How long are brokers required to maintain records of transactions?

Brokers are required to maintain records of transactions for at least five years. This requirement is in place to ensure that there is adequate documentation available for audits and potential investigations concerning transactions. Keeping detailed records for this period helps protect both the broker and their clients, providing a clear history of transactions that can be referenced if needed. This five-year timeframe is in line with the standards set by state regulations, which aim to ensure accountability and transparency within the real estate industry. Therefore, this duration is significant for upholding compliance and legal obligations within Illinois real estate practice.