According to South Carolina law, how long must a broker retain transaction records?

Under South Carolina law, brokers are required to retain transaction records for a period of three years. This requirement ensures that brokers have accessible documentation of all transactions they handle, which is important for regulatory compliance, potential audits, and resolving any disputes that may arise after a transaction has been completed. Retaining records for three years strikes a balance between keeping necessary documentation available for potential investigation or reference and not overburdening brokers with the need to maintain records indefinitely.

In the context of real estate transactions, this retention period helps maintain transparency and accountability within the brokerage, upholding the standards of the real estate profession in South Carolina. Keeping records organized and accessible for this duration allows brokers to effectively manage their business practices and protect the interests of their clients.