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

In South Carolina, the law requires that brokers retain transaction records for a minimum of three years after the transaction has been finalized. This retention period is crucial as it ensures that brokers have access to important documentation for potential audits, disputes, or legal inquiries that could arise even after the transaction is completed.

Maintaining records for three years also aligns with the standards set by the South Carolina Real Estate Commission, which aims to uphold professionalism and accountability within the real estate industry.

The other timeframes presented in the options—five years, one year, or indefinitely—do not match the specific legal requirements outlined by the state. The five-year option exceeds the required retention duration, while one year is insufficient to cover the potential needs for reference or compliance. Indefinitely suggests an unbounded period, which is impractical and not mandated by law. Thus, a three-year retention period is both compliant and practical for brokers operating in South Carolina.