How long must a real estate broker maintain transaction records in Pennsylvania?

In Pennsylvania, real estate brokers are required to maintain transaction records for a period of three years. This duration is aligned with the regulations set forth by the Pennsylvania Real Estate Commission, which dictates that all documentation related to real estate transactions, including contracts, agreements, and correspondence, must be retained for this specified time. The purpose of this retention period is to ensure that all records are available for potential audits, investigations, and legal purposes, allowing the Commission to verify compliance with real estate laws and regulations.

Choosing a longer retention period, such as five years, does not reflect the specific mandates of Pennsylvania law, which explicitly outlines the three-year requirement. Additionally, the options of two years and an indefinite period do not align with the established guidelines, with an indefinite retention period being impractical and unnecessary for compliance.