How long are brokerages required to keep a rejected offer?

How long are brokerages required to keep a rejected offer?

• A. Brokerages must maintain rejected offers for one year
• B. Brokerages must maintain rejected offers for three years
• C. Brokerages must maintain rejected offers for five years
• D. Brokerages are not required to keep rejected offers, only completed transactions

Answer: (A)

Brokerages are required to maintain records of rejected offers for one year. This is important for compliance with regulatory requirements and to provide documentation in the event of disputes or inquiries regarding the nature of offers made on properties. Keeping these records helps in protecting both the brokerage and its clients by ensuring that there is a clear history of all offers presented, even those that were not accepted. Other durations mentioned in the other options may seem reasonable, but the specific requirement in Arizona mandates a one-year retention period for rejected offers. This aligns with the purpose of maintaining transparency and accountability in real estate transactions.

Brokerages are required to maintain records of rejected offers for one year. This is important for compliance with regulatory requirements and to provide documentation in the event of disputes or inquiries regarding the nature of offers made on properties. Keeping these records helps in protecting both the brokerage and its clients by ensuring that there is a clear history of all offers presented, even those that were not accepted. Other durations mentioned in the other options may seem reasonable, but the specific requirement in Arizona mandates a one-year retention period for rejected offers. This aligns with the purpose of maintaining transparency and accountability in real estate transactions.