California Real Estate Practice Exam

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Study for the California Real Estate Exam. Engage with multiple choice questions and detailed explanations to sharpen your knowledge. Get ready to ace your real estate career!

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If a broker fails to keep records of a transaction three years after its closing, has the broker violated the law?

  1. No, if the property didn't close

  2. Yes, regardless of the property's closing status

  3. Yes, because records must be kept for three years from the closing date

  4. No, as long as the broker has digital backups

The correct answer is: Yes, because records must be kept for three years from the closing date

This is because regardless of whether the property has closed or not, it is required by law for brokers to keep records of transactions for at least three years. Option A and D are incorrect because they are not dependent on the closing date. Option B is incorrect because the violation of law is dependent on not keeping records within the specified time frame.

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