How long must a Broker in Charge or Property Manager in Charge retain their Trust Fund Account records?

In South Carolina, a Broker in Charge or a Property Manager in Charge is required to retain their Trust Fund Account records for a period of 5 years. This duration is mandated to ensure that there is a clear, auditable trail of all transactions involving client funds, which is crucial for maintaining transparency and accountability in real estate transactions.

Keeping records for 5 years allows for proper review and auditing processes in case of disputes or regulatory inquiries, providing adequate time for oversight by compliance agencies. This retention policy helps uphold the integrity of the industry by ensuring that all financial activities can be traced and evaluated, ultimately protecting both consumers and real estate professionals.

Other options reflect shorter or longer retention periods, which do not align with the established legal requirements in South Carolina. Thus, the 5-year timeline is both a requirement and a best practice for managing trust fund accounts effectively.