually an independent contractor, changes brokerages?
- How long are real estate brokers or sales representatives required to retain their records?
- Is HomeRoamer for Real Estate Sales Representatives or Consumers?
