Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 2250 - Missouri Real Estate Commission
Chapter 8 - Business Conduct and Practice
Section 20 CSR 2250-8.160 - Retention of Records
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule mandates that all records relating to each real estate transaction handled by the broker be retained for three (3) years and the broker make them available for commission inspection at all times.
(1) Every broker shall retain for a period of at least three (3) years true copies of all business books; accounts, including voided checks; records; contracts; brokerage relationship agreements; closing statements and correspondence relating to each real estate transaction that the broker has handled. The records shall be made available for inspection by the commission and its authorized agents at all times during usual business hours at the broker's regular place of business. No broker shall charge a separate fee relating to retention of records.
(2) Every broker shall retain for a period of at least three (3) years true copies of all property management agreements, correspondence or other written authorization relating to each real estate transaction relating to leases, rentals or management activities the broker has handled. The broker must also retain all business books, accounts and records unless these records are released to the owner(s) or transferred to another broker by written detailed receipt or transmittal letter agreed to in writing by all parties to the transaction.
*Original authority: 339.120, RSMo 1941, amended 1963, 1967, 1981, 1988, 1993, 1995, 1999 and 339.770, RSMo 1996, amended 1997, 1998, 2002.
