Section REEB 15.04 - Retention of records(1) A firm shall retain for at least 2 years, unless required by federal law or there is an active or ongoing investigation by the Board, exact and complete copies of all listing contracts, agency agreements, offers to purchase, leases, closing statements, deposit receipts, cancelled checks, trust account records and other documents or correspondence utilized, received or prepared in connection with any transaction. The retention period shall run from the date of closing of the transaction or, if the transaction has not been consummated, from the date the listing contract or the agency agreement is terminated. These records shall be available for inspection and copying by the board. The firm shall, upon request of the board, promptly send exact and complete copies to the department without charge to the department or board. The board may not require copies to be submitted beyond the retention period. Electronic or digital means may be used to retain records.(2) A licensee associated with a firm shall submit documents and records related to transactions that are utilized, prepared, or receive by the licensee to the firm in a timely manner.Wis. Admin. Code Real Estate Examining Board REEB 15.04
Cr. Register, November, 1985, No. 359, eff. 12-1-85; correction made under s. 13.92(4) (b) 6, Stats., Register November 2011 No. 671.Amended by, emerg. renum. 15.04 to 15.04 (1) and am., cr. (2), eff. 7-1-16; CR 16-042: renum. 15.04 to 15.04 (1) and am., cr. (2) Register February 2017 No. 734, eff. 3/1/2017